AMTD Digital has announced that it will acquire a controlling stake in QR payments provider FOMO Pay through its “fusion-in” program
The programme involves a combination of share swap and cash for investment. This is AMTD Digital’s third controlling stake acquisition in Singapore’s fintech industry after the acquisitions of insurtech firm PolicyPal and CapBridge.
FOMO Pay will become a key member company within AMTD Digital, adding the rapidly growing payment function to the one-stop digital financial services, and further enhancing the comprehensive layout for AMTD Digital’s fintech platform across Southeast Asia.
The company said it is aiming to build a “one-stop, comprehensive, cross-market, innovative digital financial services platform” by leveraging its licenses to build digital banking, digital insurance, digital payments, and other services across South East Asia and the Greater Bay Area. The Greater Bay Area consists of Guangdong, Hong Kong and Macau.
“Payment is the starting point and core infrastructure of the FinTech industry. AMTD sees tremendous potential of FOMO Pay’s payment business growth in Singapore and other countries across Southeast Asia. Most importantly, 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. “Calvin Choi, AMTD Group’s Chairman and CEO and AMTD Digital’s Chairman, commented.
Joining AMTD Digital will strengthen FOMO Pay’s credibility and liquidity to facilitate higher requirement on handling cross-regional payments by international clients. FOMO Pay will benefit from AMTD’s extensive connectivity and network in Greater Bay Area, mainland China and Southeast Asia, as well as rich experiences in financial operation and licenses application, which would catalyze FOMO Pay growth to march into the broad Southeast Asia’s digital markets, further complement FOMO Pay’s payment exchange network, develop more high-quality customers, and promote financial inclusion and digital innovation in the region. FOMO Pay has also established cooperation with EMQ, another Asia’s leading digital remittance company within the AMTD SpiderNet ecosystem. FOMO Pay will leverage on AMTD’s extensive digital licensed businesses portfolio to accelerate innovation and provide corporates and merchants with a full value chain product suite. ”Louis Liu Xi, FOMO Pay’s co-founder and CEO, said,
