Singapore-based FOMO Pay has announced a strategic collaboration with Circle Internet Financial to integrate USD Coin (USDC) into its services.
Circle is a sole issuer of USDC, a digital currency with more than $50bn in circulation.
The partnership will allow FOMO Pay’s merchant, corporate and financial institution clients to convert between USDC and fiat currency.
Circle co-founder and CEO Jeremy Allaire said: “Working with FOMO Pay is a natural fit for Circle’s mission to raise global economic prosperity through the frictionless exchange of financial value, and to connect the world more deeply by building a new global economic system on the foundation of the internet.”
In September 2021, the Monetary Authority of Singapore (MAS) recognised FOMO Pay as the Digital Payment Token (DPT) Service licencee.
In November the same year, Circle announced plans to create a regional hub in Singapore as well as participate in a Lighthouse Project with MAS.
The project is aimed to demonstrate the abilities of digital currencies, open payment systems, and regulation to address business and regulatory challenges besides boosting economic growth and Web 3.0 financial innovations.
FOMO Pay founder and CEO Louis Liu said: “With our newly-acquired DPT license, this collaboration fits FOMO Pay’s plans to build Web 3.0 payment infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services made possible by the efficiency of our crypto payments and commerce solutions.”
In September last year, FOMO Pay received three new licences from the MAS to provide domestic remittance service, merchant acquiring service and digital payment token service under the Payment Services Act (PSA).