FOMO Pay, a leading digital payment institution based in Singapore, has entered into a strategic partnership with Zand Bank, the UAE’s premier digital bank. This collaboration aims to revolutionize B2B cross-border payments, enhancing cost-effectiveness and time efficiency while providing businesses with efficient digital payment and banking solutions for collections and payouts across the regions.

As a licensed major payment institution by the Monetary Authority of Singapore, FOMO Pay boasts a global remittance reach spanning over 70 countries. Recently obtaining a Money Service Operator license from the Hong Kong Customs and Excise Department, FOMO Pay solidifies its foothold in the Greater Bay Area, reaffirming its commitment to constructing regulated financial connections between Asia and global markets. On the other hand, Zand Bank, fully licensed by the Central Bank of the UAE, has been pivotal in fostering digital economy growth and financial connectivity in the MENA region through its secure, transparent, and convenient banking services. With a focus on digital and financial innovation, Zand is poised to introduce a range of digital services, uniquely emphasizing ecosystems and business communities, thereby contributing to the evolving financial landscape.

Against the backdrop of steady economic growth in the MENA region, driven by innovation and burgeoning trade ties with Asia, FOMO Pay and Zand Bank have joined forces to streamline B2B transactions and international remittances across Asia and MENA. Leveraging their extensive local networks and banking partnerships, this collaboration ensures swift and secure payment processing while empowering clients with competitive rates. By facilitating seamless and cost-effective cross-border payments, businesses stand to benefit from enhanced cost-efficiency in sending and receiving payments between the two regions.

Michael Chan, CEO of Zand, emphasized the significance of this partnership, stating, “Our collaboration with FOMO Pay is a pivotal step in fostering financial connectivity between MENA and Asia, positioning Zand as a gateway to these regions. By leveraging our combined expertise, we aim to provide businesses with seamless and cost-effective cross-border payment solutions, thereby fueling economic growth in both regions.”

Zack Yang, Co-Founder of FOMO Pay, echoed similar sentiments, expressing excitement about the strategic partnership. He stated, “As we join forces with Zand Bank, we not only empower them with our leading digital payment and banking solutions but also unlock synergies to enhance our processes. This joint effort aligns with our commitment to innovation and fostering connectivity in global markets.”

The collaboration between FOMO Pay and Zand Bank marks a significant milestone in enhancing cross-border payment efficiency. By delivering innovative solutions for fast, secure, and cost-effective transactions, both companies play a pivotal role in boosting cross-border economic activity and improving connectivity between two influential economies.