AMTD Digital, which is the integrated digital solutions platform of AMTD Group, has revealed that it will acquire a controlling stake in QR payments provider Fomo Pay.
Reportedly, AMTD Digital will complete the acquisition through a share swap and cash deal. The financial details of the deal are not disclosed.
The deal is subject to approval by the Monetary Authority of Singapore (MAS).
With regard to the deal, Louis Liu Xi, Fomo Pay’s co-founder and chief executive told the media“Joining AMTD Digital will strengthen 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.”
“FOMO Pay has also established cooperation with EMQ, another Asia’s leading digital remittance company within the AMTD SpiderNet ecosystem. FOMO Pay will leverage on AMTD’s extensive digital licensed businesses portfolio to accelerate innovation and provide corporates and merchants with a full value chain product suite, ” he added.
The deal will see AMTD further expand its stronghold in the Southeast Asian region.
Established 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.