Klasha, a foremost player in global cross-border payments, is excited to announce a pivotal partnership with FOMO Pay, a leader in digital payment and banking solutions in Asia.
Over the past two decades, there has been a significant shift in Africa’s trade dynamics, positioning Asia as a key trading partner. Recent data indicates that Asia is involved in more than 40% of Africa’s total exports and imports. This underscores the growing importance of efficient cross-border transaction solutions between these regions.
Addressing this demand, Klasha and FOMO Pay’s collaboration is set to enhance the cross-border payment infrastructure, benefiting merchants and businesses throughout Africa and Asia.
About Klasha
Klasha is an innovative global technology firm specializing in cross-border payment solutions, particularly focusing on streamlining online transactions to and from Africa. At the core of Klasha’s offerings are its advanced payables and receivables solutions. These services enable partners in Africa to effortlessly send money in African currencies, while simultaneously allowing global businesses to seamlessly accept online payments from the continent. Moreover, these businesses can conveniently receive payouts in their preferred currency, thereby simplifying the financial exchange process.
Understanding the complexities and challenges of cross-border transactions, Klasha’s founders have dedicated their efforts to developing a robust and efficient payment infrastructure. This infrastructure, often referred to as ‘Klasha’s rails’, is designed to facilitate smoother, faster, and more cost-effective transactions for their partners. By leveraging this infrastructure, Klasha’s partners can save significant time and resources, enhancing their operational efficiency and financial performance.
The strength and reliability of Klasha’s payment solutions have not gone unnoticed in the financial and technology sectors. The company has garnered substantial support and backing from several prestigious investors and firms. Among its notable backers are American Express, a globally recognized leader in the payments industry; Greycroft, a venture capital firm known for its investments in innovative technology companies; Seedcamp, a European seed fund that supports early-stage startups; and Global Ventures, a venture capital firm focusing on empowering global-minded entrepreneurs. This backing is a testament to Klasha’s potential and the trust these major players have in its vision and capabilities.
Klasha’s commitment to enhancing the payment landscape in Africa and beyond is reflected in its continuous efforts to innovate and expand its services. The company is poised to play a pivotal role in shaping the future of cross-border payments, especially in markets that are traditionally underserved. With its robust platform, strategic partnerships, and the support of its influential backers, Klasha is well-positioned to drive significant advancements in the global payment ecosystem.
About FOMO Pay
Founded in 2015, FOMO Pay Pte Ltd has established itself as a significant force in the financial technology sector, particularly in the realm of digital payments and banking. Operating under License No. PS20200145, FOMO Pay is a major payment institution, regulated under the rigorous Payment Services Act in Singapore. The firm has been granted a license by the Monetary Authority of Singapore (MAS), allowing it to offer a wide range of financial services. These services include Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service.
Over the years, FOMO Pay has evolved into a leading provider of integrated digital payment solutions, digital banking services, and digital asset management tools. Its commitment to innovation and excellence has placed it at the forefront of the fintech industry, not just in Singapore but across Asia. FOMO Pay’s services are designed to cater to the needs of a diverse range of clients, including individual customers, businesses, and large institutions, offering them a seamless and secure platform for managing their financial transactions.
Currently, FOMO Pay is spearheading the development of what is anticipated to be Asia’s fully licensed financial platform. This platform is aimed at bridging the gap between traditional fiat currencies and digital currencies, offering users a comprehensive suite of financial services that encompass both realms. The initiative reflects FOMO Pay’s vision to be at the cutting edge of the financial technology revolution, facilitating a smooth transition for businesses and institutions into the era of digital currency.
The company’s efforts to create a unified financial platform are underscored by its commitment to compliance, security, and user experience. By adhering to stringent regulatory standards set by the MAS, FOMO Pay ensures that its services are not only innovative but also secure and trustworthy. The firm’s approach to financial technology is based on the belief that the future of finance will be increasingly digital and interconnected, requiring sophisticated, yet user-friendly solutions that can cater to the rapidly evolving demands of the global market.
FOMO Pay’s journey since 2015 has been marked by significant milestones and achievements. It has forged partnerships with various industry leaders and financial institutions, further expanding its capabilities and reach. As it continues to build its comprehensive financial platform, FOMO Pay remains focused on its mission to revolutionize the way institutions and businesses interact with fiat and digital currencies, positioning itself as a pivotal player in the future of finance in Asia and beyond.
The partnership highlights:
Streamlined Online Collections and Payments: Through this collaboration, FOMO Pay will augment its corporate client collections utilizing Klasha’s innovative platform. This enhancement empowers businesses to efficiently receive payments in various local African currencies and through familiar payment methods. Importantly, these businesses can then conveniently receive payouts in their preferred currencies, streamlining the entire financial transaction process.
Opportunities for Market Expansion: The partnership between Klasha and FOMO Pay opens up a pathway for Asian businesses to venture into new African markets, significantly broadening their customer base. This joint effort in facilitating seamless cross-border payments is a strategic move, effectively unlocking potential growth opportunities for businesses looking to expand their reach across the African continent.
In a shared statement, the leadership teams of Klasha and FOMO Pay conveyed their excitement about their new partnership.
Jess Anuna, CEO of Klasha, remarked, “This partnership with FOMO Pay is a thrilling development for both African and Asian merchants. Together, we will enhance the ability of Asian merchants to effortlessly collect payments from Africa using our sophisticated payment rails and our distinct capability to handle payments in greater Asia. This collaboration paves the way for us to extend our services to a broader range of merchants.”
Zack Yang, co-founder of FOMO Pay, commented, “The collaboration between FOMO Pay and Klasha is a landmark in our era of increasing global interconnectedness, creating stronger financial links between Africa and Asia. Our alliance goes beyond business; it represents a shared dedication to enabling smooth payments and promoting economic growth across continents. By joining forces with Klasha, we not only augment our service portfolio but also open new payment channels, empowering our institutional clients to achieve greater success in the international marketplace.”
This partnership heralds new opportunities for merchants and businesses in both Africa and Asia, simplifying market expansion and easing the entry into new regions. By offering crucial cross-border payment solutions, this collaborative effort between Klasha and FOMO Pay is set to enable businesses across both continents to flourish in an ever-more interconnected global economy.
