Singapore’s FOMO Pay has teamed up with Zand Bank, a digital bank in the UAE to enhance cross-border payments between Asia and the Middle East and North Africa (MENA).
This collaboration, which aims to streamline digital payment and banking solutions for collections and payouts, follows FOMO pay’s recent approval for a Money Service Operator license from the Hong Kong Customs and Excise Department.
It comes as the MENA region continues to experiencine steady economic growth driven by innovation across diverse sectors, with a focus on deepening trade ties with Asia. Enhancing such ties further, the firms said in a statement that by streamlining B2B transactions and international remittances across the regions they will enable fast and cost-effective payment processes from initiation to settlement.
Zack Yang (left), Co-Founder of FOMO Pay, and Michael Chan (right), CEO of Zand. Source: FOMO Pay
Michael Chan, CEO of Zand, said: “Our partnership with FOMO Pay is a key step in achieving this goal [fostering financial connectivity between MENA and the world] 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.”
Zack Yang, Co-Founder of FOMO Pay added: “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.”
