AMTD Digital to acquire payments platform Fomo Pay

Singapore-based AMTD Digital, the integrated digital solutions arm of Hong Kong financial institution AMTD Group, said it’s set to acquire a controlling stake in QR code and payments solution provider Fomo Pay via a share swap and cash combination.

Photo credit: Fomo Pay

Financial terms of the deal were not disclosed.

The acquisition, which is subject to approval by the Monetary Authority of Singapore (MAS), will allow AMTD Digital to reinforce its strategic expansion plans in Southeast Asia, according to a statement. AMTD is also leading a consortium – which includes Xiaomi, SP Group, and Funding Societies – in its digibank bid in Singapore.

Founded in 2015, Singapore-based Fomo Pay provides a one-stop solution for merchants in the city-state and Malaysia by facilitating a variety of payment methods, including WeChat Pay, Baidu Wallet, Grab Pay, and Visa QR.

Its services are regulated by MAS and cover multiple industries such as airlines, publishing, tourism, food and beverage, education, and retail. Some of Fomo Pay’s notable clients include Singapore Press Holdings, Marina Bay Sands, Singapore Airlines, Resorts World Sentosa, and Changi Airport.

After the acquisition, Fomo Pay will become a key member company within AMTD Digital, adding into the latter’s growing portfolio of digital financial services.

“Fomo Pay has grown significantly over the last few years as mobile payment adoption continues to thrive. This acquisition will allow us to embark on our next phase of growth and continue to provide more value-added service for business and brands,” said Fomo Pay co-founder and CEO Louis Liu Xi.

The chief exec also said that Fomo Pay will now be able to tap into AMTD’s extensive network in the Greater Bay Area, mainland China, and Southeast Asia.

The latest deal marks AMTD Digital’s third strategic acquisition in Singapore’s fintech industry recently.

In June of this year, it acquired CapBridge, Singapore’s first regulated securities exchange for digital assets and private companies. Before that, it bought a controlling stake in insurtech company PolicyPal for an eight-figure sum.