🇸🇬FOMO Pay: Singapore MAS MPI with DPT License for Merchant and Crypto Flows

partner, Corporate & Commercial

Concept

FOMO Pay is a Singapore payment provider 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, it is neither a bank nor a crypto exchange, but a licensed payment institution. FOMO Pay holds a Monetary Authority of Singapore license — Major Payment Institution (license № PS20200145) under the Payment Services Act 2019 — and was among the first companies to receive the Digital Payment Token (DPT) service under MPI: regulated operations with digital payment tokens. The license covers four payment services: cross-border money transfers, domestic money transfers, DPT services, and merchant acquisition.

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 layer "fiat ↔ digital assets" for corporate and institutional clients.

🍓 Key nuance: FOMO Pay is a licensed payment institution with DPT authorization, not a bank or crypto exchange. It does not issue banking products (deposits, loans, L/C) and does not trade tokens on the spot market for retail — it embeds regulated payment and settlement rails into other businesses. This is a tool for enterprise and institutional clients, not an account for everyday payments by freelancers or small businesses. Client funds are not covered by SDIC deposit insurance. For Russian clients, UBO issues, source of funds, and sanctions screening are critical — see separate section below.

Regulation and Licenses

FOMO Pay is regulated by MAS as a Major Payment Institution under the Payment Services Act 2019. Status and list of services are publicly verifiable in the MAS Financial Institutions Directory.

The DPT service in Singapore is not a permit for investment advice or a guarantee of returns, but the right to regulated intermediation with digital payment tokens (dealing, facilitating exchange, accepting for transfer). MAS separately warns retail users about DPT risks and restricts their promotion to the public, so FOMO Pay's focus is on 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 providers. 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.

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, reflecting its positioning at the intersection of traditional payments and digital assets.

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 licensed payment 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

FOMO Pay should be viewed not as "yet another neobank," but as a licensed payment and DPT layer for businesses working with digital assets in Singapore. The closest comparison framework is another licensed payment/DPT provider versus a full-fledged bank.

For crypto businesses, the value of FOMO Pay is that many EMIs and banks refuse such profiles; a licensed payment institution with DPT often turns out to be one of the few regulated paths to fiat rails and stablecoin settlements.

Q/A

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 layer 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 payment institutions, 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, 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.

Related Materials

• Neobanks
• Banks
• Aspire
• Airwallex
• Wise Business
• Statrys
• Company in Singapore
• CFC (Controlled Foreign Company)

FAQ

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 layer 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 payment institutions, 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, 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.

Key factual claims

• FOMO Pay is a Singapore payment provider founded in 2015 by Louis Liu (CEO) and Zack Yang, classmates from Nanyang Technological University.
• 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.
• FOMO Pay is regulated by MAS as a Major Payment Institution under the Payment Services Act 2019.
• 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, reflecting its positioning at the intersection of traditional payments and digital assets.