AMTD Digital announced that it will acquire FOMO Pay, a digital payment provider in Southeast Asia through AMTD Fusion-in Programme, which uses a combination of share swap and cash for investment.
This marks AMTD Digital’s third recent acquisition in Singapore’s fintech industry. It acquired PolicyPal which is Southeast Asia’s leading insurtech company, and CapBridge which is Singapore’s leading integrated private market ecosystem platform. This is all a part of AMTD Digital’s strategic expansion in Southeast Asia.
However, the acquisition is yet subject to the Monetary Authority of Singapore’s approval.
About AMTD Digital
The integrated digital solutions platform of AMTD Group, AMTD Digital has headquarters based in Singapore and it provides its services across Southeast Asia and in the Greater Bay Area.
Basically, AMTD Digital aims to build a one-stop, cross-market, and innovative digital financial services platform. It leverages its scarce and comprehensive digital financial licenses. It offers services including digital banking, digital asset exchange, digital insurance, digital payments and remittance.
Through the unique and innovative Fusion-in Programme, AMTD Digital empowers fintech companies and entrepreneurs. Leveraging AMTD SpiderNet’s solid linkage to resources across different sectors, enables AMTD SpiderNet to become an ever-growing ecosystem.
About FOMO Pay
FOMO Pay is Singapore’s leading one-stop QR code payment aggregators and payment gateway provider across Singapore and Malaysia. It enables merchants to accept digital payments methods including WeChat Pay, NETSPay, mVISA, Grab Pay, and Singtel Dash.
FOMO Pay has clients in multiple industries such as tourism, airlines, publishing, F&B, education and retail industries. A few of its largest clients include SPH, Marina Bay Sands, Singapore Airlines, RWS.
Additionally, FOMO’s Pay achievements include being nominated as the founding member of the Singapore Quick Response Code (SGQR). The SGQR task force drafted the first QR code national standard to unify all e-wallets in Singapore. It also collaborated with OCBC Bank to develop an application for Malaysia’s first cross-border QR Code collection service, OCBC OneCollect.
Statements from AMTD and FOMO Pay
Calvin Choi, Chairman and CEO of AMTD Group, said that there is tremendous potential of FOMO Pay’s payment business growth in Singapore and Southeast Asian countries. Furthermore, he explained the advantage of the acquisition. “Together with FOMO Pay’s capability to offer diversified digital payment solutions through other digital finance platforms and products offered by other AMTD’s subsidiaries or ecosystem partners, AMTD is able to provide a true one-stop user journey to its customers.”
Louis Liu Xi, co-founder and CEO of FOMO Pay, also explained the benefits of the acquisition. “This acquisition will allow us to embark on our next phase of growth and continue to provide more value-added service for business and brands. Joining AMTD Digital will strengthen FOMO Pay’s credibility and liquidity to facilitate higher requirement on handling cross-regional payments by international clients.”