View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
July 6, 2020

AMTD Digital to acquire Singapore-based digital payments firm FOMO Pay

AMTD Digital is set to acquire a controlling stake in FOMO Pay, a Singapore-based digital payments firm.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

The financial details of the transaction were not divulged. However, the transaction will involve a share swap and transfer of cash between the parties.

Founded in 2015, FOMO Pay operates as an integrated payment solution provider to the merchants in the region. It facilitates several payment methods such as NETSPay, mVisa, GrabPay and WeChat Pay.

In April, the company partnered with OCBC Bank to boost payment capabilities in Malaysia.

The acquisition will support AMTD Digital’s strategic expansion in Southeast Asia. Once the acquisition is complete, FOMO Pay will become a member company within AMTD Digital.

The completion is subject to the approval of Monetary Authority of Singapore.

AMTD Digital chairman Calvin Choi 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.”

This is AMTD Digital’s third acquisition in Singapore’s fintech industry recently after PolicyPal and CapBridge.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International