In the last 20 years, there has been a notable transformation in Africa's trade relationships, with Asia taking on a central role as the predominant trading ally. Recent studies reveal that Asia accounts for over 40% of Africa's exports and imports; therefore, facilitating cross-border transactions between the two regions has become increasingly vital. Recognizing this need, the new partnership between Klasha and FOMO Pay aims to provide a platform that enhances cross-border payment capabilities for merchants and businesses across Africa and Asia.
The key highlights of this partnership include:
- Easy online collections and payments: With this partnership, FOMO Pay will enhance collections for its corporate clients through Klasha's platform, empowering businesses to receive payments in local African currencies and money methods while they get payouts in their preferred currencies.
- Market expansion: Asian businesses can unlock opportunities to expand into new markets in Africa and broaden their customer base with Klasha and FOMO Pay's joint efforts in facilitating cross-border payments.
In a joint statement, the management teams of Klasha and FOMO Pay expressed their enthusiasm about the collaboration.
Jess Anuna, CEO of Klasha, said: "We are excited about our new partnership with FOMO Pay and what this unlocks for merchants in Africa and Asia. With combined efforts, we will continue to enable merchants in Asia to collect payments from the continent more seamlessly through our payment rails and our unique ability to terminate payments in greater Asia. We look forward to widening our services to more merchants with this partnership.
Zack Yang, co-founder of FOMO Pay, said: "In this era of globalization, the synergy between FOMO Pay and Klasha marks a significant milestone in increasing financial connectivity between Africa and Asia. Our partnership is more than just a business collaboration; it's a commitment to fostering seamless payments and economic growth across continents. By partnering with Klasha, we enhance our service offerings, expand payment corridors, and empower our institutional clients to grow in the global market."
This collaboration opens new avenues for African and Asian merchants and businesses, facilitating market expansion and easing entry into new territories. This partnership is poised to empower businesses on both continents to thrive in an increasingly interconnected global economy by providing essential cross-border payment solutions.
Klasha is a global technology company that provides cross-border payment solutions for online payments to and from Africa. With Klasha’s payables and receivables solutions, our partners can send money from Africa in African currencies, and global businesses can accept payments online from the continent and get payouts in their preferred currency.
We’ve built a reliable cross-border payment infrastructure through our rails, saving our partners time and money. Klasha is backed by American Express, Greycroft, Seedcamp, and Global Ventures.
For more information about Klasha and its payment services, visit their website at klasha.com.
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, 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 institutions
- FOMO iBank – Facilitate businesses’ everyday requirements for transactional banking needs
- FOMO Treasury – One-stop digital asset services provider bridging Web 2.0 & Web 3.0