Hong Kong’s AMTD to acquire controlling stake in SG fintech firm FOMO Pay

Photo: FOMO Pay's LinkedIn page

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.

“Joining AMTD Digital will strengthen FOMO Pay’s credibility and liquidity to facilitate higher requirement on handling cross-regional payments by international clients,” said FOMO Pay co-founder and CEO Louis Liu Xi.  
In its first overseas foray this year, FOMO Pay collaborated with OCBC Bank (Malaysia) to develop the application for Malaysia’s first cross-border QR Code collection service, OCBC OneCollect. The service allows any account holder of Singapore’s PayNow participating banks to make Singapore dollar payments to eligible merchants in Malaysia via QR codes. Prior to this, QR code payments in Malaysia could only be done for transactions in ringgit.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.