Asia-based digital payment and digital banking solutions provider, FOMO Pay, is strategically partnering with Klasha, the global cross-border payment company, to power cross-border payments between Africa and Asia.
FOMO Pay links up with Klasha, now that Asia has firmly established itself as Africa’s predominant trading ally. Recent studies reveal that Asia accounts for over 40 per cent of Africa’s exports and imports; drastically increasing the importance of facilitating cross-border transactions between the two regions.
Thanks to the collaboration, FOMO Pay plans to 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.
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 also look forward to widening our services to more merchants with this partnership.”
Ultimately, the collaboration will look to open new avenues for African and Asian merchants and businesses, by facilitating market expansion and significantly easing entry into new territories.
Supporting market expansion
FOMO Pay explained that it expects the partnership to empower businesses based in both continents to thrive in an increasingly interconnected global economy by providing essential cross-border payment solutions.
Zack Yang, co-founder of FOMO Pay, also commented: “In this era of globalisation, 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.”
Asian businesses will keep a keen eye on the move as they look to expand into new markets in Africa and broaden their customer base.