FOMO Pay, a prominent Singapore-based payment institution, has announced a collaboration with JP Morgan Payments to enhance its remittance and multicurrency payment solutions for corporate and institutional clients. This strategic partnership aims to address complex treasury and settlement needs by leveraging JP Morgan Payments’ extensive global direct clearing network and advanced treasury infrastructure.
The collaboration allows FOMO Pay to offer faster and more secure domestic and cross-border transactions across a wide range of currencies. JP Morgan Payments, which processes over 10 trillion payments daily in more than 160 countries and 120 currencies, is a leader in USD payments volume. This partnership will enable FOMO Pay to expand its service offerings, including Payment-on-Behalf-Of (POBO) and Collection-on-Behalf-Of (COBO) capabilities, as well as Virtual Reference tools for improved payer identification and reconciliation.
By integrating JP Morgan Payments’ expertise in clearing, foreign exchange, and multicurrency banking with FOMO Pay’s digital payment infrastructure, the collaboration aims to provide seamless global payment and collection solutions. This will enhance businesses’ ability to manage payments and collections with increased speed, security, and precision in an increasingly digital economy.
Founded in 2015, FOMO Pay is a Major Payment Institution licensed in Singapore, Hong Kong, and the United Arab Emirates. The company offers a comprehensive suite of digital payment, banking, and asset solutions, positioning itself as a key player in connecting traditional and next-generation financial services in Asia.
