News & Updates

June 10, 2017

China’s foreign exchange regulator implements new regulation to limit capital outflow

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

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

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 16, 2017

China’s mobile payment market surpasses the US

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

Anti-Valentine’s Day aka Singles Day – The world’s largest online retail event

 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 […]
May 16, 2017

FOMO Pay partners with Singapore Chinese Orchestra to enable digital payments for concert