The new partnership will see FOMO Pay work with Elliptic to enhance its customer onboarding due diligence check process.
FOMO Pay uses Elliptic’s solutions to maintain comprehensive digital asset compliance capabilities in a fast-growing and increasingly regulated market. The company utilizes Elliptic’s wallet intelligence tool to screen digital currency wallets and its transaction intelligence functionality to screen transactions in real time. Elliptic’s multi-asset screening tool also enables FOMO Pay to trace cross-asset and cross-chain activities all concurrently.
Lim Wee Teck – Head of Compliance at FOMO Pay – expressed his delight in collaborating with Elliptic. He said: “One of the main reasons we partnered with Elliptic was for their high asset coverage, in-depth data intelligence and quick turn-around time, which allow for accurate and efficient identification of anomalies in digital asset transactions as compared to conventional manual eye-balling methodologies. This has allowed us to scale our operations efficiently while ensuring compliance in the field of digital asset business.”
The integration of Elliptic’s advanced solutions highlights FOMO Pay’s unwavering dedication to bolstering its investments in leading technologies for compliance monitoring, thereby solidifying its commitment to upholding industry standards in compliance.
Through strategic system implementation, FOMO Pay has successfully enhanced its capabilities to support larger volumes of platform flows, elevate the client experience, minimize friction, and ensure adherence to anti-money laundering (AML) and crime-prevention obligations.
Hashtag: #FOMOPay #Elliptic #Compliance #DigitalAsset #KYT
https://www.linkedin.com/company/fomo-pay/The issuer is solely responsible for the content of this announcement.
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 Services, Domestic Money Transfer Services, Digital Payment Token Services and Merchant Acquisition Services. 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 company offers its three flagship products:
- FOMO Payment: a one-stop digital payment solution for merchants, corporates and financial institutions.
- FOMO iBank: facilitates businesses’ every-day requirements for transactional banking needs.
- FOMO Crypto: Asia’s first licensed gateway bridging fiat and digital currency.
Visit www.fomopay.com for more information.
About Elliptic
Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments and financial institutions worldwide. Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.
Elliptic is headquartered in London with offices in New York, Singapore and Tokyo. To learn more, visit www.elliptic.co.
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Upcoming Events
‘A WORKING LUNCH WITH NORDIN’: NATIONWIDE TOUR WITH TOYOTA
MGBF founding chairman Nordin Abdullah and UMW Toyota president Datuk Ravindran K. will delve into the convergence of automotive innovation and environmental sustainability in Penang, Sarawak, Johor and Pahang.
MGBF Roundtable: Digitalisation of the Food and Beverage Industry
Hosted by menumiz™ – an end-to-end restaurant management system – this roundtable will feature a case study presentation and a panel session to discuss the latest digital trends, challenges, and opportunities within the food and beverage sector.
THE SOUTH CHINA SEA: A THREAT OF DISRUPTION FOR BUSINESS?
In this episode of 'A Working Lunch with Nordin', MGBF's founding chairman, Nordin Abdullah, will host this discussion focusing on the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
FOOD SECURITY IN THE BREACH: INDUSTRIALISATION AND WEAPONISATION
This MGBF Roundtable will focus on regional food security issues and trends in the regional supply chain, and trade regulations and policies, including a new geopolitical tool i.e., weaponisation of supply chains.
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