FOMO Pay, a Singapore-based fintech company, announced today that it has obtained a license from the Monetary Authority of Singapore (MAS) to provide Digital Payment Token Service — the first such approval out of 170 applicants for the city-state that is rapidly becoming a global crypto hub.
- FOMO Pay said it had been granted, starting today, new licenses from the Singapore to operate three regulated activities — Merchant Acquisition Service, Domestic Money Transfer Service and Digital Payment Token (DPT) Service, which applies to cryptocurrencies.
- A DPT Service license allows its holder to facilitate transactions with digital payment tokens, including cryptocurrencies and Singapore’s future central bank digital currency (CBDC). The other two licenses will permit FOMO Pay to conduct local money transfer services in Singapore as well as process payments for merchants online and off-line.
