FOMO Pay’s Co-Founder and CEO, Louis Liu, contributed to Morgan Stanley’s Eighth Annual Hong Kong Investor Summit as a member of the panel on the topic “Mobile Payment: How Fast Can We Grow in Asia?”
FOMO Pay is the first payment aggregator providing access for Chinese payment methods in Southeast Asia. In addition, Louis has been involved in developing QR code technologies with the Monetary Authority of Singapore to create a standard QR code for all payment schemes, aligning wallet operators and making it easy for both consumers and retailers to make the switch to e-payments. By tapping on his experiences, Louis was able to share his expertise and provided insights on the mobile payment industry in Asia.
The summit took place on March 8 to 9, at the Morgan Stanley Office in Hong Kong. Other members of the panel include Sandra Cheim, Co-Founder and CFO of Jewel Paymentech, William Ip, Director, Large Enterprise & Marketplace, Hong Kong, Korea & Taiwan, PayPal, and Alex Kong, Founder and Chairman of TNG Wallet.
Digital wallets are disrupting the financial industry
Louis shared that it is increasingly difficult to differentiate established wallet operators such as Alipay in China and Paytm in India from traditional banks. As their consumer base grows, these wallet operators often seek to go international and start to explore different business opportunities. For example, Paytm in India has successfully received a banking license from the Reserve Bank to accept deposits from individuals and small businesses. As a result, the mobile payment industry in Asia is disrupting the traditional finance industry. In fact, Sandra shared that traditional banks are looking to these new wallet operators and learning from them to provide greater value for their customers.
Challenges in making digital payments seamless for customers
The panel members agreed that the e-wallet process today should be seamless, and discussions revolved around the difficulties in addressing the challenges to achieve a seamless experience for customers. Sandra shared that there are huge challenges and risks revolving around compliance and fraud for bringing e-wallet products international. To that note, Louis added that it is also a challenge to unify the various QR code standards adopted by different wallet operators around the world.
The mobile payment industry primarily targets a huge untapped market of the unbanked population. As highlighted by Alex, these consumers do not have the habit of using ATMs or credit cards, and are very likely to embrace digital payments and e-wallets as it will make their life a lot easier. Consumers in Asia thus present a huge opportunity for mobile payment operators, and it will be exciting to monitor how they will disrupt the market dynamics in the traditional finance industry in the coming years.