Singapore Digital Payment Provider Expands Abroad
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Digital payment and digital banking solution provider Fomo Pay has opened an office in Kuala Lumpur, Malaysia and has partnered OCBC Bank on a cross-border funds collection service.
Fomo Pay has made its first overseas foray into Malaysia, and has partnered OCBC Bank (Malaysia) to develop the country’s first merchant cross-border QR code collection service, the Singapore-based firm announced Tuesday on its blog.
Under the partnership, Malaysia merchants can collect payments from Singapore customers on PayNow via direct QR code payments through OCBC OneCollect. Prior to this, QR code payments in Malaysia could only be done for local ringgit currency transactions.
The collaboration «opens up opportunities to provide customer support in a larger territory, and signals continued rapid growth for the company in the region,» Fomo Pay said.
Fomo’s decision to open an office in Kuala Lumpur ties in with the company’s expansion strategy to focus on Southeast Asia and other emerging economies, which are undergoing rapid digital transformation, it said.
Fomo Pay allows merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, Grab Pay, SingTel Dash, EZLink Pay, mVISA and more.
It was launched in 2015 and acquired 4,000 merchants within its first year. Its network now includes Changi Airport, Marina Bay Sands, StarHub, Jumbo, Club 21, Chanel, Singapore Press Holdings and more.
Questions & Answers
Q.What is the primary service Fomo Pay is offering in Malaysia through its partnership with OCBC Bank?
What is the primary service Fomo Pay is offering in Malaysia through its partnership with OCBC Bank?
Fomo Pay and OCBC Bank are offering Malaysia's first merchant cross-border QR code collection service. This allows Malaysian merchants to accept PayNow payments from Singaporean customers via QR code.
Q.Which specific payment method can Singaporean customers use to pay Malaysian merchants via this new service?
Which specific payment method can Singaporean customers use to pay Malaysian merchants via this new service?
Singaporean customers can make payments using PayNow through direct QR code payments. This service is facilitated via OCBC OneCollect for Malaysian merchants.
Q.What was the limitation of QR code payments in Malaysia before this partnership was announced?
What was the limitation of QR code payments in Malaysia before this partnership was announced?
Prior to this partnership, QR code payments in Malaysia were only supported for local ringgit currency transactions. Cross-border QR payments were not available.
Q.Which countries or regions are a focus for Fomo Pay's expansion strategy?
Which countries or regions are a focus for Fomo Pay's expansion strategy?
Fomo Pay's expansion strategy focuses on Southeast Asia and other emerging economies. These regions are currently experiencing rapid digital transformation.
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