Established in 2013, Omise is a venture capital-backed payment services company with operations in Thailand, Japan, Singapore and Indonesia. OmiseGo, created by this company, is a separately supported expansion platform. It is owned by users and token holders, not by Omise.
OmiseGO (OMG) is a smart contract platform and ERC-20 token (Ethereum code standard). OMG uses the proof-of-stake (PoS) algorithm and has a total supply of 140,245,398 OMG. It also acts as a decentralized bank, exchange, and asset-based blockchain gateway at the same time. OMG's ultimate goal is to be "a high-value, distinctive exchange and clearing platform." This means helping people with no traditional bank access to access banking services (through their open wallet infrastructure) and facilitating unprecedented interchangeability between multiple traditional railways (ACH, VISA, Paypal) and decentralized blockchains (like Ethereum). This could even potentially cover more obscure assets such as airline miles or loyalty points.
Traditional payment networks such as FedWire, CHIPS, SWIFT and ACH currently support local, national and even international payments. These services may include processes such as asset exchange or derivatives. These centralized networks allow the operator to unilaterally control the above-mentioned financial procedures and services. This not only creates data security risks, but also higher costs for end users and a monopolistic market environment.