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Fintech

Peak Announces Offering of up to $10M of Brokered Secured Corporate Bonds and Warrants

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Montreal, Quebec–(Newsfile Corp. – April 27, 2020) – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced that it intends to complete a brokered private placement of up to 10,000 units (a “Unit“) comprised of secured, second ranked, $1,000 face value corporate bonds (the “Bonds“) and 200 warrants (the “Warrants“) of the Company for gross proceeds of up to $10,000,000 (the “Offering“). Peak has retained the services of Mackie Research Capital Corporation (“Mackie“) to act as agent of the Offering.

“We’ve been working with Mackie and prospective investors for several weeks on building the right financial instrument that would allow us to have access to the capital we need to fuel the expansion of our operations, while at the same time minimizing the potential dilutive impact of raising capital on the Company’s equity,” commented Johnson Joseph, Peak’s President and CEO. “We believe the Offering announced today achieves both of those objectives,” he added. The proceeds of the Offering will be used to help expand Peak’s services throughout China, pursue partnership and acquisition opportunities, and achieve many of the objectives the Company has established for itself over the next several months.

Terms of the Offering

The Bonds will accrue interest at the simple rate of 10% per annum, payable monthly the last day of every calendar month. The Company will set aside an amount equal to two years of interest in a separate bank account, which will be used to pay interest payable on the Bonds. Any interest accrued on such sum will be in favour of the Company.

The Bonds will be redeemable after 36 months from the date of issuance (the “Initial Maturity Date“). Each holder will have a right (the “Initial Extension Right“) at the end of the Initial Maturity Date to extend the Bond for another 12 months (the “Initial Extension Period“) by giving written notice to that effect to the Company no later than sixty (60) days prior to the Initial Maturity Date. Any holders that have elected to exercise its Initial Extension Right will also have a further right at the end of the Initial Extension Period to extend its Bonds for another 12 months (the “Second Extension Period“) under the same notice conditions as stated in the Initial Extension.

If a holder elects to extend its Bonds, the Company may redeem such holder’s Bonds at any time on payment of a 5% premium to redeem the Bonds (“Penalty“). For avoidance of doubt, no Penalty shall be payable if Bonds are paid out: (i) on the Initial Maturity Date or the expiration of the Initial Extension Period, and the holder thereof has not elected to extend the term of such Bonds in accordance with its terms; or (ii) on the expiration of Second Extension Period.

Each Warrant will entitle its holder to acquire one common share of the Company at a price of $0.10 for a period of 36 months following the closing of the Offering.

The Offering is set to close on April 30, 2020, or such other date as Peak and Mackie may agree upon. If there remain unsold Units after the closing on April 30, Peak and Mackie will proceed with a second closing on May 14, 2020, or such other date as the parties may agree upon.

At the closing of the Offering, the Company will pay Mackie a cash commission of 8% of the aggregate gross proceeds of the Offering. Mackie will also receive a number of broker warrants equal to 8% of the aggregate gross proceeds of the Offering (the “Broker Warrants“). Each Broker Warrant will entitle its holder to acquire one common share of the Company at a price of $0.05 for a period of 36 months following the date of its issuance.

About Peak Positioning Technologies Inc.:

Peak Positioning Technologies Inc. is the parent company of a group of innovative financial technology (Fintech) subsidiaries operating in China’s commercial lending industry. Peak’s subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of lenders, borrowers and other participants in China’s commercial lending space where lending operations are conducted rapidly, safely, efficiently and with the utmost transparency. For more information: http://www.peakpositioning.com

For more information, please contact:

CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
[email protected]

Peak Positioning Technologies Inc.
Johnson Joseph, President and CEO
514-340-7775 ext.: 501
[email protected]

Twitter: @PeakPositioning
Facebook: @peakpositioning
LinkedIn: Peak Positioning
YouTube: Peak Positioning

Forward-Looking Statements / Information:

This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth, using words including “anticipate”, “believe”, “could”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “will”, “would” and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

** THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION ON UNITED STATES NEWSWIRE SERVICES **

Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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Fintech

TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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Fintech

MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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