On 6 July, Hong Kong-headquartered AMTD wove the latest thread in its financial services spiderweb. It acquired a controlling stake in payment services provider FOMO Pay. It was the firm’s third such move in the last four months, after snapping up controlling stakes in insurtech startup PolicyPal in March and private markets operator CapBridge Financial in June. All these deals were done even as the long shadow of the Covid-19 pandemic has slowed business in the region to a crawl.
The flurry of activity follows on from another ambitious play in the island republic—a bid for a much-coveted digital banking licence.