- The firm will work alongside OCBC Bank (Malaysia) Berhad to deliver the new service, it said
- It comes as part of a broadening of focus for FOMO Pay to provide services in the ASEAN region
- “Through its successful collaboration with OCBC, FOMO Pay kickstarts an exciting year of business growth”, FOMO Pay said in a press release
A leading digital banking provider in Singapore has announced that it will move into the Malaysian market.
FOMO Pay said that it had opened an office in the Malaysian city of Kuala Lumpur, and that it will also partner with OCBC Bank (Malaysia) Berhad.
The new partnership will allow the firms to launch a service called OCBC OneCollect, which will be a cross-border QR code collection service for merchants.
According to a statement from FOMO Pay, the companies worked together in February to create the application required for the service to be used.
Anyone who is a customer of banks in the Singapore PayNow network will be able to place online money transfers in Singaporean dollars to pay for goods in Malaysia, providing that merchant is eligible.
This is done through the use of a QR code.
It marks a significant change from the previous situation.
Prior to this development, it was only possible to use a QR code to pay for goods in Malaysia in the local currency, the Ringgit.
For recipient merchants on the other end, the system will deliver instant notifications so that cashing up and transaction reconciliation can be done effectively.
“With this feature, Malaysia merchants can collect payments from Singapore customers in a more secure, fast and transparent manner”, FOMO Pay explained.
According to the press release, the move comes as part of a wider broadening of the firm’s focus in 2020.
“Through its successful collaboration with OCBC, FOMO Pay kickstarts an exciting year of business growth”, the firm said.
“The decision to open an office in Malaysia ties in with the company’s expansion strategy to focus on ASEAN and other emerging economies under rapid digital transformation trend in the recent years.”
It added that its move matched the increasing global trends towards cashless payments.
“As more countries are now moving towards developing a cashless society and more financial institutions are undergoing rapid digital transformation, FOMO Pay is poised to play a vital role in the global market as a leading fintech digital banking and payment solution provider from Singapore”, it said.
FOMO Pay is a major Singaporean fintech, and it has innovated specifically in the field of proprietary digital payment processing.
It lets merchants in regional areas like the Middle East and Latin America access a “full suite of mobile payments at one go”.
It has had more than 10,000 clients ranging from small and medium enterprises to leading companies since 2015, it said.
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