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(L-R) Capbridge CEO Johnson Chen and FOMO Group Chairperson Louis Liu
Singapore’s fintech group FOMO Group has acquired capital markets service and asset custody entity CapBridge and private securities exchange firm 1exchange.
With this deal, FOMO aims to become a fully integrated, regulated, licensed digital payment and digital asset solution provider in Asia.
The group has received approval from the Monetary Authority of Singapore (MAS) for the acquisition and also obtained the Capital Markets Services (CMS) and the Recognised Market Operator (RMO) licenses in Singapore.
CapBridge operates as a digital investment syndication and distribution platform with a CMS License. It allows access to capital market products, such as securities, collective investment schemes, and custody solutions.
1exchange, on the other hand, is an RMO-licensed exchange tailored for small and medium-sized enterprises (SMEs), corporates, and institutions, providing a cost-effective listing venue.
Also Read: FOMO Pay raises US$13M in Series A funding round to accelerate growth
With this acquisition, FOMO plans to introduce value-added products in the capital markets domain.
Founded in 2015, the FOMO Group offers integrated digital payment and digital banking solutions to facilitate global collection and payout for merchants, corporates and financial institutions. Regulated under the Payment Services Act, it can conduct services such as cross-border and domestic money transfers, digital payment tokens, and merchant acquisition services.
The firm is building a licensed gateway helping institutions and businesses connect between fiat and digital currency.
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