by Fintech News Singapore
December 13, 2023
Singaporean payment institution FOMO Pay and United Arab Emirates‘ digital bank Zand have partnered to improve cross-border payment efficiency between Asia and the Middle East and North Africa (MENA) region.
This collaboration seeks to streamline B2B transactions and enhance the speed and cost-effectiveness of international remittances.
The partnership between FOMO Pay and Zand Bank is expected to benefit businesses by offering more competitive rates and improved efficiency in handling payments between Asia and MENA.
FOMO Pay, which is licensed by the Monetary Authority of Singapore and operates in over 70 countries, recently expanded its services to the Greater Bay Area in Hong Kong. The company said that it is focused on building financial connections between Asia and global markets.
Zand Bank, licensed by the Central Bank of the UAE, contributes to the MENA region’s digital economy and financial integration through secure and convenient banking services.
Michael Chan
“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.
Zack Yang
“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.
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.”
said Zack Yang, Co-founder of FOMO Pay.
Featured image: (From left) Zack Yang, Co-Founder of FOMO Pay and Michael Chan, CEO of Zand