View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 21, 2020

FOMO Pay partners OCBC to boost payment capabilities in Malaysia

Singaporean digital payments firm FOMO Pay has entered into a tie-up with OCBC Bank (Malaysia).

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Through the alliance, FOMO Pay aims to develop OCBC OneCollect as its first merchant cross-border QRcode collection service project.

Using OCBC OneCollect, account holders of Singapore’s PayNow participating banks can make Singapore dollar payments to Malaysia-based merchants with direct QR code payment.

Merchants will get instant notifications when a payment is completed with reconciliation by the end of the day.

Earlier, QR code payments in Malaysia were only for local Ringgit currency payments.

The Singaporean firm joined forces with the bank in February to develop the app for OCBC OneCollect.

The latest move follows the launch of the Kuala Lumpur outpost of FOMO Pay.

The expansion aligns with the firm’s plan to focus on ASEAN and other emerging markets.

FOMO Pay has a Major Payment Institution licence from the Monetary Authority of Singapore. It has a client base of more than 10,000.

The firm offers QR payment processing system as well as e-KYC, AI credit-scoring profiling, multi-channel account auto-reconciliation and cross-border switch interoperability solutions, among others.

Besides, the firm is a founding member of the SGQR taskforce that has been formed to offer a common QR Code standard for Singapore.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International