Technology

FOMO Pay Teams Up with Mastercard to Enable Contactless Card Acceptance through FOMO SoftPOS

Published

2 weeks ago

November 8, 2024

SINGAPORE, Nov. 8, 2024 /PRNewswire/ — FOMO Pay, a leading Singapore-headquartered major payment institution, has announced a strategic collaboration with Mastercard to launch its Tap on Phone payment solution, FOMO SoftPOS. This solution allows merchants to accept contactless card payments directly on their smartphones[1] with the FOMO Pay app from the Google Play Store. This solution provides customers with more payment options while giving merchants greater flexibility and mobility as multiple smartphones can be activated for use as needed.

Singapore is the first country in Asia-Pacific where Mastercard will introduce Cloud Commerce, empowering local payment providers like FOMO Pay to build cloud-based products. Mastercard’s Cloud Commerce is a cloud-based payment solution that lets merchants process transactions on mobile devices without needing physical POS terminals. By leveraging cloud technology, it reduces hardware dependency, streamlines setup, and offers flexible, scalable payment options. This empowers businesses to accept payments anywhere with internet access, meeting the demands of today’s digital-first consumers. With Mastercard, FOMO Pay is able to bring Tap on Phone solutions to merchants, and offer the technology to banks and financial institutions who want to roll out their own branded SoftPOS.

While over 90% of Singaporeans use contactless payments, small and medium-sized enterprises (SMEs) are slower to adopt them. Only 50% of SMEs accept mobile wallets, and 36% accept contactless cards, largely due to a reluctance to maintain payment hardware.

Tap on Phone solutions can cut these costs by over 90%, making card payments more accessible for SMEs. This innovation will bring millions[2] of new acceptance points for card payments in Asia.

Merchants can download the FOMO SoftPOS app and accept a wide range of payment methods, such as QR payments, mobile wallets, and credit cards. Use cases of the Tap on Phone solution include pop-up stores, food trucks, taxis, pay-on-delivery services and more. In addition to merchants, banks and financial institutions can also leverage the Tap on Phone technology and provide their own contactless payment solutions to their merchants.

Louis Liu, founder and CEO of FOMO Pay, said, “Tap on Phone solutions offer an affordable, portable, and hassle-free way for businesses to accept payments, enhancing operational efficiency and customer satisfaction. Our FOMO SoftPOS empowers more businesses to accept payments using their own mobile devices, driving financial inclusion and supporting the growth of SMEs. Mastercard Cloud Commerce is central to this mission, helping us create scalable solutions that address the needs of today’s fast-evolving digital economy.”

Ms Deborah Heng, Country Manager, Singapore, Mastercard, said: “Accepting payments through traditional methods can be challenging for small businesses. Smartphone-based payment solutions lower cost of acceptance and simplify onboarding, making the payment process smoother and more efficient. Mastercard Cloud Commerce will advance payment solutions and help small businesses unlock the benefits of digital payments, while offering their customers a simple and secure payment experience.”

[1] Only available for Android devices (Android 12 onwards) with NFC capabilities.

[2] https://seads.adb.org/solutions/realizing-potential-over-71-million-msmes-southeast-asia

About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd is a major payment institution licensed in Singapore and Hong Kong. The firm has become a leading one-stop digital payment, digital banking, and digital asset solution provider. It is currently building Asia’s fully licensed financial platform, helping institutions and businesses 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 institutionsFOMO iBank – Facilitate businesses’ everyday requirements for transactional banking needsFOMO Treasury – One-stop digital asset services provider bridging Web 2.0 & Web 3.0

Visit www.fomopay.com for more information. For media inquiries, contact marketing@fomopay.com.

About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/fomo-pay-teams-up-with-mastercard-to-enable-contactless-card-acceptance-through-fomo-softpos-302298908.html

SOURCE FOMO Pay

Technology

Max Stock Limited Announces Change in Shares Held by an Interested Party

Published

1 hour ago

November 24, 2024

CAESAREA, Israel, Nov. 24, 2024 /PRNewswire/ — Max Stock Limited (TASE: MAXO(; )the “Company”, “Max Stock“) today announced that on November 20th, 2024, Phoenix Financial Ltd. and Phoenix Investment House Ltd. (“Phoenix reporting group”), including their respective nostro account, provident funds and provident fund management companies, as well as mutual fund management companies and market maker sub entities, informed the Company that they had sold shares of the Company thereby lowering their joint holdings to 4.8% of the Company’s issued capital (4.15% and 0.65% respectively). As a result, Phoenix reporting group will no longer be an interested party in the Company.

This is an English translation of segments of a Hebrew immediate report that was published on November 24, 2024 (Ref. No: 2024-01-618032) (hereinafter: the “Hebrew Version”). This English version is only for convenience purposes. This is not an official translation and has no binding force. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

About Max Stock

Max Stock is Israel’s leading extreme value retailer, currently present in 64 locations throughout Israel and 2 locations in Portugal. We offer a broad assortment of quality products for customers’ everyday needs at affordable prices, helping customers “Dream Big, Pay Small”. For more information, please visit https://ir.maxstock.co.il

Company Contacts:

Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il

View original content:https://www.prnewswire.com/news-releases/max-stock-limited-announces-change-in-shares-held-by-an-interested-party-302314811.html

SOURCE Max Stock Limited

Technology

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

5 hours ago

November 24, 2024

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

SOURCE Wahed

Technology

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

5 hours ago

November 24, 2024

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

For more information, visit: www.wahed.com

Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg

View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html