Recent Blogs
June 10, 2017
China’s State Administration of Foreign Exchange recently announced a new regulation to tighten controls on overseas transactions, in an attempt to control capital outflow and protect the yuan. The Chinese forex reserves shrank by about a quarter from US$3.99 trillion in June 2015 to US$3.05 trillion in November 2016, according to an article from the South China Morning Post. This year, it experienced a further drop, falling below US$3 trillion for the first time in nearly six years. Starting from 1 September, Chinese banks are required to report any overseas credit card transactions above 1,000 RMB (S$203) to the regulator. Today, […]
June 6, 2017
FOMO Pay bags best new FinTech startup award at Seamless Asia 2017 Image Source: Terrapinn Organized by Terrapinn, Seamless Awards Asia was held on 19 and 20 April at the Suntec Convention & Exhibition Centre in Singapore. The exciting 2-day event brought together players from the payments, e-commerce and retail industries in Asia, and attracted over 1,000 attendees. Image Source: Terrapinn Speakers include key leaders from global top companies such as Walmart, Facebook, Samsung Pay and Mondelez International. Attendees had numerous opportunities to network, attend panel discussions and learn from over 200 international exhibitors showcasing at the […]
June 1, 2017
MAS FinTech Valley: FOMO Pay exhibits in India’s First FinTech Spring Conference Andhra Pradesh of India held its first FinTech Spring Conference on 9 and 10 March 2017 at Novotel, Visakhapatnam (Vizag). Vizag, the largest city in Andhra Pradesh and the 8th largest economy in India with a GDP of USD $48 billion, is also home to the first dedicated hub for financial technology in India. FOMO Pay was invited by the Monetary Authority of Singapore (MAS) to exhibit at the conference. Founders of FOMO Pay, Liu Xi, Louis and Yang Zhan, pose for a photo at the […]
May 27, 2017
WeChat Pay is a commonly used mobile payment method by mainland Chinese customers. Both Lacoste and TWG Tea have partnered with FOMO Pay to introduce WeChat Pay in stores for offline payment. This makes it more convenient for the consumer, as the purchase can be completed in less than 30 seconds via WeChat Pay with a simple scan. Moreover, it is a payment option that Chinese customers are familiar with. Lacoste Founded in 1933 in France, Lacoste specializes in high-end clothing and is best known for its iconic polo shirts that are available in varying colours every season. It has […]
May 16, 2017
FOMO Pay China’s mobile payment market surpasses the US February 21, 2017 The mobile payment market in China has exceeded the US in terms of total figures and growth rates. “China’s mobile payments were nearly 50 times greater than those in the US last year,” Financial Times reported last Monday. A key reason why mobile payments are so widely accepted in China is because other non-cash payment channels are not as developed. Unlike other developed nations, China has a very low credit card penetration rate. In addition, online payments with debit cards have proven to be cumbersome, as it usually […]
May 16, 2017
Image Source: Brand Channel On November 11 every year, China celebrates Singles Day (光棍节). It was invented in the 90’s by a group of college students at Nanjing University as a day where single young people could celebrate together. Today, it is now one of the most anticipated events for online retailers around the world thanks to Jack Ma, founder of the Alibaba Group, who transformed it into a nationwide retail phenomenon with the first Singles Day online sale in 2009. In a span of 24 hours, e-retailers offer steep discounts and low shipping rates to boost sales. China’s Singles […]