News & Updates

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

May 16, 2017

WeChat Red Envelopes hit a new high this Lunar New Year

  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

2016 WeChat Impact Report: Key Takeaways about WeChat Pay

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

FOMO Pay co-founder, Liu Xi, Louis, invited to speak on ‘It Matters: The Future of Us’

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 […]