FOMO Pay was awarded the Digital Acceleration Grant (DAG) on 15 June 2020 which provides funding support for the collaboration between FOMO Pay and Cynopsis Solutions to develop digital solutions to strengthen operational resilience, process efficiency, risk management, and customer service. The DAG is part of the Financial Sector Technology and Innovation scheme under the Financial Sector Development Fund administered by the Monetary Authority of Singapore.
One of the Industry Pilot Projects that Cynopsis worked on was with 3 financial institutions in Singapore – an established financial adviser firm and 2 major payment institutions. As part of the project, Cynopsis provided FOMO Pay with an enhanced version of our digital onboarding solutions, Ares to ease their overall customer onboarding and due diligence processes.
FOMO Pay is a Singapore FinTech company licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution, a digital payment & remittance processing platform, with a footprint across Southeast Asia, the Middle East, and Africa. FOMO Pay’s partners include mVISA, WeChat, Grab, NETS, ICBC, OCBC, Citibank, SingTel, etc. Some accolades of FOMO Pay include the winner of the MAS FinTech Award, OCBC Emerging Enterprise Award and CITIBank the most Scalable Solution Award.
As FOMO Pay continues to build and expand their presence in various countries and sectors, their client onboarding process has to be contextualised accordingly, thereby resulting in a more complicated and challenging compliance processes. Some of the client onboarding challenges they faced prior to the Industry Pilot Project include the tedious process of inputting client’s particulars, which translates to the onboarding process being resource and time consuming, manual and complicated, especially with corporate clients.
With the introduction of Cynopsis enhanced digital onboarding product, Ares - An AI-powered digital on-boarding and identity verification solution, FOMO Pay is now integrating their client onboarding process into one single platform, be it onboarding individual or corporate clients, or the countries and sectors their clients are coming from. Ares’ sleek and intuitive user interface has delivered a seamless and frictionless user experience, enabling FOMO Pay to increase their customer acquisition rate.
As a multi-award winning FinTech company, FOMO Pay is constantly striving to be at the forefront of the regulatory curve and we are glad to have helped clients like them to simplify compliance and achieve regulatory advantage through this Industry Pilot Project.
About Cynopsis Solutions
Founded in 2014 and headquartered in Singapore, Cynopsis Solutions offers RegTech solutions designed to digitise and automate Compliance and regulatory processes, in particular know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards (2018), RegTech100 (2018, 2019) and Financial Times Top 50 High Growth Companies in Asia-Pacific.
Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations, applicable to more than 180 jurisdictions and is already helping more than a thousand B2B customers in the Banking, Financial Services, FinTech and Cryptocurrency, Professional Services and Gaming sectors globally.