To enter capital markets, FOMO acquired financial institutions CapBridge, 1exchange
An asset custody and capital markets service provider, CapBridge Pte Ltd (CapBridge), and a private securities exchange company, 1X Exchange Pte Ltd (1exchange), have been acquired by FOMO Group, a financial holding company with headquarters in Singapore.
FOMO Group said in a statement that it has obtained a capital markets services (CMS) license and a recognized market operator (RMO) license in Singapore with the Monetary Authority of Singapore’s (MAS) approval of the acquisition.
This agreement, according to the statement, strengthens FOMO Group’s dominant position as an Asia-based provider of fully integrated, regulated, and licensed digital payment and digital asset solutions.
CapBridge is a digital online investment syndication and distribution platform with a CMS License that provides access to capital markets products, such as securities and collective investment plans, as well as custody options.
It can publish analyses and reports on investment products because it is also a financial adviser with exemption rights.
On the other hand, 1exchange is a private securities exchange with an RMO license that provides corporations, institutions, and small and medium-sized enterprises (SMEs) with a cost-effective listing venue.
The FOMO Group, which was founded in 2015, offers one-stop digital banking and payment solutions to help businesses, corporations, and financial institutions collect money from around the world and pay it out.
The FOMO Group’s ability to provide value-added products in the capital markets sector will be increased as a result of this acquisition, which is in line with its strategy to offer a full range of solutions to both its current clients and to attract new clients into the ecosystem, thereby accelerating business growth.
The FOMO Group asserted that businesses operating in the sector need a more forward-looking and future-proof compliance strategy in light of the ongoing changes in the classification of digital assets.
In addition to its current Payment Service Act (PSA) licenses, FOMO Group obtained capital market licenses through a watchful and proactive regulatory approach.
In order to maintain a competitive edge in the market, FOMO Group claims that obtaining the CMS, custodial service license, and RMO licenses has further strengthened its capacity to offer SMEs, merchants, corporate, and institutional clients secure, robust, and compliant one-stop solutions.
