SINGAPORE, Aug. 14, 2024 /PRNewswire/ — FOMO Group, a Singapore-headquartered financial holding group, has marked its 10 year anniversary, and announced the establishment of an additional floor in Singapore’s 140 Robinson Road, Tahir Building. The expanded headquarters span two floors in the heart of the Central Business District, and will function as an innovation centre dedicated to driving research and development (R&D). This serves to also accommodate specialised teams to support FOMO Group’s expanding business operations. This expansion move follows the Group’s acquisition of two other financial firms – CapBridge Pte Ltd and 1exchange Pte Ltd in August 2023, marking FOMO Group’s move into capital markets and treasury products.
The expansion of FOMO Group’s headquarters coincides with its 10th anniversary, marking a significant milestone since its inception in 2015. Initially focusing on providing digital payment solutions to merchants and corporates, the Group’s first division FOMO Pay was selected to be one of the founding members of the SGQR task force, playing an instrumental role in the establishment of Singapore’s QR payment framework. This sets the foundation of FOMO Group’s subsequent growth and expansion into adjacent industry verticals.
As the financial landscape evolved, FOMO Pay further expanded to become a one-stop digital payment service provider, facilitating payments through credit cards, bank transfer, and digital payment tokens. Notably, the company also served as the merchant acquirer of the Singapore Pitstop industry pilot, which was built on the Monetary Authority of Singapore’s Project Orchid initiative, facilitating the acceptance of purpose-bound money (PBM). This further solidified the Group’s role in advancing digital infrastructure in Singapore’s financial sector.
Last year, in a strategic move to consolidate further financial services for its clients, FOMO Group acquired CapBridge and 1exchange. This acquisition extended the Group’s reach into capital markets, offering accredited investors access to a diverse range of investment products, encompassing traditional investment products and digital assets.
The decision to expand the headquarters in Singapore was influenced by the city-state’s status as a leading hub for innovation, particularly in the FinTech industry, with the country ranked as Southeast Asia’s most innovative city in the 2023 Global Innovation Index. “Singapore is a top destination for FinTech firms looking to have unparalleled access to ASEAN and APAC markets, and skilled talents,” said Louis Liu, Chief Executive Officer of FOMO Group. “Housing our technology and product development teams here in Singapore positions us at the heart of industry advancements, ensuring we remain at the forefront of growth opportunities in the FinTech sector.”
The expanded headquarters is set to foster product innovation. “R&D and innovation are pivotal in driving the evolution of next-generation FinTech products,” adds Louis. “At FOMO Group, we remain steadfast in our commitment to pioneering these innovations and delivering gold-standard digital payment, digital banking and treasury solutions to our clients.”
Over the past decade, FOMO Group has remained agile to change whilst demonstrating devotion to innovation, achieving numerous milestones that underscore its position as a frontrunner and leader in the FinTech industry.
About FOMO Group
Founded in 2015, FOMO Group is a financial holding group based in Singapore, offering one-stop digital payment, digital banking, and digital asset solutions, bridging Web 2.0 and Web 3.0 ecosystems. FOMO Group owns three financial institutions which operate independently from each other:
FOMO Pay – A major payment institution regulated under the Payment Services Act to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. The firm is currently building Asia’s first licensed gateway helping institutions and businesses to connect between fiat and digital currency.CapBridge – A Capital Markets Services licensee licensed to deal in capital markets products, including securities and collective investment schemes, and provide custodial services. It is also an exempt financial adviser permitted to advise on investment products and to issue or promulgate analyses and reports on such investment products.1exchange – A licensed and regulated private securities exchange with a Recognized Market Operator License, allowing companies and investors to list and trade regulated financial products and equity assets.
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SOURCE FOMO Group
