Singapore — October 28, 2021 — Merkle Science, the leading predictive blockchain monitoring and investigative platform, today announced a landmark partnership with Singapore-based major payment institution, FOMO Pay, that enables digital transformation for financial institutions and enterprises.
In September 2021, FOMO Pay became the first company to be granted the Digital Payment Token (DPT) Service license by the Monetary Authority of Singapore (MAS) under Payment Services Act. As a licensed major payment institution, FOMO Pay also holds the MAS’ Merchant Acquisition Service, Domestic Money Transfer Service, and Cross-border Money Transfer Service licenses, securing its leading position as a one-stop payment solutions provider in the region.
“FOMO Pay is proud to be the first DPT licensee in Singapore, and we are thrilled to work alongside Merkle Science to enhance the compliance solution in the world of digital asset payments,” said Zack Yang, Co-founder at FOMO Pay. “Our team has great ambitions to build a new payment infrastructure for the digital world. We have worked tirelessly to build a comprehensive and compliant fiat payment solution for the past seven years, and now will further extend to digital currencies, with our newly-acquired DPT license. Merkle Science’s global aspirations and vision of bringing crypto to the mainstream in a safe and compliant manner resonate deeply with us. I look forward to working hand-in-hand with the Merkle Science team to bridge the gap between traditional finance and the digital asset industry.
Mriganka Pattnaik, CEO & Co-founder at Merkle Science, added: “FOMO Pay has an amazing track record of success in developing digital payment systems across Southeast Asia, Africa, and the Middle East. It’s incredible to work with a company that recognizes the importance of compliance in advancing digital transactions and the key role that digital assets will play in the near future. Ultimately, our goal is to empower innovators like FOMO Pay to expand into the digital currency market so that their full range of users — from merchants to financial institutions — may transact with crypto safely.”
With a vision to drive innovation and inclusion, the Monetary Authority of Singapore has long emphasized its priority to make Singapore the Smart Financial Centre of the world, supporting the local FinTech ecosystem through grants and leading the world in digital asset regulations. By receiving the MAS’ first DPT license, FOMO Pay has been recognised as a key player in leading the innovation of digital assets into the mainstream as a formal type of payment.
Founded in 2015, FOMO Pay began as a Singapore FinTech company offering the flagship solution of helping online and offline merchants to connect to digital payment methods including e-wallets, credit cards and more. Fast forward to today, FOMO Pay is one of the largest digital payment providers, servicing over 10,000 merchants across a wide range of industries including retail, telecom, tourism and hospitality, food and beverage (F&B), education and e-commerce. Over the past year, FOMO Pay has also been involved in proactive developments and partnerships to further the innovation landscape within the digital payment’s ecosystem.
About Merkle Science
Founded in 2018, Merkle Science is the next-generation predictive cryptocurrency risk and intelligence platform that helps crypto companies, financial institutions, and government entities detect, investigate, and prevent illegal activities involving cryptocurrencies. Our Blockchain Monitoring tool leverages Merkle Science’s proprietary Behavioral Rule Engine to go beyond the blacklists — which are inherently backward-looking — so that compliance teams may detect illicit activity from their incoming and outgoing cryptocurrency transactions and meet their local KYC/AML compliance obligations. The Blockchain Monitoring Tool also helps regulators understand the risks across all types of crypto businesses, stay on top of emerging technologies, and keep pace with the industry’s increasingly complex illicit activities. Our highly customizable and easy-to-use platform allows industry players to stay ahead of developing regulations and focus on their businesses. Compliance becomes a competitive advantage as companies can more easily scale across multiple geographies and business lines.
Merkle Science envisions a world powered by crypto and is creating the infrastructure necessary to ensure the safe and healthy growth of the cryptocurrency industry as it becomes a key pillar of the $22 trillion financial services ecosystem. Backed by leading venture capital firms Darrow Holdings, Kraken Ventures, Uncorrelated Ventures, Digital Currency Group, Fenbushi Capital, Kenetic, Lunex Ventures and the Singapore Government-supported deep technology fund, SGInnovate, we enable businesses to scale and mature so that a full range of individuals, entities, and services may transact with crypto safely. For more information on Merkle Science, please visit https://www.merklescience.com.
About FOMO Pay
FOMO Pay Pte Ltd (“FOMO Pay”) is a major payment institution (License No. PS20200145) in Singapore, licensed by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. Founded in 2015, we have become a leading one-stop digital payment provider, specialized in alternative payment methods. Acceptance of card payment, QR payment and upcoming cryptocurrency has increased dramatically as governments around the region push an agenda for creating a cashless society and fostering financial inclusion.
FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Southeast Asia, Africa and the Middle East. Our partners include NETS, Mastercard, Grab Pay, SingTel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also one of the founding members of the Singapore Quick Response Code (SGQR) taskforce, and contributed to the introduction of the SGQR — a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore. For more information on FOMO Pay, please visit https://www.fomopay.com.