Singapore’s FOMO Pay Forges Collaboration With Notabene
FOMO Pay, a regulated digital payment and banking solutions provider operating under Singapore’s regulatory umbrella, has joined forces with Notabene, a platform tailored for crypto-industry decision-making.
Pre-transaction decision making
The strategic alliance was announced via a blog post published to FOMO Pay’s website on Thursday. Through that communication, FOMO Pay revealed that this collaboration with Notabene will be a key contributor towards the firm’s efforts to elevate its know-your-transaction (KYT) capabilities, ensuring access to accurate and verified business information.
A focal point of this partnership lies in amplifying FOMO Pay’s compliance measures, bolstering customer security, and cultivating a foundation of trust in the domains of digital payments and digital assets.
Wee Teck Lim, the Head of Compliance at FOMO Pay, emphasized that this partnership mirrors the company’s efforts towards full compliance with global regulations, enhancing anti-money laundering (AML) strategies and decision-making.
Responding to regulatory pressure
With a regulatory spotlight on crypto and crypto-related businesses over the past year, market participants are making greater efforts to adhere to national and global compliance rules and guidelines. This move by FOMO Pay not only aids it in adhering to rigorous guidelines but also reinforces the battle against money laundering, terrorism financing, and other such concerns.
Pelle Braendgaard, CEO of Notabene, articulated the symbiotic significance of this partnership. He noted that this collaboration stands as a tangible testament to the efficacy of the travel rule implementation, effectively fostering secure and streamlined digital asset transactions. This alignment of missions between FOMO Pay and Notabene, Braendgaard maintains, resonates with their shared aspiration to establish a digital asset ecosystem that is safer and more accessible.
FOMO Crypto
FOMO Pay, which has been licensed as a payment institution by the Monetary Authority of Singapore (MAS), boasts an array of products including FOMO Payment, FOMO iBank, and FOMO Crypto. Through FOMO Crypto, the firm is actively constructing Asia’s inaugural licensed gateway, which will offer a seamless connection between fiat and digital currencies.
Notabene is headquartered in New York although it casts its operational net across several countries. The platform claims to empower real-time decision-making, while offering sanctions screening for counterparties and self-hosted wallet identification, all with a view towards enabling digital transactions.
Partnership focus
In bootstrapping the business, it appears that FOMO Pay has been relying heavily on engaging in industry partnerships. In 2021 it joined the DBS Digital Exchange (DDex) as a member. Its purpose in doing so was to leverage the institutional grade digital custodian and exchange services offered by DDex, a service extended by DBS Bank, Singapore and Southeast Asia’s largest bank.
Last year, the company partnered with Ripple, using Ripple’s On-Demand Liquidity (ODL) solution to support its cross-border treasury flows. Moving away from traditional payment rails towards Ripple’s ODL product meant that FOMO Pay could free up working capital and optimize business cash flow.
As further evidence of FOMO Pay’s efforts to maintain regulatory compliance, in July the company partnered with Elliptic, a crypto asset risk management firm, in an effort to enhance its customer onboarding due diligence check process.
