FOMO Pay invited to share payment solutions at this year’s SMEICC
The 19th Small and Medium Enterprises Infocomm Commerce Conference (‘SMEICC’) and SME Expo was recently held on 16-17 August 2017 at the Suntec Convention Hall. SMEICC is an annual event organised by the Singapore Chinese Chamber of Commerce and Industry (‘SCCCI’), an organisation with a membership of more than 4,000 companies and over 150 trade associations. The event presented a valuable opportunity for solutions providers like FOMO Pay to share and showcase the latest and newest technology enterprise solutions available for SMEs to utilize. It was also a chance for SMEs to get free consultation with industry experts on developing the right digital ecosystem for their businesses.
In a Lianhe Zaobao interview with SCCCI President Mr Roland Ng San TIong (published on 17 August 2017), Mr Ng shared important insights on the mobile payments industry. Mr Ng mentioned that many SMEs currently do not have a good understanding of cashless transactions. To resolve this, the best method to help SMEs learn about mobile payments is to let them try it out themselves first-hand. Should local hawkers, restaurants and convenience stores in Singapore accept WeChat Pay and Alipay, this will bring about benefits to Chinese tourists, students and employees in Singapore. This is because the two modes of payment, WeChat Pay and Alipay, can only be used by customers with Chinese bank accounts as of now. However, Mr Ng believes that along with Singapore’s transition into a cashless society, there will be more local users benefitting from mobile payment companies like WeChat Pay in the future.
Like it or not, mobile payments is set to become the norm. The first step towards this future is to let SMEs try out the technology. With a better understanding of how mobile payments work, Mr Ng thinks that SMEs will feel more comfortable using platforms such as WeChat Pay to not only accept and make payments, but to also open a merchant account and market their products there. With a merchant account, customers can directly use the WeChat platform to purchase and pay for items. All the local merchants have to do is to mail the items out. This allows local merchants to get their brand name overseas by harnessing the outreach of the internet.
The Lianhe Zaobao article also featured FOMO Pay and our unique solution which allows customers to use both Alipay and WeChat Pay platforms through a single QR code.
This year’s SMEICC event saw over 5,800 participants and 83 exhibitors. FOMO Pay was invited to the event, where we had the honour of meeting many of the businesses that drive Singapore’s economy forward. Mr Ng also took the time to visit FOMO Pay’s booth to discuss the future of the mobile payments industry with our CEO Mr Liu Xi Louis. Through the event, we had the opportunity to share our business solutions with many enterprising businesspeople.
About FOMO Pay
FOMO Pay is an authorized partner of WeChat Pay, Alipay, UnionPay, Baidu Wallet & BestPay in Southeast Asia, and was selected as one of the Top 100 Asian Companies by E27, Top 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program, Top Fintech Startups in Singapore by Fintech Asia. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from China market, including Chinese tourists. This comprises of online payment and in-store payment modes. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.
Photo Credit: SMICC Facebook
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