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Frequently asked questions

I want to activate FOMO Payment services. How should I do it?

Please write to us at sales@fomopay.com for enquiries.

Merchants will need to fill in registration form and submit relevant documentations as part of our onboarding practicalities to satisfy the compliance requirements by the Monetary Authority of Singapore. The account should be activated within 14 working days

What are the payment methods that FOMO Payment offer?

FOMO Pay provides a comprehensive payment suite for our clients, including credit card, mobile wallets, Buy Now pay Later, digital payment token and more.

What are the differences between FOMO Payment and other payment providers?

FOMO Pay is your trustworthy payment partner, licensed by the Monetary Authority of Singapore (License No. PS20200145). We provide one-stop payment solution to your business. By simply connecting to FOMO Pay alone, you would be equipped with all payment methods that your customers favour.

Do you charge any rental or subscription fee for the M-POS Solution?

We do not charge rental or subscription fee. The deposit fee is $300 per terminal. (fully refundable)

What is the exchange rate being charged?

It is real-time exchange rate provided by different payment schemes.

How do I refund transactions and how long does it takes?

For merchants using the API provided by FOMO Pay (both online and offline payment solutions), they are able to request refund through the API. Alternatively, merchants can trigger refund at the merchant backend portal.

The refund processing time of credit cards depends on the refund policy of the card-issuing bank. For E-wallets refund processing time is immediate.

How do I open a FOMO iBank account?

For all account opening enquiries, please send an email to token@fomopay.com. Our account manager will get in touch and advise on the onboarding practicalities.

What can I do with the account?

FOMO iBank account is a business account that grants different levels of access to multiple users. Users can view the transaction history of each account and the current balance in each currency. In addition, users will have access to FOMO treasury for FX conversions and complete global collection and payment of funds.

How long does it take to complete my transaction?

We are able to do same day settlement, so long as the order is submitted before our daily cut off time.

Who can access my company’s account from the iBanking portal?

Only authorised users are able to access the account. Authorisation with different access controls can be granted to multiple users to operate the same account, and also for each user to access multiple accounts.

How can I remove an existing user or grant access to a new user?

A change request, along with the necessary verification documents, needs to be submitted to our customer support team, after which user access will be updated within 3 working days.

How do I change my password for my iBanking portal?

Request for reset of password can be submitted to our customer support team. For security purposes, our team will require verification of user identity before password can be changed.

How long does it take for a transaction to be reflected on my iBanking portal?

Once a transaction is completed, the account balance and transaction record will be updated instantaneously.

How do I open a FOMO Digital Payment Token account?

For all corporate account openings, please send your enquiry to token@fomopay.com. Our account manager will get in touch and advise you on the onboarding practicalities.

What is the processing time for on and off ramp over the counter (OTC) transactions?

All transactions will be settled within the same day.

What are the currencies accepted?

Fiat – SGD, AUD, CNH, EUR, GBP, HKD, JPY, USD, CAD

Crypto currencies – BTC, ETH, USDC, USDT

How do I deposit my digital payment token currencies?

We provide you with 3 wallet addresses tagged to your business name, please note that wallet declaration and verification will be required for wallet deposits.

What are the fees for on and off ramp OTC transactions?

We have a tier pricing structure based on volume transacted, please reach out to your Account Manager for more information.

Do I need to be based in Singapore to register?

No, you do not have to be based in Singapore.

What is the minimum investment size?

It varies from deal to deal, but typically from as low as S$10,000.

What are the criteria required to be classified as an Accredited Investor (AI)?

For Corporates: All shareholders are Individual AI, or entity’s NTA >S$10M.

For Individuals: Not less than SGD 300,000 income in the preceding 12 months or SGD 1 million in financial assets or SGD 2 million net personal assets, as defined in the Securities And Futures Act (Chapter 289).

Why do investors need to undergo a thorough verification process?

CapBridge is a Monetary Authority of Singapore (MAS) regulated entity and thus is required to conduct Know Your Customer (KYC)/ Anti-Money Laundering (AML) checks on all potential customers, and is regulated under the SFA (Securities and Futures Act).

Which Android smart device supports FOMO SoftPOS?

Non-jail broken Android device with Operating System (OS) 10 and above that support Near Field Communication (NFC) is required.

I want to activate FOMO Payment services. How should I do it?

Please write to us at sales@fomopay.com for enquiries.

Merchants will need to fill in registration form and submit relevant documentations as part of our onboarding practicalities to satisfy the compliance requirements by the Monetary Authority of Singapore. The account should be activated within 14 working days

What are the payment methods that FOMO Payment offer?

FOMO Pay provides a comprehensive payment suite for our clients, including credit card, mobile wallets, Buy Now pay Later, digital payment token and more.

What are the differences between FOMO Payment and other payment providers?

FOMO Pay is your trustworthy payment partner, licensed by the Monetary Authority of Singapore (License No. PS20200145). We provide one-stop payment solution to your business. By simply connecting to FOMO Pay alone, you would be equipped with all payment methods that your customers favour.

Do you charge any rental or subscription fee for the M-POS Solution?

We do not charge rental or subscription fee. The deposit fee is $300 per terminal. (fully refundable)

What is the exchange rate being charged?

It is real-time exchange rate provided by different payment schemes.

How do I refund transactions and how long does it takes?

For merchants using the API provided by FOMO Pay (both online and offline payment solutions), they are able to request refund through the API. Alternatively, merchants can trigger refund at the merchant backend portal.

The refund processing time of credit cards depends on the refund policy of the card-issuing bank. For E-wallets refund processing time is immediate.

How do I open a FOMO iBank account?

For all account opening enquiries, please send an email to token@fomopay.com. Our account manager will get in touch and advise on the onboarding practicalities.

What can I do with the account?

FOMO iBank account is a business account that grants different levels of access to multiple users. Users can view the transaction history of each account and the current balance in each currency. In addition, users will have access to FOMO treasury for FX conversions and complete global collection and payment of funds.

How long does it take to complete my transaction?

We are able to do same day settlement, so long as the order is submitted before our daily cut off time.

Who can access my company’s account from the iBanking portal?

Only authorised users are able to access the account. Authorisation with different access controls can be granted to multiple users to operate the same account, and also for each user to access multiple accounts.

How can I remove an existing user or grant access to a new user?

A change request, along with the necessary verification documents, needs to be submitted to our customer support team, after which user access will be updated within 3 working days.

How do I change my password for my iBanking portal?

Request for reset of password can be submitted to our customer support team. For security purposes, our team will require verification of user identity before password can be changed.

How long does it take for a transaction to be reflected on my iBanking portal?

Once a transaction is completed, the account balance and transaction record will be updated instantaneously.

How do I open a FOMO Digital Payment Token account?

For all corporate account openings, please send your enquiry to token@fomopay.com. Our account manager will get in touch and advise you on the onboarding practicalities.

What is the processing time for on and off ramp over the counter (OTC) transactions?

All transactions will be settled within the same day.

What are the currencies accepted?

Fiat – SGD, AUD, CNH, EUR, GBP, HKD, JPY, USD, CAD

Crypto currencies – BTC, ETH, USDC, USDT

How do I deposit my digital payment token currencies?

We provide you with 3 wallet addresses tagged to your business name, please note that wallet declaration and verification will be required for wallet deposits.

What are the fees for on and off ramp OTC transactions?

We have a tier pricing structure based on volume transacted, please reach out to your Account Manager for more information.

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