Financial settlement network EMQ has teamed up with QR code payment solution provider FOMO Pay to facilitate settlements from Singapore to China.
Under the alliance, Chinese communities in Singapore will be able to directly send money to China in real-time.
EMQ FOMO Pay partnership looks to expand across all of Aisa
FOMO Pay co-founder and COO Zack Yang said: “Our strategic partnership with EMQ would further accelerate our ability to launch financial services that deliver additional value to our customers while giving us the competitive advantage to expand our business into new markets.”
In the future, the companies plan a broader roll out of the service across Asia.
The companies said that partnership aligns with the Singapore government’s 2020 Smart Nation Initiative to ramp up the country’s digital transformation.
EMQ co-founder and CEO Max Liu said: “Singapore is an extremely important market in our global growth strategy and we are excited to support the government’s ambition to transform Singapore into a Smart Nation by creating new opportunities in a digital age.
“As FOMO Pay’s International partner, our partnership represents a great milestone in delivering the necessary payments infrastructure to support digital transformation and economic growth across Singapore and the “One Belt One Road” economic corridors.”
EMQ has presence in China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia and the Philippines.
Meanwhile, FOMO Pay is currently on a taskforce set up by the Monetary Authority of Singapore. Dubbed SGQR, the taskforce has been developed to promote cashless payments in Singapore.