Singapore-based major payment institution FOMO Pay has announced a partnership with Merkle Science, a predictive blockchain monitoring and investigative platform, to enhance its compliance, risk management and threat detection measures.
In September 2021, FOMO Pay was granted the Digital Payment Token (DPT) Service license by the Monetary Authority of Singapore (MAS) under Payment Services Act.
As a licensed major payment institution, FOMO Pay also holds the MAS’ Merchant Acquisition Service, Domestic Money Transfer Service, and Cross-border Money Transfer Service licenses.
Founded in 2015, FOMO Pay services over 10,000 merchants across a wide range of industries.
Zack Yang, Co-founder at FOMO Pay said,
“FOMO Pay is proud to be the first DPT licensee in Singapore, and we are thrilled to work alongside Merkle Science to enhance the compliance solution in the world of digital asset payments.
Merkle Science’s global aspirations and vision of bringing crypto to the mainstream in a safe and compliant manner resonate deeply with us.
Mriganka Pattnaik, CEO & Co-founder at Merkle Science added,
“It’s incredible to work with a company that recognizes the importance of compliance in advancing digital transactions and the key role that digital assets will play in the near future.
Ultimately, our goal is to empower innovators like FOMO Pay to expand into the digital currency market so that their full range of users — from merchants to financial institutions — may transact with crypto safely.”