News & Updates

May 16, 2017
south-china-morning-post-fomo-pay-set-to-help-southeast-asian-retailers-tap-chinese-tourist-mobile-payments

South China Morning Post: FOMO Pay set to help Southeast Asian retailers tap Chinese tourist mobile payments

In Singapore’s growing FinTech industry, Singapore-based startup FOMO Pay stands out from the rest. The startup aims to help merchants across Southeast Asia accept mobile payments from Chinese tourists and ensure they capture a share of the heavy overseas spending of holidaymakers from the mainland. Yang Zhan, co-founder of FOMO Pay, said its service streamlines the steps needed for retailers or service providers to accept online and offline payments using the mobile wallets favoured by Chinese consumers, such as Tencent’s WeChat Pay, Baidu Wallet and UnionPay. According to the World Travel and Tourism Council, brokerage Chinese tourists spent US$215 billion overseas in […]
May 16, 2017

A guide to mobile payment options in Southeast Asia

While China is still home to the largest and fastest growing mobile payment market, mobile payment adoption around the world is picking up speed. More retailers are expanding into mobile channels, including Uber and Starbucks mobile applications that lets customers pay with their phones on the go. According to a report from Forrester, mobile payment adoption in Southeast Asia will increase over the next 5 years due to increased smartphone penetration, increasing population, favourable government policies and increasing investment in digital infrastructure, and a tech-savvy market demanding digital content. Here’s a guide to popular mobile payment methods in Southeast Asia. […]
May 16, 2017

FOMO Pay at DBS Hong Kong Accelerator Demo Day 2016

DBS Accelerator 2016 held its Demo Day on 1 November at Lan Kwai Fong, Hong Kong. DBS Accelerator is a 12-week program held as a combined initiative between DBS Bank (Hong Kong) and Nest, the Hong Kong-based startup incubator. In its second year running, the program aims to spur change and innovation in the financial sector by providing resources, funding and support to startups. Participants also stand to gain from networking with mentors, who are industry leaders in their respective fields. Co-founder of FOMO Pay, Yang Zhan, presents at DBS Accelerator Demo Day. 7 FinTech startups hailing from different countries, […]
May 16, 2017

FOMO Pay leaves a mark in Hong Kong’s booming startup scene

Homegrown mobile payment startup, FOMO Pay, has been featured in several Hong Kong media outlets including Oriental Daily News (东方日报). This came after FOMO Pay was shortlisted as a finalist in DBS Accelerator (星展創投計劃), a venture capital program held in Hong Kong. Mainland Chinese consumers are offered a variety of ways to pay for goods and services using their mobile phones, such as WeChat Pay, AliPay and Baidu Wallet. While it is extremely convenient to use mobile payment options for transactions within China, these customers often face difficulties using the same methods to pay overseas. Reason being, many merchants overseas […]
May 16, 2017

China’s Golden Week and its impact on Singapore

China’s Golden Week (黄金周) is an annual national holiday to celebrate the founding of the People’s Republic of China. This year, the holiday was held from the 1st to 7th October. During this time, locals often take the chance to travel, sending waves of Chinese tourists to nearby cities and countries around the world. The rise in Chinese tourist numbers is especially noticeable in popular locations such as Japan, Thailand and South Korea. Figures from the Civil Aviation Administration of China showed that the number of Chinese passengers who travelled by air during the Golden Week holiday totaled to 9.96 million […]
May 11, 2017

Who are the mobile payment users in China?

China’s mobile payment sector is the largest and the fastest growing mobile payment market in the world. The total number of mobile payment users in China is expected to more than double from 80 million this year to 194 million in 2020, amounting to a total spend of S$365 million in 2020. This is largely due to the increase in smartphone user penetration rate, greater access to high-speed mobile networks and better mobile payment services that cater to the needs of the Chinese mobile buyers. Dominated by market leaders Alipay and WeChat Pay, the Chinese mobile payment sector is a […]