News Daily


Men's Weekly

News from Asia

  • Written by Media Outreach
SINGAPORE - Media OutReach - 27 September 2023 - Singapore-based major payment institution FOMO Pay fuels the country's Purpose Bound Money (PBM) acceptance as the merchant acquirer of the Singapore Pitstop industry pilot. The industry pilot by Grab, StraitsX (part of Fazz) and UOB builds on the Monetary Authority of Singapore's Project Orchid initiative*. The digital vouchers available in the Singapore Pitstop is an example of PBM, which allows conditions such as validity period and type of merchants to be specified when making transfers in digital money. When a consumer pays for his purchase using PBM, funds are transferred to the merchant immediately once the terms of use are fulfilled, without the need for a separate reconciliation process.

FOMO Pay bolsters PBM acceptance by equipping merchants with the capability to receive PBM in consumer voucher format through its digital payment solution. This aligns seamlessly with the objective to offer greater flexibility to businesses and consumers through interoperable payment systems.

Further to its contribution to the PBM trial at the 2022 Singapore FinTech Festival, FOMO Pay takes pride in its role as the merchant acquirer supporting the industry pilot with merchant acquiring services. In the Singapore Pitstop industry pilot, FOMO Pay enables its hero merchants (Mount Faber and Jumbo) and participating merchants (ANDAZ, LAC, Eu Yan Sang, KOI and City Tours) to accept PBM in the form of Non-Fungible Token (NFT) vouchers and provide seamless digital payment experiences to Singaporean locals and international visitors from 7 September 2023 to 31 December 2023.

FOMO Pay demonstrates its pioneering role in the realm of programmable money and programmable payment, further solidifying its prominent standing in the FinTech sector. Devoted to advancing digital payment innovation through the utilisation of financial technologies, FOMO Pay is proud to showcase real-life applications of the Digital Singapore Dollar in collaboration with industry-leading partners.

*Project Orchid is an ongoing initiative led by MAS to develop the competency and digital infrastructure needed to issue a digital Singapore dollar domestically. Please refer to this link for more information.

Hashtag: #FOMOPay #MAS #PBM #DigitalSGD #DigitalPayment #ProgrammablePayment #FinTech #ProjectOrchid

The issuer is solely responsible for the content of this announcement.

Read more

Why Choosing the Right Dentist Matters More Than You Think

Oral health is more than just having a bright smile. It's a key component of your overall health and wellbeing. That’s why selecting the right dentist is such an important decision. From routine check-ups to complex treatments, a skilled and attentive... Read more

Understanding Root Canal Treatment in Melbourne: What It Is and When You Need It

Tooth pain can be debilitating, and when decay or infection reaches deep inside a tooth, a simple filling might not be enough. That’s where root canal treatment Melbourne dental clinics provide comes into play. Despite its reputation, a root canal is... Read more

Split Corrugated Conduit and Solar Conduit: Protecting Wiring Systems for Modern Installations

In today’s increasingly connected and electrified world, proper cable management is not just a technical detail—it’s essential for safety. For electrical installations, solar setups, and industrial systems, two components play a vital role in cable protection: split corrugated conduit and... Read more

Understanding Shrink Films for Packaging: What You Need to Know

In today’s fast-paced business environment, efficient and reliable packaging is more important than ever. One packaging solution that has gained widespread popularity across industries is shrink films for packaging. This versatile material offers excellent protection, enhances product presentation, and supports... Read more

How to Bulletproof Your Contracts Against Disputes

In the business world, contracts are the backbone of transactions, partnerships and collaborations. Yet even well-meaning agreements can lead to disputes if they’re not carefully drafted by business contract lawyers. To avoid costly legal battles and protect your interests, it's... Read more

Top 5 Providers of SEO Focused Guest Posts in Florida You Can Trust

Many companies today aim to increase their online presence, which is a good use for guest blogging. In guest blogging, you compose content for the benefit of other websites that link back to yours. This promotes your business and increases... Read more