AMTD Digital, the integrated digital solutions platform of AMTD Group, announced that it will acquire a controlling stake in FOMO Pay, the one-stop QR code and digital payment solution provider in Southeast Asia, via its unique and innovative “Fusion-in” Programme, which involves using a combination of share swap and cash for investment.
This is AMTD Digital’s third controlling stake acquisition in Singapore’s FinTech industry recently, following the acquisitions of PolicyPal, Southeast Asia’s leading insurtech company, and CapBridge, Singapore’s first regulated securities exchange for digital assets and private companies and Singapore’s leading integrated private market ecosystem platform.
The acquisition of FOMO Pay reinforces AMTD Digital’s strategic expansion in Southeast Asia out of its global headquarters in Singapore. After the acquisition, 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 acquisition is subject to the Monetary Authority of Singapore’s approval.
About AMTD Digital
AMTD Digital is the integrated digital solutions platform of AMTD Group, an Asian financial services centric conglomerate. Headquartered in Singapore, AMTD Digital strives to build a one-stop, comprehensive, cross-market, innovative digital financial services platform. AMTD Digital aims to leverage its scarce and comprehensive digital financial licenses and offer integrated digital banking, digital insurance, digital asset exchange, digital payments and remittance, and other digital licensed businesses across Southeast Asia and in the Greater Bay Area.
As the core engine for AMTD SpiderNet, AMTD Digital empowers innovative FinTech companies and the entrepreneurs through the unique “Fusion-in” Programme, leveraging AMTD SpiderNet’s solid linkage to resources across different sectors and industries in the Asia Pacific region and beyond. This enables AMTD SpiderNet to become an ever-growing ecosystem which will create sustainable commercial and social values.
About FOMO Pay
FOMO Pay is one of Singapore’s largest and leading one-stop QR code payment aggregators and payment gateway providers, enabling merchants to accept a full suite of digital payments methods including WeChat Pay, NETSPay, mVISA, Grab Pay, and Singtel Dash, in Singapore and Malaysia. FOMO Pay plans to scale its innovative technology to other Southeast Asia countries, to promote cashless payments and financial inclusion.
As a “Major Payment Institution” regulated by the Monetary Authority of Singapore (MAS), FOMO Pay serves customers in multiple industries such as airlines, publishing, tourism and hotels, F&B, education and retail industries. Its largest customers include SPH, Marina Bay Sands, Singapore Airlines, RWS, and Changi Airport. FOMO Pay was nominated to be the founding member of the Singapore Quick Response Code (SGQR) taskforce, working together to draft the first QR code national standard to unify all e-wallets in Singapore and promote cashless society.
In April 2020, FOMO Pay collaborated with OCBC Bank (Malaysia) to develop the application for Malaysia’s first cross-border QR Code collection service, OCBC OneCollect. This service allows any account holder of Singapore’s PayNow participating banks to make Singapore dollar payments to eligible merchants in Malaysia via direct QR code payment through OCBC OneCollect. Prior to this, QR code payments in Malaysia could only be done for local ringgit currency transactions.
Calvin Choi, AMTD Group’s Chairman and CEO and AMTD Digital’s Chairman, said, “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.”
Louis Liu Xi, FOMO Pay’s co-founder and CEO, said, “FOMO Pay has grown significantly over the last few years as mobile Payment adoption continues to thrive. 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.”