Recent Blogs
May 16, 2017
The giving and receiving of Red Envelopes is a long-held tradition during Chinese New Year as a symbol of good luck and good wishes for the year ahead. However, the Chinese New Year tradition has gone digital in recent years, with multiple Chinese social messaging platforms such as Tencent’s WeChat, Alibaba and Weibo offering users a red envelope feature that allows them to send and receive money. Users must first link their bank account to their respective social messaging accounts in order to send or receive Red Envelopes. In this manner, the digital Red Envelope feature helps bring in […]
May 16, 2017
When you think of hotpot, you think of Hai Di Lao. Hai Di Lao allows you to select up to 4 soup bases so you no longer have to fret over which to choose. (Photo source: Hai Di Lao Singapore Facebook Page) Founded in 1994, Hai Di Lao owns over 140 restaurants in China, Taiwan, Singapore, South Korea, Japan and the United States. The popular Chinese hotpot chain is best known for its impeccable service and quality of food. Due to its immense popularity amongst hotpot lovers in Singapore, an hour’s wait for a table during dinnertime is nothing unusual […]
May 16, 2017
Launched in 2011, WeChat owns one of the largest user bases amongst other social messaging applications. The Chinese platform launched by Tencent boasts of 762 million users globally, and takes the lead as China’s most popular mobile app. Within 5 years, WeChat has evolved to offer a wide array of services, drawing tons of advertisers to the application. Companies can have their own WeChat Official Accounts to better connect with their consumers, make an impression via WeChat Moments and allow offline and online payments through the application. As of March 2016, there are 10 million WeChat Official Accounts, and 200,000 businesses […]
May 16, 2017
Produced by Lianhe Zaobao, <<时事讲堂之看见未来>> (It Matters: The Future of Us) is a weekly series discussing current affairs regarding Singapore’s future economy. FOMO Pay co-founder, Liu Xi, Louis, was invited to speak on the third episode of <<时事讲堂之看见未来>> (It Matters: The Future of Us). He shared his insights on how digital technology can help businesses in Singapore, especially SMEs. Photo credits to Lianhe Zaobao Other panelists on the show include Patrick Lim (Group Sales and Marketing Director for Ademco), Thomas Chua (President of Singapore Chinese Chamber of Commerce & Industry) and Sim Ann (Senior Minister of State, Ministry of Trade […]
May 16, 2017
Facebook has just secured an e-money license from the Central Bank of Ireland in October. As Ireland is a member of the European Union, the license also applies to the other 27 EU states. This means that Facebook users can send and receive money to one another through Messenger, as long as the payment is conducted within the European Economic Area (EEA). Other payment services include making donations to charities registered in the EEA and money remittance. This feature is not new. In fact, it was first launched in America in March last year. Users can send payments through Facebook […]
May 16, 2017
U.S. digital payment processor Stripe Inc. announced a new round of financing that nearly doubles its valuation from USD$5 billion last year to USD$9.2 billion today. For a startup founded 6 years ago, this is an alarmingly high valuation. At the same time, this news has encouraged other entrepreneurs and Fintech startups which currently face a pessimistic funding environment in North America – market uncertainty has led to a drop in the number of deals and value of VC-funding in fintech for the second consecutive quarter in Q3 2016, according to a report by KPMG. Founded in 2010, Stripe […]