AMTD Digital is set to acquire a controlling stake in FOMO Pay, a Singapore-based digital payments firm.
The financial details of the transaction were not divulged. However, the transaction will involve a share swap and transfer of cash between the parties.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAMTD 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.
