FOMO Group, a Singapore-based financial holding group, has on Monday announced 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, FOMO Group said in a statement.

According to the statement, 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.

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

1exchange, on the other hand, is an RMO-licensed private securities exchange that offers cost-effective listing venue designed for smalla and medium-sized enterprises (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.

In light of the continuous development in the classification of digital assets, FOMO Group opined that 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.

According to FOMO Group, the attainment of CMS and custodial service license and RMO license further strengthens its ability to provide secure, robust and compliant one-stop solutions to SMEs, merchants, corporate and institutional clients, while maintaining a competitive advantage in the industry.

“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,” said Louis Liu, Chairman of FOMO Group.

Furthermore, he said the firm has proactively structured its business strategy to align with the ever-evolving global regulatory trends and enhance its compliance capabilities.

“Therefore, the acquisition of both CapBridge and 1exchange highlights a significant achievement for FOMO Group,” he said.

CapBridge Financial Group Chief Executive Officer Johnson Chen said that this strategic combination with FOMO is a major milestone for the firm.

“By integrating CapBridge’s robust capital markets solution with FOMO Group’s ecosystem, we are poised to revolutionize the capital markets space,” he said.

According to him, the new enlarged, integrated and regulated ecosystem will improve accessibility, transparency, and efficiency for companies seeking liquidity solutions as well as investors searching for opportunities in the capital markets.

“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,” he added.

As one of the leading global financial hubs, FOMO Group also noted that Singapore has clear and rigorous regulatory standards aimed at safeguarding the financial market’s integrity and the overall economy, which enables businesses like the group to thrive while maintaining the highest level of integrity and accountability.

“FOMO Group takes pride in commemorating this significant milestone alongside yet another remarkable achievement through this acquisition,

“Under Singapore’s well-defined regulatory framework for the sustainable growth of the fintech industry, we maintain our steadfast commitment to offering compliant value-added financial services to clients and partners,” said Liu.

FOMO Pay implements Moody’s Analytics End-to-End KYC/AML Risk Monitoring Solutions