FOMO Group Acquires CapBridge, 1X Exchange to Expand into Capital Marketsby Fintech News Singapore August 7, 2023
CapBridge is a digital online investment syndication and distribution platform with Capital Markets Services (CMS) license that offers accessibility to capital markets products.
Meanwhile, 1exchange is an Recognised Market Operator (RMO) -licensed private securities exchange that offers cost-effective listing venue designed for SMEs, corporates and institutions.
This acquisition expands the FOMO Group’s capability to offer products in the capital markets space as well as to bring new clients into its ecosystem.
In addition to its existing Payment Service Act (PSA) licenses, FOMO Group secures CMS and RMO licenses in Singapore through this acquisition.
Founded in 2015, the FOMO Group provides one-stop digital payment and digital banking solutions to facilitate global collection and global payout for merchants, corporates and financial institutions.
Louis Liu, Chairman of FOMO Group said,
“We are excited to bring CapBridge and 1exchange into FOMO Group. Given CapBridge and 1exchange’s demonstrated track record and their strategic investors such as Singapore Exchange and Hanwha Group from their previous Series A, the acquisition empowers us to forge a fully integrated financial service ecosystem, offering our clients a comprehensive suite of value-added products.”
Johnson Chen, CEO of CapBridge Financial Group added,
“By integrating CapBridge’s robust capital markets solution with FOMO Group’s ecosystem, we are poised to revolutionise the capital markets space. Importantly, the combination of services that can be provided by CapBridge, 1exchange and FOMO Pay will lead to more innovative solutions and drive future growth opportunities.”