Singapore’s FOMO Pay and UAE’s Zand Bank have formed a strategic partnership to enable seamless cross-border payments between Asia and the Middle East and North Africa. The collaboration aims to enhance efficiency in B2B transactions, offering businesses streamlined digital payment solutions and banking services for improved connectivity between the two dynamic regions.
14 December 2023 – FOMO Pay, a leading digital payment provider based in Singapore, has entered into a strategic partnership with Zand Bank, the UAE’s first digital bank, with the goal of facilitating seamless cross-border payments between the vibrant markets of Asia and the Middle East and North Africa (MENA). This collaboration seeks to optimize cost-effectiveness and time efficiency in B2B cross-border transactions, offering businesses streamlined digital payment and banking solutions for collections and payouts in the respective regions.
FOMO Pay, as a significant payment institution licensed by the Monetary Authority of Singapore, has expanded its global remittance capabilities to over 70 countries. Recently securing 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 footprint in Asia, FOMO Pay remains committed to constructing regulated financial connections between Asia and global markets.
Similarly, Zand Bank, a prominent digital bank fully licensed by the Central Bank of the UAE, has consistently contributed to the growth of the digital economy and financial connectivity in the MENA region through secure, transparent, and convenient banking services. Beyond traditional banking, Zand is poised to lead in digital and financial innovation, providing the foundation for a broader range of digital services. The bank’s unique focus on ecosystems and business communities positions it to introduce an expanded suite of services that evolves with the changing financial landscape.
The MENA region is currently witnessing steady economic growth driven by innovation across diverse sectors, particularly in strengthening trade ties with Asia. FOMO Pay and Zand Bank’s collaboration aims to streamline B2B transactions and international remittances across Asia and MENA, enabling swift and cost-effective payment processes from initiation to settlement. Leveraging their extensive local networks and banking partnerships, this strategic partnership ensures not only secure payment processing but also enables FOMO Pay and Zand Bank to extend competitive rates to their clients, enhancing cost-efficiency in cross-border payments between the two regions.
“This partnership with FOMO Pay is a key step in achieving our goal of 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.”
Zack Yang, Co-Founder of FOMO Pay, expressed excitement about the strategic partnership, stating, “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 pivotal step in enhancing cross-border payment system efficiency. By delivering innovative solutions for fast, secure, and cost-effective transactions, both companies play a vital role in boosting cross-border economic activity and improving connectivity between two influential economies.
