Elliptic & FOMO Pay partner to ensure Digital Asset Compliance in Asia

By Gloria Mathias

Elliptic, a London-based crypto asset risk management has partnered with FOMO Pay, a payment institution in Singapore that aims to build a cohesive payment ecosystem in Asia with seamless interoperability between fiat and digital currencies.

With Elliptic’s solutions, FOMO Pay can maintain comprehensive digital asset compliance capabilities in a fast-growing and increasingly regulated market.  FOMO Pay utilizes the RiskTech firm’s wallet intelligence tool to screen digital currency wallets and its transaction intelligence functionality to screen transactions in real time. The RiskTech firm’s multi-asset screening tool also enables FOMO Pay to trace cross-asset and cross-chain activities.

Lim Wee Teck, Head of Compliance at FOMO Pay 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.”

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.

FOMO Pay Pte Ltd is a payment institution 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 one-stop digital payment and banking solution provider.

Elliptic is a crypto asset risk management firm for crypto businesses, governments, and financial institutions worldwide. Recognized by J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, it has evaluated risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.