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HomePress ReleaseEIN PresswireFOMO Group Acquires Two Singapore Financial Establishments, CapBridge and 1exchange, Expanding Into...

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

SINGAPORE, August 7, 2023/ — FOMO Group, a Singapore-based monetary holding group, at this time proclaims that it has accomplished the acquisition of CapBridge Pte Ltd (CapBridge), a capital markets service and asset custody agency, and 1X Change Pte Ltd (1exchange), a non-public securities change firm. With approval from the Financial Authority of Singapore (MAS) on the acquisition, FOMO Group has secured Capital Markets Companies (CMS) License and Acknowledged Market Operator (RMO) License in Singapore. This deal bolsters FOMO Group’s main place as a fully-integrated, regulated and licensed digital cost and digital asset answer supplier in Asia.

CapBridge is a digital on-line funding syndication and distribution platform with CMS License that provides accessibility to capital markets merchandise, together with securities and collective funding schemes, together with custody options. It’s also an exempt monetary adviser and is ready to difficulty analyses and stories on funding merchandise. 1exchange is an RMO-licensed personal securities change that provides cost-effective itemizing venue designed for SMEs, corporates and establishments.

Based in 2015, the FOMO Group gives one-stop digital cost and digital banking options to facilitate international assortment and international payout for retailers, corporates and monetary establishments. This acquisition expands the FOMO Group’s functionality to supply value-added merchandise within the capital markets house, which aligns with its technique to supply a full suite of options to its present purchasers in addition to to deliver new purchasers into the ecosystem, accelerating enterprise development.

In gentle of the continual growth within the classification of digital belongings, a extra forward-looking and future-proof compliance technique is critical for companies inside the business. With a vigilant and proactive regulatory method, FOMO Group acquired capital market licenses along with its present Fee Service Act (PSA) licenses. The attainment of CMS and custodial service license and RMO license additional strengthens its capability to supply safe, strong and compliant one-stop options to SMEs, retailers, company and institutional purchasers, whereas sustaining a aggressive benefit within the business.

Louis Liu, Chairman of FOMO Group, stated, “We’re excited to deliver CapBridge and 1exchange into FOMO Group. Given CapBridge and 1exchange’s demonstrated monitor file and their strategic traders corresponding to Singapore Change and Hanwha Group from their earlier Collection A, the acquisition empowers us to forge a totally built-in monetary service ecosystem, providing our purchasers a complete suite of value-added merchandise. Moreover, now we have proactively structured our enterprise technique to align with the ever-evolving international regulatory traits and improve our compliance capabilities. Subsequently, the acquisition of each CapBridge and 1exchange highlights a major achievement for FOMO Group.”

Johnson Chen, CEO of CapBridge Financial Group, added, “This strategic mixture with FOMO is a significant milestone for our staff. By integrating CapBridge’s strong capital markets answer with FOMO Group’s ecosystem, we’re poised to revolutionize the capital markets house. The brand new enlarged, built-in and regulated ecosystem will enhance accessibility, transparency, and effectivity for corporations in search of liquidity options in addition to traders trying to find alternatives within the capital markets. Importantly, the mixture of companies that may be supplied by CapBridge, 1exchange and FOMO Pay will result in extra modern options and drive future development alternatives.”

As one of many main international monetary hubs, Singapore has clear and rigorous regulatory requirements geared toward safeguarding the monetary market’s integrity and the general economic system, which permits companies like FOMO Group to thrive whereas sustaining the very best degree of integrity and accountability.

“As we have fun our ninth anniversary this yr, FOMO Group takes delight in commemorating this important milestone alongside one more exceptional achievement by this acquisition. Below Singapore’s well-defined regulatory framework for the sustainable development of the fintech business, we preserve our steadfast dedication to providing compliant value-added monetary companies to purchasers and companions,” stated Louis Liu.

Notes to Media

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About FOMO Group

Based in 2015, FOMO Group is a monetary holding group primarily based in Singapore, providing one-stop digital cost, digital banking, and digital asset options, bridging Net 2.0 and Net 3.0 ecosystems. FOMO Group owns three monetary establishments which function independently from one another:

FOMO Pay – A significant cost establishment regulated below the Fee Companies Act to conduct Cross-border Cash Switch Service, Home Cash Switch Service, Digital Fee Token Service, and Service provider Acquisition Service. The agency is presently constructing Asia’s first licensed gateway serving to establishments and companies to attach between fiat and digital foreign money.

CapBridge – A Capital Markets Companies licensee licensed to deal in capital markets merchandise, together with securities and collective funding schemes, and present custodial companies. It’s also an exempt monetary adviser permitted to advise on funding merchandise and to difficulty or promulgate analyses and stories on such funding merchandise.

1exchange – A licensed and regulated personal securities change with a Acknowledged Market Operator License, permitting corporations and traders to record and commerce regulated monetary merchandise and fairness belongings.

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