FOMO Group Acquires Two Singapore Financial Institutions, CapBridge and 1exchange, Expanding Into Capital Markets

Monday 7 Aug 2023, 11 : 44 am
by
Fomo Group

SINGAPURA -FOMO Group, a Singapore-based financial holding group, today announces that it has completed the acquisition of CapBridge Pte Ltd (CapBridge), a capital markets service and asset custody firm, and 1X Exchange Pte Ltd (1exchange), a private securities exchange company.

With approval from the Monetary Authority of Singapore (MAS) on the acquisition, FOMO Group has secured Capital Markets Services (CMS) License and Recognized Market Operator (RMO) License in Singapore.

This deal bolsters FOMO Group’s leading position as a fully-integrated, regulated and licensed digital payment and digital asset solution provider in Asia.

CapBridge is a digital online investment syndication and distribution platform with CMS License that offers accessibility to capital markets products, including securities and collective investment schemes, along with custody solutions.

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It is also an exempt financial adviser and is able to issue analyses and reports on investment products.

1exchange is an RMO-licensed private securities exchange that offers cost-effective listing venue designed for SMEs, corporates and institutions.

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.

This acquisition expands the FOMO Group’s capability to offer value-added products in the capital markets space, which aligns with its strategy to provide a full suite of solutions to its existing clients as well as to bring new clients into the ecosystem, accelerating business growth.

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In light of the continuous development in the classification of digital assets, a more forward-looking and future-proof compliance strategy is necessary for businesses within the industry.

With a vigilant and proactive regulatory approach, FOMO Group acquired capital market licenses in addition to its existing Payment Service Act (PSA) licenses.

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