Hong Kong’s AMTD, the digital finance arm of AMTD Group, is set to make its third Singapore fintech acquisition this year through the purchase of a controlling stake in FOMO Pay, a one-stop mobile payment platform provider.
“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,” said Calvin Choi, AMTD Group’s Chairman and CEO. “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,” he added.
The financial details of the transaction were not disclosed. However, the company did reveal that the transaction will be done via a “fusion-in program,” which involves a combination of share swap and cash for investment between the two parties.
In a separate statement, Louis Liu Xi, FOMO Pay’s co-founder, and CEO shared his delight on the said transaction. According to him, teaming up with AMTD Digital will boost 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,” he commented.
The transaction follows only months after AMTD revealed its acquisitions of insurtech startup PolicyPal and private securities exchange operator CapBridge in June.