FOMO Pay and Zand Bank Partner to Facilitate Cross-border Payments, Enhancing Financial Connectivity Between Asia and MENA
- Written by The Bulletin
SINGAPORE - Media OutReach Newswire - 13 December 2023 - FOMO Pay, a Singapore-based digital payment leader, has joined forces with Zand Bank, the UAE's first digital bank, in a strategic partnership to facilitate seamless cross-border payments between the dynamic markets of Asia and the Middle East and North Africa (MENA).
This collaboration aims to enhance cost-effectiveness and time efficiency in B2B cross-border transactions, providing businesses with streamlined digital payment and digital banking solutions for collections and payouts in the regions.
As a major payment institution licensed by the Monetary Authority of Singapore, FOMO Pay has expanded its global remittance reach to 70+ countries. Having recently secured a Money Service Operator license from the Hong Kong Customs and Excise Department, FOMO Pay strengthens its presence in the Greater Bay Area. With a robust presence in Asia, FOMO Pay remains dedicated to building regulated financial bridges between Asia and global markets. Similarly, Zand Bank, a leading digital bank fully licensed by the Central Bank of the UAE, has consistently contributed to the growth of digital economy and financial connectivity in the MENA region through its secure, transparent, and convenient banking services. In addition to forward-looking banking services, Zand is set to be at the forefront of digital and financial innovation, providing the foundations for a broader generation of digital services. Zand will also be unique in its focus on ecosystems and communities of businesses, enabling it to introduce expanded and unchartered suite of services that grows with the ever-changing financial landscape.
The MENA region is experiencing steady economic growth driven by innovation across diverse sectors, with a focus on deepening trade ties with Asia. To facilitate cross-border business, FOMO Pay and Zand Bank collaborate to streamline B2B transactions and international remittances across Asia and MENA, enabling fast and cost-effective payment processes from initiation to settlement. Leveraging their extensive local networks and banking partnerships, this partnership not only ensures swift and secure payment processing but also empowers FOMO Pay and Zand Bank to extend more competitive rates to their clients. As a result, businesses benefit from improved cost-efficiency in sending and receiving payments between these two regions. This is one of many regions, and the first of many steps in Zand and FOMO Pay's strategy to create an ecosystem that allows their clients to financially connect with the rest of the world while remaining committed to its core values of security, privacy, and customer-centricity, ensuring a seamless transition to a new phase of digital finance.
"At Zand, we are committed to fostering financial connectivity between MENA and the world. Our partnership with FOMO Pay is a key step in achieving this goal and establishing Zand as a gateway to the MENA and Asia region. By leveraging our combined expertise, we will provide businesses with seamless and cost-effective cross-border payment solutions, helping to fuel economic growth in both regions," said Michael Chan, CEO of Zand. "Zand takes an open-minded approach, unconfined by the tools and technologies of our time to redefine the boundaries of traditional banking for our partners and clients."
"As we embark on this strategic partnership with Zand Bank, we're excited not only to empower Zand Bank with our leading digital payment and digital banking solutions but also to unlock the synergies that arise from our collaboration," said Zack Yang, Co-Founder of FOMO Pay. "This partnership is a two-way street — as we join forces with Zand Bank to establish stronger connections with Asian markets, we simultaneously enhance our own payout and settlement processes in MENA to better meet the diverse remittance needs of our clients. The joint effort aligns with our commitment to drive innovation and foster connectivity in the global markets."
The collaboration between FOMO Pay and Zand Bank signifies a key step in enhancing cross-border payment system efficiency. By delivering innovative solutions for fast, secure and cost-effective transactions, both companies play a pivotal role in boosting cross-border economic activity, improving connectivity between the two influential economies.
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About Zand
Zand brings a superior banking experience designed for the digital economy to businesses, specialized in corporate banking, technology, and the digital space. Zand was built to change the way the UAE banks, leveraging the power of AI and advanced data analytics, with an agile and startup mindset , and leveraging partnerships with the top Fintech players to simultaneously simplify and upgrade the customer experience. Zand adopts a distinctive approach to banking, providing products and services to help support businesses at every stage while ensuring customer-centricity, privacy and security remain as the core values. Please visit www.zand.ae for more information.
Media inquiries for Zand: Mays Talib, Head of Marketing, Mays.T@zand.ae
About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) regulated under the Payment Services Act in Singapore, licensed by the Monetary Authority of Singapore (MAS) to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. The firm has become a leading one-stop digital payment, digital banking, and digital asset solution provider. It is currently building Asia's fully licensed financial platform, helping institutions and businesses connect between fiat and digital currency. The firm offers its three flagship products:
- FOMO Payment – One-stop digital payment solution for merchants, corporates and financial institutions
- FOMO iBank – Facilitate businesses' everyday requirements for transactional banking needs
- FOMO Capital Markets – One-stop digital asset services provider bridging Web 2.0 & Web 3.0
