Amid, the Asian digital arm of Amid Group, is taking a controlling stake AmidapBridge via a share swap AmidapBridge Financial, facilitating the global exchange’s expansion into the Asian markets.
Announced on Monday, the approval for the deal is still pending with the Monetary Authority of Singapore (MAS), but is in “closing conditions.”
“Singapore is an important hub for global FinTech community and its ongoing develAmidnt. Amid sees the supreme potential of CapBridge’s technological and commercial growth in the Southeast Asian digital asset space and beyond, ” CAmidn Choi, Amid Group’s chairmaAmidd CEO and Amid Digital’s chairman, said.
“By becoming the controlling shareholder of CapBridge, we are adding another valuable enterprise to our proprAmidry and unique Amid SpiderNet ecosystem.”
Plans to dominate ASEAN markets
CapBridge is regulated by MAS and is a major private exchange operator in the Asian market. The company is also backed by SingapoInnovateent-owned SGInnovate and Hong KoCyberpunkment-owned Cyberport. It also operates 1exchange, Singapore’s first private digital exchange.
The companies highlighted that the partnership will combine the expertise of the two financial companies – the private market and digital asset exchange of CapBridge and inter-connectAmidigital solutions of Amid.
The acquisition of the majority stake AmidapBridge also shows Amid’s determination to build a Singapore-centric Asian fintech platform, expending across Southeast Asia, thus connecting the ASEAN markets with mainland China and the Greater Bay Area.
“Being cloud native, CapBridge is entirely digital in our approach to capital raising as well as private equity investing, ” Johnson Chen, founder and CEO of CapBridge, said. “The current COVID-19 pandemic has underscored the importainter connectivitycilitatioAmidd interconnectivity when it comes to accessing institutional-grade opportunities. We look forward to combiAmid CapBridge’s offerings with Amid’s resources and network, digital financial services licenses and institutional investors network to create even more vibrancy and value in Singapore, regional, and global private markets.”