Singaporean digital payments firm FOMO Pay has entered into a tie-up with OCBC Bank (Malaysia).
Through the alliance, FOMO Pay aims to develop OCBC OneCollect as its first merchant cross-border QRcode collection service project.
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By GlobalDataUsing OCBC OneCollect, account holders of Singapore’s PayNow participating banks can make Singapore dollar payments to Malaysia-based merchants with direct QR code payment.
Merchants will get instant notifications when a payment is completed with reconciliation by the end of the day.
Earlier, QR code payments in Malaysia were only for local Ringgit currency payments.
The Singaporean firm joined forces with the bank in February to develop the app for OCBC OneCollect.
The latest move follows the launch of the Kuala Lumpur outpost of FOMO Pay.
The expansion aligns with the firm’s plan to focus on ASEAN and other emerging markets.
FOMO Pay has a Major Payment Institution licence from the Monetary Authority of Singapore. It has a client base of more than 10,000.
The firm offers QR payment processing system as well as e-KYC, AI credit-scoring profiling, multi-channel account auto-reconciliation and cross-border switch interoperability solutions, among others.
Besides, the firm is a founding member of the SGQR taskforce that has been formed to offer a common QR Code standard for Singapore.
