Deepti Sri · · 2 min readFomo Group expands services with SG acquisitions
Capbridge CEO Johnson Chen (left) and Fomo Group chairperson Louis Liu / Photo credit: Fomo Group
Singapore-based Fomo Group has bought out local fintech firms CapBridge and 1exchange, securing recognized market operator and capital markets services licenses in the process. The two come on top of Fomo Group’s existing licenses under the local Payment Services Act.
Financial details of the deal, which was approved by the Monetary Authority of Singapore, were not disclosed.
CapBridge offers capital markets products such as securities and collective investment schemes. Meanwhile, 1exchange is a private securities exchange providing a listing venue designed for SMEs, corporates, and institutions.
Both companies are under CapBridge Financial Group.
“The new enlarged, integrated, and regulated ecosystem will improve accessibility, transparency, and efficiency for companies seeking liquidity solutions as well as investors searching for opportunities in the capital markets,” said CapBridge CEO Johnson Chen in a statement.
Established in 2015, Fomo Group provides digital payment and digital banking solutions, facilitating collection and payout for merchants, corporates, and financial institutions.
It operates Fomo Pay, which offers payment methods such as WeChat Pay, Baidu Wallet, GrabPay, and Visa QR to merchants.
See also: Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty
In 2022, Fomo Pay raised US$13 million in its series A funding round led by Jump Crypto – the digital assets arm of Jump Trading Group.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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