Auzzi Shopping

FOMO Pay Implements Moody’s Analytics End-to-End KYC/AML Risk Monitoring Solutions for its Secure Digital Payment and Digital Banking Services

  • Written by Auzzi Shopping
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



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

Today's Features at Auzzi

Steam Carpet Cleaning vs. Shampoo Carpet Cleaning: Which One is Better?

When it is all about maintaining the cleanliness and appearance of your carpets, choosing the right cleaning method is crucial. Two popular techniques are steam carpet cleaning and shampoo...

From Mini to Long: Get to Know Your Dress Lengths

Dress lengths vary from super short to floor length, and everything in between which are all just as beautiful! Defining your style is simple once you find the dress length that’s right ...

Hosting a New Year’s Eve Party – Top Tips from Pro Event Managers

Christmas and New Year are favourite festivals Down Under and if it is your turn to be the host this year, there is much to do as we are only a couple of months from the end of the year. T...

Ensuring Fair Scheduling Practices with Online Rostering Software

"Maintain equity in employee scheduling with Online Rostering Software. Ensure fairness, boosts productivity!" Fair scheduling practices are essential for promoting a positive organisatio...

How Novated Lease Pay Calculator Works & Affects Your Salary?

If you’re considering a novated lease, you may have come across terms like “salary packaging calculator” or wondered about the “novated lease pay impact” on your take-home salary...

How to Choose Budget-Friendly Artificial Grass Without Compromising Quality

It can be quite a tough task to choose affordable artificial turf that does not compromise on quality. However, if one knows what makes artificial turf appealing and long-lasting it might ...

Bathroom Renovations in Bentleigh: Transform Your Space with Style and Functionality

Bathrooms are the centre of the home, the most trafficked area, and determine property value. Every day the trends of the buildings are changing in Bentleigh. People are opting every day t...