AMTD Digital is seeking a controlling stake in Singapore-based payment solutions firm FOMO Pay – the third fintech acquisition in the city-state in a month.
The AMTD’s acquisition is subject to approval from the Monetary Authority of Singapore (MAS), according to a joint statement with FOMO Pay. The deal will involve both share swaps and cash for investments to make FOMO Pay a member company within the Hong Kong-headquartered firm’s digital solutions unit.
FOMO Pay's businesses include a one-stop QR code payment aggregator and gateway provider for payments.
This is AMTD’s third acquisition of a controlling stake in a Singapore fintech in a month following similar moves with PolicyPal and CapBridge in June.
Pan-Asia
FOMO Pay’s largest clients include the likes of Singapore Press Holdings, Marina Bay Sands, Singapore Airlines, Resorts World Sentosa and Changi Airport. In Malaysia, it has a digital payment foothold via WeChat Pay, NETSPay, mVISA, Grab Pay and Singtel Dash while also collaborating with OCBC to develop the country’s first cross-border QR code collection service.
In addition to more Southeast Asian expansion, FOMO pay is expected to benefit from AMTD’s connectivity and network in the Greater Bay Area, mainland China and Southeast Asia alongside experience in finance and license applications, according to FOMO Pay CEO and co-founder Louis Liu.
