SINGAPORE – Media OutReach – August 7, 2023 – FOMO Group, a Singapore-based financial holding company, today announces that it has completed the acquisition of CapBridge Pte Ltd (CapBridge), a capital markets services and asset custody, and 1X Exchange Pte Ltd (1exchange), a private securities exchange company. With the approval of the Monetary Authority of Singapore (MAS) for the acquisition, FOMO Group has obtained a Capital Markets Services (CMS) license and a Recognized Market Operator (RMO) license in Singapore. This agreement reinforces FOMO Group’s leading position as a fully integrated, regulated and licensed digital asset and payment solutions provider in Asia.
CapBridge is a CMS-licensed digital online investment syndication and distribution platform that provides access to capital markets products, including securities and collective investment schemes, as well as custodial solutions. He is also an exempt financial adviser and can issue analyzes and reports on investment products. 1exchange is an RMO-licensed private stock exchange that offers a cost-effective listing venue designed for SMEs, corporations and institutions.
Founded in 2015, FOMO Group provides one-stop digital payment and digital banking solutions to facilitate global collection and payment for merchants, businesses and financial institutions. Acquisition expands FOMO Group’s ability to offer value-added capital markets products, aligning with its strategy of providing a full suite of solutions to existing customers as well as attracting new ones. customers in the ecosystem, thereby accelerating business growth.
In light of the continued development of digital asset classification, a more forward-looking and future-proof compliance strategy is needed for companies in the sector. With a vigilant and proactive regulatory approach, FOMO Group has acquired capital market licenses in addition to its existing licenses under the Payment Services Act (PSA). Obtaining the CMS License and Custodial Service and RMO License further strengthens its ability to deliver unique secure, robust and compliant solutions to SMBs, Merchants, Enterprises and Institutional customers, while maintaining a competitive edge in industry.
Louis Liu, President of the FOMO Group, said, “We are delighted to bring CapBridge and 1exchange into the FOMO Group. Given the proven track record of CapBridge and 1exchange and their strategic investors such as Singapore Exchange and Hanwha Group from their previous Series A, the acquisition allows us to forge a fully integrated financial services ecosystem, offering our clients a full range of products with added value. Additionally, we have proactively structured our business strategy to align with evolving global regulatory trends and enhance our compliance capabilities. Therefore, the acquisition of CapBridge and 1exchange highlights a significant achievement for the FOMO group.”
Johnson Chen, CEO of CapBridge Financial Group, added, “This strategic combination with FOMO is a major milestone for our team. By integrating CapBridge’s robust capital markets solution into the FOMO Group ecosystem, we are poised to revolutionize the capital markets space. , an integrated and regulated ecosystem will improve accessibility, transparency and efficiency for companies seeking liquidity solutions as well as investors seeking opportunities in the capital markets. more innovative solutions and generate future growth opportunities.”
As one of the world’s leading financial centres, Singapore has clear and rigorous regulatory standards aimed at protecting the integrity of the financial market and the economy as a whole, allowing companies like FOMO Group to thrive while maintaining the highest level of integrity and accountability.
“As we celebrate our 9th anniversary this year, FOMO Group is proud to commemorate this milestone as well as another remarkable achievement through this acquisition. Within Singapore’s well-defined regulatory framework for the sustainable growth of the fintech, we maintain our unwavering commitment to providing consistent, value-added financial services to customers and partners,” said Louis Liu.
Notes to the media
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