FOMO Pay Bolsters Digital Asset Compliance through Strategic Partnership with Notabene
Written by: Telegraph Magazine
The implementation of Notabene's end-to-end solution for global Travel Rule compliance enables FOMO Pay to further enhance its know-your-transaction (KYT) capabilities and highlights FOMO Pay's commitment to compliance and customer security. In addition, through comprehensive licensing and adherence to regulatory requirements, FOMO Pay has obtained "Super VASP'' status in Notabene's Virtual Asset Service Providers (VASP) network. This milestone empowers the public with streamlined access to accurate and verified business information, aligning with FOMO Pay's consistent efforts to foster trust in the digital payment and digital asset fields.
In 2019, the Financial Action Task Force (FATF) released crucial recommendations aimed at combating money laundering, terrorist and proliferation financing. FATF requires countries to assess and mitigate risks associated with virtual asset financial activities and providers. As part of the requirements, the Travel Rule mandates all VASPs to screen, record and communicate the information of both the sender and recipient of a digital asset transaction. In 2023, the global regulatory landscape has evolved with stricter enforcement of the Travel Rule for digital asset transactions, as governments and financial institutions worldwide take significant steps to enhance transaction integrity and overall financial ecosystem security.
In order to maintain comprehensive digital asset compliance capabilities in the ever-evolving digital asset industry, FOMO Pay adopts a proactive approach in investing in leading compliance solutions to continue to ensure strict adherence to global regulations. Integration with Notabene equips FOMO Pay to automate Travel Rule compliance in line with global regulations, allowing secure and efficient digital asset transactions.
"We are pleased to partner with Notabene and integrate their Travel Rule solution. This collaboration represents FOMO Pay's commitment to strengthening our compliance capabilities in alignment with global regulations, enabling informed decisions to enhance our AML capabilities," said Wee Teck Lim, Head of Compliance at FOMO Pay. "We firmly believe that our collaboration with Notabene will further enhance our ability to provide secure and reliable digital payment and digital asset solutions to our valued clients and partners."
"We are excited to be working with FOMO Pay to enrich their compliance capabilities and ensure safer digital asset transactions for their clients. FOMO Pay's commitment to bridging the gap between fiat and digital assets for business use cases is very aligned with our mission at Notabene. This collaboration demonstrates the significant impact of Travel Rule implementation in facilitating secure and efficient digital asset transactions to build a safer and more accessible digital asset ecosystem." - Pelle Braendgaard, CEO of Notabene.
With this partnership, FOMO Pay demonstrates its steadfast commitment to upholding industry standards in compliance by ensuring safer transactions involving digital assets for merchants, corporates and financial institutions. FOMO Pay's proactive approach to regulatory compliance and strategic investments in robust solutions solidify its position as a leading digital payment solutions provider.
The issuer is solely responsible for the content of this announcement.
About Notabene
Notabene developed the crypto industry's only pre-transaction decision-making platform, enabling customers to identify and stop high-risk activity before it occurs. With a focus on security, privacy, and user experience, Notabene's multi-source data and software enables real-time decision-making, counterparty sanctions screening, self-hosted wallet identification, and more.
SOC-2 security certified and trusted by over 100 companies, Notabene operates globally with headquarters in New York, and presence in Switzerland, Singapore, Germany, and the United Kingdom.
Companies like Copper, Luno, Crypto.com and Bitstamp leverage our SafeTransact platform for Travel Rule compliance, tailored to their needs and aligned with global and local regulations. Our platform builds trust in virtual asset transactions to foster financial growth with minimized risk.
Get started today; sign up for our free SafeTransact Rise Plan to respond to regulated transactions for free using the world's largest VASP Network.
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.
