Following this announcement, the collaboration is set to optimise the cost-effectiveness and time efficiency in the B2B cross-border transactions between the two markets, as well as provide businesses with streamlined digital payment and digital banking services for collections and payouts. Both companies will also focus on the ecosystems and communities of businesses in the areas, enabling them to provide a suite of services that meet the needs, preferences, and demands of customers in an ever-changing financial landscape.
In addition, FOMO Pay and Zand Bank will prioritise the process of streamlining international remittances across Asia, the Middle East, and North Africa in order to enable fast, cost-effective, and safe payment processes from initiation to settlement. By using their extensive local networks and banking partnerships, the companies aim to ensure swift and protected payment processing, while also providing their clients with more competitive rates. This will take place by allowing businesses to benefit from improved cost-efficiency in sending and receiving payments between these two regions.
This partnership represents a part of FOMO Pay and Zand Bank’s strategy of developing an ecosystem that allows customers to financially connect with the rest of the world, while also remaining compliant with the requirements and laws present in the market. At the same time, the strategic deal aims to optimise the overall cross-border payment system as well by improving the connectivity between the two economies.
Digital payment and digital banking service provider FOMO Pay had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In November 2023, Mastercard Singapore and FOMO Pay announced their partnership in order to introduce the Mastercard QR within SGQR, which was expected to allow cardholders and customers to scan and pay using their Mastercard products. SGQR represented a unified national QR for Singapore, based on the EMVCo* Merchant-Presented QR standards. According to the press release published at the time, FOMO Pay enabled SGQR merchants and traders with the possibility to accept Mastercard QR payments, as well as the overall use of Mastercard credit and debit cards for scan-and-pay at SGQR codes.
In addition, Mastercard QR also aimed to simplify the overall payment processes for merchants and businesses by eliminating the need for traditional POS terminals and reducing operational costs. This took place while the company also focused on optimising the manner in which micro-small and medium enterprises expanded their reach and served more domestic and international Mastercard users and cardholders.
Earlier in August 2023, FOMO Pay announced its partnership with Notabene in order to strengthen its overall digital asset compliance. Following this strategic deal, the implementation of Notabene’s end-to-end service for global Travel Rule compliance was expected to enable FOMO Pay to further strengthen its know-your-transaction (KYT) capabilities and offerings. At the same time, through the use of comprehensive licensing and adherence to regulatory laws and requirements, the company also obtained an important status on the Notabene Virtual Asset Service Providers (VASP) network.
According to the information provided at the time, this step also aimed to provide the public with streamlined access to accurate and verified business information and data, which aligned with FOMO Pay’s plans to foster trust and security in the digital payment and digital asset fields.
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