Connect with us


Peak Year-End 2019 Audited Financial Results Beat Company Forecasts



Montreal, Quebec–(Newsfile Corp. – May 21, 2020) – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced its financial results for the year ended December 31, 2019, highlighted by revenue greater than the $9.3M the Company had initially forecasted for the year. All amounts expressed are in Canadian dollars.

2019 Financial Highlights:

  • Total Revenue of $11.7M

  • Adjusted EBITDA of $1.5M

  • Cash Flow from Operations of ($272,840)

  • Net Loss of $1.8M

Comparative Summary of Key Financial Metrics for 2018 and 2019

2019 2018
Revenue $11,708,653 $1,681,534
Expenses1 $10,173,036 $3,260,765
Adjusted EBITDA2 $1,535,617 ($1,579,231)
Net Income (Loss) ($1,830,361) ($3,608,920)


1 Expenses do not include interest, taxes, depreciation (including impairment of intangible assets) loss on extinction of debt, gain on bargain purchase and amortization
2 Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation, amortization and impairment of intangible assets, loss on extinction of debt, gain on bargain purchase and amortization

2019 Operating Highlights:

  • Addition of several banks and lending partners to the Cubeler Lending Hub

  • Over 1,100 loans extended by the ASFC subsidiary to Chinese SMEs with no reported loan defaults

  • Almost 500 loans managed by the ASCS subsidiary on behalf of banking partners with no reported loan defaults

  • Expansion of services to cities of Xi’An and Jiangyin

  • Creation of the ASSC subsidiary

  • Several enhancements to the Lending Hub platform, including addition of a supply-chain module and ability to recognize and analyze bank statement data from over 300 banks

  • Analyzing data on almost 20,000 small, medium and micro enterprises through the Lending Hub by end of the year

  • Agreement to acquire the Jinxiaoer loan brokerage platform

Review of 2019

Peak’s ASFC subsidiary first appeared in the second quarter of 2018, marking the beginning of its operations as a financial technology (Fintech) company exclusively. Therefore, 2019 was Peak’s first full year of operation as such. From a financial standpoint, the Company was able to exceed its revenue and EBITDA objectives for the year. From an operational standpoint, the Company picked up where it left off in 2018 and continued to make inroads into the Chinese commercial credit space through its Cubeler Lending Hub platform and the services provided by its subsidiaries. Several financial institutions, including some of China’s largest banks, became members of the Hub in 2019 and extended credit to small and micro enterprises based on the platform’s credit analysis capabilities. The low default rate for credit extended through the platform, coupled with its processing efficiencies and cost-savings, are value-propositions that continue to resonate with and account for its adoption rate among financial institutions.

The success of the Lending Hub led to the expansion of the Company’s services in the cities of Xi’An and Jiangyin in 2019, and to the creation of its new ASSC subsidiary to help meet the specific credit needs of manufacturers and their supply-chain partners. The demand for ASSC’s services dominated the second half of 2019, which saw the subsidiary’s revenue account for a significant portion of the Company’s total 2019 revenue, despite having operated for less than 5 months during the year.

While Peak was focused primarily on the business development initiatives during the first three quarters of 2019, more emphasis was put on research & development and enhancements to the Lending Hub in the final quarter of the year. The Company spent a large portion of the quarter on the development and implementation of features to better meet its clients’ needs and discussed the best ways to integrate the Jinxiaoer loan brokerage platform, which the Company agreed to acquire, into the Lending Hub. With the pending integration of Jinxiaoer and the Lending Hub, Peak wrapped up 2019 poised to have a seamless and all-encompassing offering for virtually all stakeholders in the small and micro businesses credit space, including business owners, loan brokers and lenders.

Outlook for 2020

After spending the past 18 months proving to various participants and stakeholders in the commercial lending industry in China (banks, non-bank lenders, SMEs, loan insurance companies, government entities, service providers, etc.) that its analytics and AI based Lending Hub platform can be used to bring speed, transparency, cost reduction, risk minimization and overall efficiency to the commercial lending process, the Company’s focus in 2020 will be on growth and expansion. Armed with the established demand for its services, Peak sees 2020 as a break-out year, in which its services reach some of the country’s most important commercial markets and cities.

The fact that there are over 100M potential Lending-Hub-member small and micro enterprises in China represents both a tremendous opportunity and a challenge for the Company. The opportunity is obvious, in terms of the number of transactions and the amount of data that those enterprises could account for on the platform. The challenge is in reaching out to those 100M+ small and micro enterprises to let them know about the Lending Hub and why they should be a part of it. This is a major reason why Peak decided to acquire the Jinxiaoer platform, whose relationships with loan brokers catering to the financing needs of small and micro enterprises in cities across China, the Company plans to leverage in order to expand its services.

The positive impact of the Lending Hub concept, where small and micro businesses and lenders are brought together using analytics and AI for the benefit of local economic activity, began to impact manufacturers and their supply-chain partners in the city of Jiangyin in late 2019, which caught the attention of the city’s municipal government officials. Manufacturers and their supply-chain partners, who were either not able to obtain credit in the past to acquire materials or were told that they had maxed out their credit by their banks, were suddenly routinely getting approved for credit by ASSC’s financial partners. It would be in Jiangyin’s best interest, known as the manufacturing capital of Jiangsu province, to support the Company’s initiatives to help its manufacturers and their supply-chain partners get access to credit, particularly in the era of COVID-19, as demand for certain products such as masks and other personal protection equipment pours in from every part of the world. Peak plans to work with those officials on business development initiatives that could be replicated in other cities and further contribute to helping the expansion of its services in those cities.

In summary, the continuous expansion of the Lending Hub, with the addition of more lenders, brokerage companies, broker sales reps, Jinxiaoer Service Centres, and small and micro businesses, all leading to more transactions and more data, including loan repayment data, to make the Hub’s predictive algorithms increasingly more efficient will be a priority for the Company in 2020. Peak will also look to branching out its service offering into at least 20 cities by the end of the year.

As Peak continues to execute its business plan and approaches profitability, the Company plans to take the necessary measures in 2020 to be in position to repatriate a portion of its profits back to Canada as soon as it determines it’s appropriate to do so.

Fiscal 2019 Financial Results Summary

The Company generated $11,708,653 in revenue in its first complete year operating exclusively as a Fintech company (compared to $1,681,534 in fiscal 2018). The significant difference in revenue between fiscal 2018 and fiscal 2019 can be attributed to the fact that some of the Company’s subsidiaries were either not yet created or were only in operation for a part of the year in 2018, while those same subsidiaries were either created or had a full year of operation in 2019.

Expenses (excluding the cost of sales) for fiscal 2019 amounted to $13,539,015, compared to $5,290,454 in 2018.

The net loss for the year was $1,830,361 compared to $3,608,920 in 2018. Full details of the Company’s 2018 financial results can be found in the Audited Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) for the years ended December 31, 2019 and 2018, which are available at

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:

For more information, please contact:

CHF Capital Markets Peak Positioning Technologies Inc. Twitter: @PeakPositioning
Cathy Hume, CEO Johnson Joseph, President and CEO Facebook: @peakpositioning
416-868-1079 ext.: 251 514-340-7775 ext.: 501 LinkedIn: Peak Positioning
[email protected] [email protected] 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.


Nagad’s Digital Bank on cards, Sadaf to lead the side




Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.

Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.

The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.

The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.

Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.

“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”

Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.

Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.

“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.

To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.

As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.

SOURCE Nagad Limited

Continue Reading


Newly inaugurated Yashobhoomi (IICC Dwarka) to host Trescon’s DATE 2023 with Finance Minister Smt. Nirmala Sitharaman amongst the dignitaries




Excitement surrounds Trescon’s Digital Acceleration & Transformation Expo (DATE) as the Honorable Finance Minister Smt. Nirmala Sitharaman confirms to speak at the event and highlight India’s financial innovation and FinTech revolution. The inaugural expo, scheduled for 23-24 November 2023 at the newly inaugurated Yashobhoomi (IICC Dwarka) in New Delhi, is set to be a grand spectacle, representing India’s enthusiastic stride towards its technological dreams, inspired by Prime Minister Narendra Modi.

DATE’s vision is not just to gaze into the future but to actively shape it, offering a rare confluence for government, enterprises, tech companies including startups and discerning global investors. With a dynamic setup featuring five main themes, three conference tracks for in-depth discussions, and multiple exhibition zones for tech showcase, DATE offers a glimpse into both current and future tech trends.

“Technology is shaping our world and enabling better governance in India. Hosting the inaugural DATE 2023 in India is a testament to our digitization efforts and reflects our commitment to national advancements and ambitions under our leader Shri Narendra Modi,” said Shri Tejasvi Surya, Honorable Member of Parliament and an advisory board member of DATE.

Shri Yaduveer Krishnadatta Chamaraja Wadiyar, Chairperson of Cyberverse, a Strategic Partner of DATE 2023, said, “DATE isn’t just an event; it’s the essence of India’s tech aspirations and its journey towards a brighter, digital future. With our Finance Minister joining the line-up of dignitaries and speakers, the event is well poised to bring the FinTech community together and augment our overall digital ecosystem.”

“DATE is our commitment to catalyze India’s digital evolution, bringing together innovation, expertise, and limitless possibilities,” said Mohammed Saleem, Founder & Chairman of Trescon. “This event is the essence of India’s tech aspirations and its journey towards a brighter, digital future,” he added.

Naveen Bharadwaj, Group CEO of Trescon, the organiser of DATE added, “We are honored to welcome Hon’ble Minister Smt Nirmala Sitharaman at DATE 2023 and eager to learn about some of the impactful initiatives being led by her as we mobilise the key tech community, showcasing cutting edge technologies, introducing startups to global investors and fueling India’s entrepreneurial spirit.”

Entrepreneurs continue to be drawn to India, aiming to revolutionize the narrative of digital transformation. Segments including esports, cybersecurity, robotics, augmented and virtual reality, the metaverse, and more are witnessing a continual upward trend as startups enter the markets and redefine the digital landscape.

DATE 2023’s objective is beyond mere envisioning; it’s about realization. Boasting over 100 global speakers and 3,000 participants, DATE 2023 promises enlightening insights into the latest tech trends, opportunities, challenges, and practical success stories. It aims to be the place-to-be for top decision-makers, tech leaders, CIOs, CTOs, and other experts from various sectors across India.

To further enhance India’s digital transformation journey, the Software Technology Parks of India (STPI)’s support serves as a key driver that will accelerate India’s digital transformation journey. Their association with DATE underscores the shared commitment towards building a robust innovation ecosystem.

In addition to STPI, DATE 2023 is proud to welcome Innovation Mission of Punjab, Goa Technology Association, Data Security Council of India (DSCI), Gujarat Electronics and Software Industries Association (GESIA), and Federation of IT Associations of Gujarati (FITAG) as valuable association partners. Their collaboration fortifies DATE’s mission to foster digital innovation and transformation in India.

For more info or to register for DATE, please visit

Continue Reading






Tonik Digital Bank is proud to announce its recognition as the Philippines’ Best Customer Service for 2023, cementing its status as the number one digital bank for customer service in the country.

Tonik thanks its radically different approach from the get-go, as customer service is not just an aspect of their operations, it is their very essence incorporated in every level of the organization.

“Tonik is proud to be recognized for our customer service by none other than our consumers,” says Mila Bedrenets, Chief Growth Hacker of Tonik Digital Bank. “This award is important for us, as this validates the dedication and passion that we have poured into providing the best banking experience to all our customers.”

The recognition comes from an independent survey launched by Statista, a globally established company publishing brand top lists in cooperation with high-profile media partners. For the Philippines, Statista partnered with Philippine Daily Inquirer, the nation’s leading broadsheet.

Statista surveyed a vast sample of 11,000 Filipino customers who have either made purchases, used services, or gathered information about products or services in the past three years.


Tonik stands out from other banking institutions in such a way that customer service is a collaborative effort across all its teams.

From its agents up to members of its senior management, the bank integrates agility and care in listening to customer feedback to further enhance its app, making sure that every interaction leads to a better overall banking experience.

Bedrenets mentions that at this day and age of social media, identifying customer pain points are simple, and that it is just a matter of learning to listen and act on them quickly to address and resolve any concerns.

“I am [literally] sending screenshots of customer complaints to fellow top managers daily, just so everyone is duly aware of customer pain points,” Bedrenets said. “Once the specific complaint is addressed, we also make sure that the same issue will not be experienced by other customers.”

Tonik also utilizes the fastest possible flow of communication across all its teams to address customer issues and concerns and employs tools to effectively alleviate customer pain points.

“The ‘Voice of Customer’ unit is not a side structure for us, nor is it buried in a deeper level of our organization. We make sure that is very much present in our management committee front and center, as we understand that the more you care about customer experience, the less you will need to care about good sales performance,” Bedrenets added.

The Bangko Sentral ng Pilipinas (BSP)-licensed digital bank also goes the extra mile by proactively informing its customers of both internal and external service improvements, changes, as well as scheduled downtimes, which may affect their app experience. This transparent communication ensures that customers are informed and updated, fostering trust and reliability.

As they continue to revolutionize the digital banking landscape in the Philippines, Tonik Digital Bank invites customers to experience banking that is truly centered around their needs, values, and aspirations.

Continue Reading

Latest news