SINGAPORE - Media OutReach - 19 June 2023 - Today, FOMO Pay, the Singapore-headquartered major payment institution, announced its implementation of Moody's Analytics KYC solution to monitor risk and secure compliance of its digital payments and digital banking services.
This implementation harnesses Moody's Analytics prominent expertise in risk management to enhance FOMO Pay's compliance capabilities and elevate its clients' onboarding experiences.
FOMO Pay has successfully implemented an end-to-end know your customer (KYC) and anti-money laundering (AML) compliance solution with Moody's Analytics, supported by world-leading financial crime screening data.
The data FOMO Pay is harnessing includes entity and ownership data for 450 million companies worldwide; a real-time network of global government registers; the largest collection of high-risk subjects worldwide; and customer onboarding, lifecycle management, and compliance workflow automation.
Through implementation of this technology, FOMO Pay has significantly accelerated its risk screening processes, enabling efficient client onboarding and enhanced due diligence while upholding strict adherence to regulatory requirements.
Backed by powerful data and automated workflows, Moody's Analytics KYC solution further enhances FOMO Pay's efficiency and accuracy in risk detection – assisting corporate registry search, streamlining watchlist screenings, and reducing manual compliance tasks.
Lim Wee Teck, Head of Compliance at FOMO Pay, said: "We are delighted with this implementation. FOMO Pay made a strategic decision to leverage Moody's strengths and gain access to its extensive and accurate global data which now empowers FOMO Pay to make optimal risk-based decisions. This implementation strengthens our KYC/AML program. As a result, our KYC/AML checks are now more efficient and accurate, our processing speed has increased, and we have reduced friction during onboarding."
Keith Berry, General Manager, Know Your Customer Solutions at Moody's Analytics said: "It's a pleasure to be working with FOMO Pay in transforming its risk and compliance decision making processes with an end-to-end KYC/AML solution. They are utilizing our full screening, data, and automation capabilities across company ownership, sanctions, PEPs and more. Having this capability at their fingertips marks FOMO Pay out as a leader in the digital KYC/AML compliance space, ensuring they are able to understand risks, to make decisions with confidence, and safeguard their business."
The implementation of Moody's Analytics KYC solution highlights FOMO Pay's commitment to choosing leading technologies for effective risk management and compliance. In an evolving and increasingly regulated market, FOMO Pay shows its dedication to providing secure and innovative digital payment and digital banking solutions, while upholding the highest standards of compliance, security, and customer trust.
Hashtag: #FOMOPay #AML #KYC #RiskMonitoring #FinTech #DigitalPayment #DigitalBanking
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The issuer is solely responsible for the content of this announcement.
About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) regulated under the Payment Services Act in Singapore, licensed by the Monetary Authority of Singapore (MAS) to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. The firm has become a leading one-stop digital payment and digital banking solution provider and is currently building Asia's first licensed gateway helping institutions and businesses to connect between fiat and digital currency. The firm offers its three flagship products:
- FOMO Payment – One-stop digital payment solution for merchants, corporates and financial institutions
- FOMO iBank – Facilitate businesses' everyday requirements for transactional banking needs
- FOMO Crypto – Asia's first licensed gateway bridging fiat and digital currency
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