AMTD Digital, the digital finance arm of Hong Kong-headquartered investment bank AMTD Group, on Monday announced it will acquire a controlling stake in Singapore’s QR code and payment solutions provider FOMO Pay for an undisclosed amount.
The deal involves a combination of share swap and cash.
This is AMTD Digital’s third deal in Singapore’s fintech market recently, following the acquisitions of PolicyPal, an insurance technology firm, and CapBridge, the city-state’s first regulated securities exchange for digital assets and private companies.
The acquisition of FOMO Pay reinforces AMTD Digital’s strategic expansion in Southeast Asia out of its global headquarters in Singapore, the company said.
The acquisition is subject to the approval of the Monetary Authority of Singapore.
“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,” AMTD group chairman and CEO Calvin Choi said.
FOMO Pay is one of Singapore’s largest 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, GrabPay and Singtel Dash in Singapore and Malaysia.
Headquartered in Singapore, AMTD Digital is the integrated digital finance platform of AMTD Group, covering four segments including digital finance licences, smart data analytics, digital alliances, and digital strategic investments. It seeks to build a one-stop, cross-market digital financial services platform offering digital banking, digital insurance, digital asset exchange, e-payments/remittances and other related services in Hong Kong and Southeast Asia.
Last month, Airstar Bank, a Hong Kong virtual bank jointly established by AMTD and Xiaomi, was officially launched. AMTD is also part of a consortium, along with Singapore government-owned energy utility provider SP Group, Xiaomi, and Funding Societies, that has applied for a Singapore digital wholesale banking licence.