# FOMO Pay: Singapore MAS neobank with neobank License for Merchant and Crypto Flows > FOMO Pay is a Singapore MAS neobank and neobank provider for merchant and crypto flows, useful for international structures and banking perimeter checks. Author: Гордей Болотько — партнёр, Corporate & Commercial (https://wiki.private.law/authors/bolotko) Last modified: 2026-06-03T15:50:00.000Z Canonical: https://wiki.private.law/en/fomo-pay-neobank-payment-services Topics: banking Jurisdictions: singapore Functional tags: neobank, crypto-friendly, corporate-banking Product tags: neobank, neobank, otc, stablecoin Semantic tags: neobank, crypto-friendly, corporate-banking, neobank, neobank, otc, stablecoin Article type: child --- **partner, Corporate & Commercial** --- ## 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, it is neither a bank nor a crypto exchange, but a regulated **neobank with a MAS neobank license**. FOMO Pay holds a Monetary Authority of Singapore license — **neobank** (license № PS20200145) under the Payment Services Act 2019 — and was among the first companies to receive the **Digital Payment Token (neobank)** service under neobank: regulated operations with digital payment tokens. The license covers four payment services: cross-border money transfers, domestic money transfers, neobank 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 rail "fiat ↔ digital assets" for corporate and institutional clients. > 🍓 Key nuance: FOMO Pay is a **regulated neobank with neobank 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 sanctions-sensitive clients, UBO issues, source of funds, and sanctions screening are critical — see separate section below. ## Regulation and Licenses FOMO Pay is regulated by MAS under an neobank license in the Payment Services Act 2019 framework. Status and list of services are publicly verifiable in the MAS Financial Institutions Directory. | **Parameter** | **What you need to know** | | --- | --- | | Regulator and license | MAS, regulated neobank, license № PS20200145 | | Covered services | Cross-border transfers, domestic transfers, Digital Payment Token (neobank), merchant acquisition | | neobank status | Among the first holders of neobank service under neobank license — a rare authorization, issued by MAS on a limited basis | | AML / Travel Rule | Full KYC/AML regime, sanctions screening; for neobank — 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 neobank 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 neobank 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 settlement partners. Support for COBO/POBO (collection/payout on behalf), same-day settlements. Account opening — within ~2 weeks. **neobank 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 > 🔗 **Related** > [Wise](https://wiki.private.law/en/wise-business-hong-kong-payment-account) · [Statrys](https://wiki.private.law/en/statrys-hong-kong-payment-account) · [Aspire](https://wiki.private.law/en/aspire) · [Airwallex](https://wiki.private.law/en/airwallex) **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 FOMO Pay should be viewed not as "yet another neobank," but as a regulated neobank and neobank platform for businesses working with digital assets in Singapore. The closest comparison framework is another regulated neobank/neobank service versus a full-fledged bank. | **Criterion** | **FOMO Pay (neobank + neobank)** | **Other neobank/neobank service** | **Bank (SG)** | | --- | --- | --- | --- | | Type of institution | MAS neobank license | MAS neobank license | MAS licensed bank | | neobank / digital assets | Yes, among the first under neobank | 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 licensed neobank with neobank often turns out to be one of the few regulated paths to fiat rails and stablecoin settlements. ## Q/A ### **What is a neobank 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 neobank 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, 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 UBO from a sanctions-sensitive jurisdiction with business or cash flows inside a sanctions-sensitive jurisdiction — 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 sanctions-sensitive jurisdictions and transparent, consideration is possible. The decision is always individual and depends on compliance review. ## Related Materials - [Neobanks](https://wiki.private.law/en/neobanks) - [Banks](https://wiki.private.law/en/banks) - [Aspire](https://wiki.private.law/en/aspire) - [Airwallex](https://wiki.private.law/en/airwallex) - [Wise Business](https://wiki.private.law/en/wise-business-hong-kong-payment-account) - [Statrys](https://wiki.private.law/en/statrys-hong-kong-payment-account) - [Company in Singapore](https://wiki.private.law/en/company-singapore) - [CFC (Controlled Foreign Company)](https://wiki.private.law/en/kik) --- ## FAQ ### What is a neobank 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 neobank 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, 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 UBO from a sanctions-sensitive jurisdiction with business or cash flows inside a sanctions-sensitive jurisdiction — 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 sanctions-sensitive jurisdictions and transparent, consideration is possible. The decision is always individual and depends on compliance review. ## Key factual claims - FOMO Pay is a Singapore neobank 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 under an neobank license in the Payment Services Act 2019 framework. - 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. --- ## FAQ ### What is a neobank 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 neobank 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, 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 UBO from a sanctions-sensitive jurisdiction with business or cash flows inside a sanctions-sensitive jurisdiction — 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 sanctions-sensitive jurisdictions and transparent, consideration is possible. The decision is always individual and depends on compliance review. ### What is a neobank 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 neobank 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, 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 UBO from a sanctions-sensitive jurisdiction with business or cash flows inside a sanctions-sensitive jurisdiction — 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 sanctions-sensitive jurisdictions and transparent, consideration is possible. The decision is always individual and depends on compliance review. --- ## Factual claims - FOMO Pay is a Singapore neobank 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 under an neobank license in the Payment Services Act 2019 framework. - 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.