Concept
FOMO Pay is a Singapore neobank founded in 2015 by Louis Liu (CEO) and Zack Yang, classmates from Nanyang Technological University. The company grew out of the task of connecting Asian merchants to mobile wallets (Alipay, WeChat Pay) and today is part of the FOMO Group (following a deal with AMTD in 2020). FOMO Pay was one of the co-authors of Singapore's QR payment standard SGQR.
From a regulatory standpoint, FOMO Pay is a regulated neobank with an MPI license from the Monetary Authority of Singapore (№ PS20200145) under the Payment Services Act 2019. The company has no banking license and no crypto-exchange status: it operates as a licensed payment institution. The license covers four payment services — cross-border and domestic money transfers, Digital Payment Token (DPT) services, and merchant acquisition. FOMO Pay received its DPT authorization in 2021, among the first in Singapore.
According to the company's own data, it serves over 10,000 merchants and financial institutions in Southeast Asia, the Greater Bay Area, the Middle East, and North Africa. The main client niches are acquiring for businesses with Asian audiences and a regulated settlement rail "fiat ↔ digital assets" for corporate and institutional clients.
Regulation and Licenses
FOMO Pay is regulated by MAS under an MPI license within the Payment Services Act 2019 framework. Its current status and list of services are publicly verifiable in the MAS register of financial institutions — Financial Institutions Directory.
| Parameter | What you need to know |
|---|---|
| Regulator and license | MAS, MPI license № PS20200145 |
| Covered services | Cross-border transfers, domestic transfers, Digital Payment Token (DPT), merchant acquisition |
| DPT status | Among the first holders of the DPT service under an MPI license — a rare authorization, issued by MAS on a limited basis |
| AML / Travel Rule | Full KYC/AML regime, sanctions screening; for DPT — Travel Rule requirements for identifying transfer parties |
| Fund protection | Segregation of client funds under PS Act rules. No SDIC deposit insurance — this is not a bank deposit |
The DPT service in Singapore covers regulated intermediation with digital payment tokens — dealing, facilitating exchange, accepting tokens for transfer, and (since 2024) their custody. A DPT authorization does not extend to investment advice and does not guarantee returns. MAS separately warns retail users about DPT risks and restricts the public promotion of such services, so FOMO Pay works primarily with corporate and institutional clients.
Products and Services
FOMO Payment — Acquiring
Payment acceptance through local Asian methods: PayNow and SGQR (Singapore), Alipay, WeChat Pay, UnionPay, plus Visa, Mastercard, JCB, Amex cards. Online and offline (POS), integration into existing cash-register infrastructure. Strong point — conversion in markets with a high share of Chinese and Asian wallets.
FOMO iBiz — Multi-currency Accounts
Virtual multi-currency accounts for business: collection and payouts in fiat and stablecoins, FX in more than 80 currencies, payments to 100+ countries through a network of 100+ banks and settlement partners. Support for COBO/POBO (collection/payout on behalf), same-day settlements. Account opening — within ~2 weeks.
DPT and Digital Asset Settlements
Regulated on/off-ramp and "fiat ↔ stablecoins" conversion for corporate and institutional clients. In 2025, FOMO Pay became one of the first design partners of Circle Payments Network, joined the Global Dollar Network (USDG), and integrated FDUSD and RLUSD. Segment clients include Cobo, Nansen, Sparrow.
API and Treasury
Embeddable payment infrastructure (API) for platforms and marketplaces with local coverage for SEA methods and individual SLAs for large clients. Separate direction CapBridge Treasury — treasury and investment services for corporate clients of the group.
In August 2022, FOMO Pay raised a Series A round (according to public data — approximately US$13 million) with participation from Jump Crypto, HashKey Capital, Republic, AntAlpha, and other investors; the investor lineup reflects the company's positioning at the intersection of traditional payments and digital assets. AMTD Digital has been the controlling shareholder since 2020.
Who It Suits / Who It Doesn't Suit
Suits
- Online merchants and retailers with a large Asian audience (Singapore, Hong Kong, China, Malaysia, Indonesia) — local methods provide higher conversion than accepting cards only.
- Platforms or marketplaces embedding payments into their product via API with a focus on SEA.
- Regulated crypto businesses (exchange, OTC desk, custody, web3 platform) that need a regulated settlement partner for fiat on/off-ramp and stablecoin settlements.
- Corporate clients with cross-border B2B payouts in Asian currencies and a need for a FOMO iBiz multi-currency account.
Doesn't Suit
- Freelancers and small businesses without significant volumes — the product and onboarding are designed for enterprise. For this — Wise, Statrys, Aspire.
- Those who need an everyday general-purpose multi-currency account as their primary one — closer to Airwallex.
- Businesses without ties to SEA or digital assets.
- Those looking for banking products (deposits, loans, L/C, trade finance) — FOMO Pay is not a bank.
- Unregulated crypto flows (anonymous wallets, OTC outside compliance) — rejection at screening.
Comparison and Market Position
On the Singapore market, FOMO Pay occupies the niche of a regulated neobank with DPT authorization, oriented toward businesses working with digital assets. It is more appropriate to compare it with other licensed payment institutions and DPT services than with universal banks: their range of services and perimeter of responsibility differ.
| Criterion | FOMO Pay (MPI + DPT) | Other DPT/MPI service | Bank (SG) |
|---|---|---|---|
| Type of institution | MAS MPI license | MAS MPI license | MAS licensed bank |
| DPT / digital assets | Yes, among the first under MPI | Depends on license | Typically limited / no |
| Acquiring (Asian methods) | Strong point | Varies | Through subsidiary services |
| Banking products, credit | No | No | Yes |
| SDIC deposit insurance | No | No | Yes (within limits) |
| Target client | Enterprise, merchants, institutional | Varies | Broad, including retail |
For crypto businesses, the value of FOMO Pay is that many neobanks and banks refuse such profiles; a regulated neobank with DPT often turns out to be one of the few paths to fiat rails and stablecoin settlements.
DPT Regime after 2024
In 2024, MAS noticeably tightened the DPT regime, and this directly affects FOMO Pay's business model. On 4 April 2024, Section 21A of the Payment Services Act came into force: it gave the regulator the power to prescribe how DPT providers segregate and hold client assets. On 4 October 2024, amendments to the Payment Services Regulations and the Guidelines on Consumer Protection Measures (PS-G03) took effect. Client assets are now held on trust, separately from the provider's own funds, without commingling and without any transfer of rights to them absent the client's written instruction. For retail clients, restrictions were introduced on lending and staking their assets — MAS's reaction to a series of crypto-lending and staking-program collapses.
At the same time, MAS expanded the perimeter of regulated DPT services: custody of tokens, arranging their transfer between accounts, and facilitating exchange fell under the license — even when the provider does not take possession of the client's money or tokens. Alongside this runs the stablecoin regime finalized in 2023: a single-currency stablecoin pegged to the Singapore dollar or a G10 currency and issued in Singapore requires 100% reserve backing, monthly independent reserve audits, segregated custody, and redemption at par within five business days. For the "fiat ↔ stablecoin" settlement rail that FOMO Pay is building, this is precisely the operative regulatory framework.
In practice, this explains why FOMO Pay builds its product around corporate and institutional clients, and why an account is usually opened together with a Singapore company. Singapore's DPT regime is worth comparing with MiCA in the EU and with the map of crypto-friendly jurisdictions; for settlements themselves, the relevant materials are OTC settlement in USDT and crypto custody like Anchorage Digital. Among neighboring payment platforms on the Singapore market is Aspire, while a general overview of licenses is collected in the material on neobanks.
Frequently asked questions
What is a DPT license and how does it differ from a crypto exchange license?
Digital Payment Token service is one of the payment services under the Payment Services Act, the right to regulated intermediation with digital payment tokens: dealing, facilitating exchange, and accepting tokens for transfer. This is not a securities exchange license and not a permit for investment advice; FOMO Pay uses DPT as a settlement rail for business, not as a retail trading platform.
How are client funds protected? Is there insurance?
Client funds are segregated under Payment Services Act rules. It's important to understand: this is not a bank deposit, and Singapore Deposit Insurance Corporation (SDIC) insurance does not apply to them. The level of protection is determined by the safeguarding regime for neobanks, not the deposit insurance scheme.
Can a non-resident of Singapore open an account?
Yes, FOMO Pay works with clients from different jurisdictions — the main criterion is not the passport, but an understandable business model, a transparent structure with UBO disclosure, and passing KYC/AML. Opening goes through corporate sales: there is no self-service "one-click online registration" for large profiles.
Is FOMO Pay suitable for crypto businesses?
Yes — this is one of the key niches. For a regulated exchange, OTC desk, custody, or web3 platform, FOMO Pay provides a licensed payment channel: fiat acceptance, payouts, conversion to stablecoins. Condition — the client itself must be in a regulated perimeter; unregulated or anonymous flows are rejected at screening.
What are the limits and fees?
There is no public retail tariff: FOMO Pay works with enterprise clients, so tariffs, limits, and SLAs are agreed individually based on volume and risk profile. This explains the longer onboarding compared to mass neobanks — it includes commercial negotiations.
Will they open an account for a client with Russian roots?
Depends on the profile. A Russian UBO with business or cash flows inside Russia — typically rejection: MAS supervision and sanctions screening are strict. If the UBO has residency or citizenship of the UAE, Singapore, Hong Kong, or the EU, and flows and source of funds are outside Russia and transparent, consideration is possible. The decision is always individual and depends on compliance review.