Fintech
Cherry Street Announces Update on Qualifying Transaction with Tribe and Concurrent Financing Led by Stifel GMP
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- A one-stop-shop for residential community living, Tribe offers tech-enabled community management that is disrupting the traditional market
- Tribe’s tech-forward service delivery model is fueling one of the fastest growing property management companies in Canada
- Tribe plans to complete a brokered private placement of $11,629,920 on or about December 11, 2020
- Cherry Street expects to hold an annual general and special meeting of shareholders on or about January 28, 2021 to approve all matters related to the Qualifying Transaction
Toronto, Ontario–(Newsfile Corp. – December 10, 2020) – Cherry Street Capital Inc. (TSXV: CHSC.P) (the “Company” or “Cherry Street“) is pleased to provide an update to its previously announced letter of intent dated October 28, 2020 with Tribe Property Technologies Inc. (formerly, Bazinga Technologies Inc.) (“Tribe“), pursuant to which Tribe will complete a going-public transaction (the “Business Combination“).
ABOUT TRIBE
A one-stop-shop for residential community living, Tribe offers tech-enabled Community Management that is disrupting the traditional market. With the fastest growing tech-forward property management company in Canada, Tribe’s integrated service-technology delivery model serves the needs of developers, condo/residential communities and owners/residents versus traditional property management. Tribe is empowering residential community living in cities.
Headquartered in Vancouver, Canada and incorporated pursuant to the laws of British Columbia on December 14, 2011, Tribe has built a brand that focuses on building communities through communication, transparency and access. Tribe empowers condo developers and strata/HOA communities in Canada and the United States, providing digital services to hundreds of residential communities. With aspirations to expand the reach of their services and offer holistic end-to-end community living solutions, Tribe is changing the way people view community living, interact with their neighbours and interface with their homes.
The following selected financial information is taken from the consolidated financial statements of Tribe for the year ended April 30, 2020, which are expected to be included in the filing statement being prepared in connection with the Business Combination:
Total Assets | $2,498,842 |
Total Liabilities | $3,262,695 |
Total Revenues | $4,209,916 |
Net Loss | $(2,819,385) |
Readers are cautioned that the above figures have not been audited and are based on calculations prepared by management. Actual results may differ from those reported in this release once these figures have been audited.
For further information on Tribe, readers are encouraged to review the Company’s news release dated October 30, 2020, and to visit: www.mybazinga.com. Additional information on Tribe, including current financial statements, will be filed and posted on SEDAR (www.sedar.com) upon the completion of a filing statement that will be prepared in connection with the Business Combination.
ABOUT THE BUSINESS COMBINATION AND THE CONCURRENT FINANCING
In accordance with the terms of the Business Combination, it is anticipated that Tribe will amalgamate with a wholly-owned subsidiary of the Company, following which the resulting amalgamated entity will continue as a wholly-owned subsidiary of the Company (the “Resulting Issuer“).
In accordance with the terms of the Business Combination, it is contemplated that: (i) the Company will consolidate (the “Cherry Street Consolidation“) its common share capital on the basis of one post-Cherry Street Consolidation common share for every 8.4488 pre-Cherry Street Consolidation common shares, such that Cherry Street will have approximately 361,000 shares outstanding; (ii) Tribe will consolidate (the “Tribe Consolidation“) its common share capital on the basis of one post-Tribe Consolidation common share for every 9.1719 pre-Tribe Consolidation common shares, such that Tribe will have approximately 12,400,000 shares outstanding, not including any shares issuable in connection with the conversion of the Receipts (as defined below), the Shareholder Loans (as defined below) and the Acquisition (as defined below); and (iii) Tribe will arrange for outstanding shareholder loans of up to $1,750,000 (the “Shareholder Loans“) to be settled through the issuance of post-Tribe Consolidation common shares at a price of $5.00 per share.
It is further contemplated that the holders of post-Tribe Consolidation common shares (including those investors in the Financing (as defined below), shareholders which converted the Shareholder Loans, and vendors in connection with the Acquisition (the “Converting Shareholders“) will receive one post-Cherry Street Consolidation common share in the capital of the Resulting Issuer in exchange for each outstanding post-Tribe Consolidation common share.
In connection with the Business Combination, Tribe intends to complete a brokered private placement financing (the “Financing“) on or about December 11, 2020, of 2,325,984 subscription receipts (each, a “Receipt” and collectively, the “Receipts“) at a purchase price of $5.00 per Receipt for gross proceeds of $11,629,920, through a syndicate of agents led by Stifel GMP and including, Canaccord Genuity Corp., Haywood Securities Inc. and Richardson Wealth (collectively, the “Agents“). Tribe has granted the Agents an option exercisable up to 48 hours prior to the closing date of the Financing, to arrange for the purchase of up to an additional 15% of the number of Receipts sold under the Financing. The net proceeds from the Financing will be used for completion of the Acquisition (as defined below), working capital and general corporate purposes.
The Agents will receive a commission of (i) 6% of gross proceeds in respect of Receipts sold (other than those sold to certain identified buyers, in respect of which 3.5% of gross proceeds will be paid) and (ii) such number of compensation options (each, a “Compensation Option“) as is equal to 6% of the Receipts sold (other than those sold to certain identified buyers, in respect of which 3.5% will be issued), with each Compensation Option exercisable for one post-Tribe Consolidation common share or one post-Cherry Street Consolidation common share in the capital of the Resulting, as applicable.
Net proceeds of the Financing will be held in escrow pending completion of the Business Combination. Immediately prior to completion of the Business Combination, each Receipt will automatically be converted into one post-Tribe Consolidation common share of Tribe, which will then be exchanged for one post-Cherry Street Consolidation common share of the Resulting Issuer.
Each Receipt will be subject to a hold period of four months plus one day from the later of: (i) the Closing Date; and (ii) the date Tribe becomes a reporting issuer in any jurisdiction of Canada. Upon completion of the Business Combination, the common shares of the Resulting Issuer will not be subject to any hold period under applicable Canadian securities laws.
In connection with the Business Combination, and subject to the approval of the Exchange, the Company has agreed to advance a working capital loan to Tribe in the principal amount of $225,000 (the “Bridge Loan“). The Bridge Loan will be secured by a general charge over all of the assets of Tribe, and will bear interest at a rate of five percent (5.0%) per annum. In the event the parties elect not to proceed with the Business Combination, Tribe will arrange for repayment of the Bridge Loan, and all accrued interest, within four months of termination of the Business Combination. The proceeds from the Bridge Loan will be utilized to satisfy expenses associated with the Business Combination, and for the general working capital purposes of Tribe.
The Business Combination constitutes a “Qualifying Transaction” for the Company under TSX Venture Exchange (the “Exchange“) Policy 2.4 – Capital Pool Companies. Following completion of the Business Combination, it is anticipated that the Company will be listed on the Exchange as a Tier 2 Technology Issuer under the name “Tribe Property Technologies Inc.” and the ticker symbol “TRIB”. The Company is at arms-length from Tribe and each of its shareholders. Approximately 86% of the outstanding share capital of Tribe is currently controlled by insiders of Tribe. No shareholders of Tribe are considered “control persons” (within the meaning of the policies of the Exchange) of Tribe. A finders’ fee of $120,000 is owing to York Plains Investment Corp., an arms-length third-party, in connection with completion of the Business Combination.
Closing of the Business Combination is subject to a number of conditions including completion of satisfactory due diligence, entering into of a definitive agreement, completion of the Bridge Loan and the Financing, completion of the acquisition of an arms-length property management company by Tribe (the “Acquisition“), completion of the Cherry Street Consolidation and the Tribe Consolidation, the Company having positive working capital of not less than $500,000 after deducting the Bridge Loan and all costs and expenses associated with the Transaction, approval of the Exchange and shareholders of Tribe, and satisfaction of other closing conditions as are customary in transactions of this nature. There can be no assurance that the Business Combination will be completed as proposed or at all. Trading in the common shares of the Company will remain halted pending further filings with the Exchange.
It is expected that following completion of the Business Combination and the Financing (i) security holders of Tribe (including the Converting Shareholders) will hold 12,853,274 common shares in the capital of the Resulting Issuer (“Resulting Issuer Shares“), representing approximately 82.71% of the Resulting Issuer’s issued and outstanding shares (assuming the issuance of 2,325,984 Receipts pursuant to the Financing and the conversion of $1,266,368 Shareholder Loans and the issuance of $1,000,000 worth of post-Tribe Consolidation common shares in connection with the Acquisition); (ii) shareholders of the Company will hold 361,000 common shares in the capital of the Resulting Issuer, representing approximately 2.32% of the Resulting Issuer’s issued and outstanding shares; and (iii) certain directors, members of the management team and shareholders will own more than 10% of the Resulting Issuer, namely Aquilini Investment Group (28.35%), Talal Yassin (17.49%), Joseph Nakhla, Director and Chief Executive Officer (13.74%) and Raymond Choy, Director (10.58%).
Following the completion of the Business Combination, the board of directors of the Company will be reconstituted to consist of Joseph Nakhla, Raymond Choy, Andrew Kiguel and Charmaine Crooks. Management of the Company will consist of Joseph Nakhla as Chief Executive Officer and John Tims as Chief Financial Officer and Corporate Secretary. The following are brief profiles of the proposed members of management and the board of directors:
Joseph Nakhla: Director and Chief Executive Officer
Joseph is a serial entrepreneur; passionate about creating livable cities and simplifying residential community living. He is the founder of bazinga! Technologies, a leading condo-living platform used in communities around the world. He is a Director and CEO of Tribe Property Technologies, including Tribe Management, one of Canada’s fastest growing residential management companies. Joseph is the former COO of TIO Networks, a former TSX listed company acquired by Paypal. He currently sits on the Boards of not-for-profits helping change business improvement policies, as well as industry leading companies such as OctoAI and Minehub.
Raymond Choy: Director
Raymond is the President and Board Member of Peterson Group. With over 20 years of experience in business and real estate in North America, he combines knowledge, networks, and vision with his energetic leadership style. He was formerly the Chief Investment Officer, responsible for acquisitions and dispositions, developments, capital lending, private equity, and partnerships. Raymond is a Chartered Professional Accountant and Certified Public Accountant (Illinois) with a Bachelor of Business Administration from Simon Fraser University. He is active in the community, having participated in many of Peterson’s charitable initiatives, and served as past Director of the NAIOP Commercial Real Estate Development Association and Chair of the NAIOP Education Committee.
Andrew Kiguel: Director (Independent)
Andrew is an accomplished executive with leadership experience in Canadian capital markets, corporate governance and entrepreneurship. He was the co-founder and CEO of Hut 8 Mining, one of the largest publicly listed bitcoin miners in the world with a listing market capitalization of $450 million and over $140 million of revenue within the first 24 months. Prior to that, Andrew spent over 18 years at GMP Securities (now Stifel Canada) in investment banking, his most recent title as a Managing Director and Head of Real Estate Banking.
Charmaine Crooks: Director (Independent)
Charmaine is a Member of the Order of Canada, five-time Olympian, Entrepreneur and Community Leader. Based in West Vancouver, with over 20 years of corporate governance experience as a director on several national and international non-profit and public boards. Charmaine is the president and founder of NGU Consultants Inc., providing global strategic advisory and corporate development to a variety of sectors including technology, sports, e-sports, health and major events. She is Vice President of the Global Esports Federation and founding Chair, Canada Esports Association. Recognized in 2018 as one of Canada’s Most Powerful Top 100 by the Women’s Executive Network.
John Tims: Chief Financial Officer and Corporate Secretary
John (CPA/CGA) is a motivational, hands-on finance and accounting leader with more than 25 years of proven performance in manufacturing, service and distribution organizations – six of which are in strata and property management. His experience encompasses finance, risk management, IT management, acquisitions and rapid growth environments. He has an exceptional ability to lead and motivate teams, foster growth, reduce costs and provide risk mitigation solutions.
SPONSORSHIP
Sponsorship may be required by the Exchange unless exempt in accordance with Exchange policies. The Company intends to seek an exemption from the sponsorship requirements. If applicable, the Company will include any additional information regarding sponsorship in a subsequent press release.
For further information, contact Rudy Cheddie at [email protected].
For further information from Tribe, contact Joseph Nakhla at [email protected].
On behalf of the Board,
Cherry Street Capital Inc.
Rudy Cheddie, Chief Executive Officer
Completion of the Business Combination is subject to a number of conditions, including but not limited to, Exchange acceptance. The Business Combination cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the Business Combination will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Business Combination, any information released or received with respect to the Business Combination may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the Business Combination and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and Tribe and their respective businesses, which may include, but are not limited to, statements with respect to the filing of the filing statement, the completion of the Business Combination, the Financing and the Acquisition, the terms on which the Business Combination, the Financing and the Acquisition are intended to be completed, the ability to obtain regulatory and shareholder approvals and other factors. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to proposed financing activity, regulatory or government requirements or approvals, the reliability of third-party information and other factors or information. Such statements represent the Company’s and Tribe’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company and Tribe do not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
This press release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“). The Company and Tribe have not registered and will not register the securities under the U.S. Securities Act. The Company and Tribe do not intend to engage in a public offering of their securities in the United States.
NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70023
Fintech
Asian Financial Forum held next week as the region’s first major international financial assembly of 2025
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The 18th Asian Financial Forum 2025 (AFF), co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), will be held at the Hong Kong Convention and Exhibition Centre (HKCEC) on 13 and 14 January (Monday and Tuesday). As the region’s first major international financial conference in 2025, the forum will examine the landscape for new business opportunities in various industries and regions in the coming year and promote global cooperation, and is expected to attract more than 3,600 finance and business heavyweights.
Themed “Powering the Next Growth Engine”, the AFF will bring together more than 100 global policymakers, business leaders, financial experts and investors, entrepreneurs, tech companies and economists to share their views on the shifting global economic landscape and financial ecosystem. These industry experts will dissect the risk management strategy, discover new business opportunities, and explore how Hong Kong can seek breakthroughs in a period of change.
First flagship financial event to showcase Hong Kong’s financial strengths
Launched in 2007, the AFF has become a flagship financial event for Hong Kong and the broader region, highlighting the city’s pivotal role as a globally renowned financial hub with a highly competitive economic and business environment. Amid a rapidly changing global macroeconomic landscape, and shifts in geopolitical dynamics and monetary policies, Hong Kong’s financial services sector continues to leverage its strengths across various domains, drawing on its world-class business infrastructure and robust regulatory regime to help drive cooperation and mutual success across Asia and around the world.
Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government, said: “Hong Kong’s financial market went through a lot of reforms and innovation last year. We have also launched a roadmap on sustainability disclosure in Hong Kong and issued a policy statement on responsible application of artificial intelligence in the financial market with a view to boosting green finance and sustainable financing. The upcoming Asian Financial Forum will gather the top-tier of the financial and various sectors from all around the world, the Mainland and in Hong Kong and hence is the perfect occasion for us to showcase to the world the new momentum and latest advantages of Hong Kong in the financial realm. Participants will also have a chance to learn more about how Hong Kong can partner with them to explore new collaborations and development areas while expanding their network here.”
Luanne Lim, Chairperson of the AFF Steering Committee and Chief Executive Officer, Hong Kong, of HSBC, said: “The global economy faces greater uncertainties in 2025 compared to 2024. However, robust growth in India and ASEAN nations, combined with increased policy support from Mainland China, is expected to keep Asia’s (ex-Japan) GDP growth at a strong 4.4%, well above the global average of 2.7%.” Against this backdrop, this year’s Asia Financial Forum is aptly themed “Powering the Next Growth Engine” and will focus on high-potential markets such as ASEAN, the Middle East (particularly the Gulf Cooperation Council countries), and the role that Hong Kong can play. Ms Lim said Hong Kong’s unique role as a bridge between the mainland and international markets allows it to support mainland enterprises expanding globally. She added that Hong Kong is committed to attracting global talent and investors, driving growth for both mainland and international businesses.
Patrick Lau, HKTDC Deputy Executive Director, said: “As we move into the new year, different economies around the world are facing challenges in maintaining economic growth. As an international financial centre, Hong Kong is playing an important role both as a ‘super-connector’ and a ‘super value-adder’ to link the world, enabling investors and fundraisers to leverage the city’s professional services and investment platforms to facilitate collaboration and create business opportunities. This year’s forum not only brings together heavyweight speakers and thought leaders but also builds on the success of previous years to provide a business platform for international participants, promoting financial and business cooperation and working together to launch new engines for growth.”
Exploring new trends as the world’s economic centre of gravity continues its shift east
Reflecting on a trend where the world’s economic centre of gravity continues to take an eastward shift, Christopher Hui will host two plenary sessions on emerging prospects in the region on the first day of the forum (13 January). The morning session of Plenary Session I will feature H.E. Adylbek Kasymaliev, Prime Minister of Kyrgyzstan, finance ministers from countries such as Pakistan and Luxembourg, and Yoshiki Takeuchi, Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD), who together will explore the financial policy outlook for 2025. In the afternoon, Plenary Session II will bring together leaders from multilateral organisations to share their views on the role of multilateral cooperation in regional economic development. Speakers will include Roberta Casali, Vice-President, Finance and Risk Management, Asian Development Bank; Jin Liqun, President and Chair of the Asian Infrastructure Investment Bank (AIIB); and Satvinder Singh, Deputy Secretary-General for ASEAN Economic Community, Association of Southeast Asian Nations (ASEAN). Moreover, a new session, the Gulf Cooperation Council Chapter, will bring together HE Jasem Mohamed AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), speakers from the Middle East and local experts to discuss prospects in fostering financial cooperation and investment between the member states of the GCC and Hong Kong.
Also on the first day, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, will host the Policy Dialogue session with speakers including European representatives such as Philip Lane, Chief Economist and Member of the Executive Board of the European Central Bank, and Dr Olli Rehn, Governor of the Bank of Finland. The discussion will explore the opportunities and challenges arising from the global shift towards more accommodative monetary policies and national authorities’ strategic deployment of measures to revitalise their economies and accelerate growth through innovation.
The panel discussion on China Opportunities returns this year with senior figures invited to analyse investment prospects under China’s commitment to technological innovation and its impact on global business. The panellists included Li Yimei, Chief Executive Officer of China Asset Management; and Ken Wong, Executive Vice President of Lenovo and President of Lenovo Solutions & Services Group.
Top economist and leading AI expert take the stage at keynote luncheons
Another highlight of this year’s AFF will be the two keynote luncheons featuring thematic speeches by two distinguished guests: Prof Justin Lin Yifu, Chief Economist and Senior Vice President of the World Bank (2008-2012), and Prof Stuart Russell, Co-chair of the World Economic Forum Council on AI. These two prominent figures will dissect the evolution of the global economic landscape amid changing international dynamics, and examine how artificial intelligence (AI) is emerging as a new driving force for rapid global economic growth respectively.
Exploring hot topics in the financial and economic sectors
The afternoon panel discussion, Global Economic Outlook, will feature a special address from Liu Haoling, Vice Chairman, President and Chief Investment Officer, China Investment Corporation. The panel will analyse international economic trends and provide insights into business opportunities and wealth accumulation in emerging industries and regions in 2025.
Other sessions titled Global Spectrum, Dialogues for Tomorrow and Thematic Workshop will feature in-depth discussions focusing on the latest industry trends, including AI, Web 3.0, sustainability, philanthropy and family offices. As AI becomes increasingly widespread and diversified in its societal applications, the second day of the forum will introduce a special session, Dialogue with Kai-Fu Lee, in which Dr Kai-Fu Lee, Chairman of Sinovation Ventures, will discuss the transformative power of AI and its impact on technological advancements in the global business ecosystem.
Exploring the impact of sustainable disclosure on investment strategies
Sustainable finance and environmental, social and governance (ESG) considerations have become an irreversible global trend. In 2025, Hong Kong is set to fully align its regulatory framework with the sustainability disclosure standard of the International Sustainability Standards Board (ISSB). Sue Lloyd, Vice Chair of the ISSB, will join other experts in discussing how adopting international financial sustainability disclosure standards can strengthen market confidence in Hong Kong’s capital markets, address post-COP29 implementation in Asia, and share strategies for sustainable investing across three separate sessions. In addition, the Breakfast Panel on the second day will focus on the flows of transition finance in shaping a sustainable future in the Greater Bay Area and beyond. Furthermore, the HKTDC has partnered with EY to conduct a joint market survey on sustainable development, aiming to explore the views and practices of Asian businesses and investors on topics such as sustainability reporting, sustainable finance and preparations for dealing with climate change. The results of the survey will be unveiled on the first day of the forum.
Expanding cross-border opportunities through the HK global investment platform
As a key element of this year’s forum, AFF Deal-making offers one-on-one matching services for project owners and investors. More than 270 investors and 560 projects are expected to participate, with investment opportunities across industries such as environmental, energy, clean technology, food and agriculture tech, healthcare tech, fintech and deep technology. The exhibition sections of the AFF – Fintech Showcase, InnoVenture Salon, FintechHK Startup Salon and Global Investment Zone – will attract more than 130 local and global exhibitors, international financial institutions, technology companies, start-ups, investment promotion agencies and sponsors, including Knowledge Partner EY, HSBC, Bank of China (Hong Kong), Standard Chartered Bank, UBS, Prudential, China International Capital Corporation (CICC), Huatai International and more. Notably, the InnoVenture Salon will provide a platform for more than 100 start-ups to showcase innovative technologies in a variety of fields such as finance, regulation, sustainability, health and agriculture, supported by more than 110 Investment Mentors and Community Partners.
IFW 2025 creates synergies with AFF to boost mega event economy
International Financial Week (IFW) 2025 runs from 13 to 17 January with the AFF as its highlight event. This year’s IFW will feature more than 20 partner events, covering a wide range of global financial and business topics, including private equity, family offices, net-zero investing and generative AI. As the region’s first major financial event of the year, the AFF attracts top global enterprises and leaders to Hong Kong, creating connections between capital and opportunities. The forum assists industry professionals in seizing opportunities in the new year and helps promote the mega event economy in Hong Kong.
This year, the AFF has collaborated with various organisations to provide special travel, dining and shopping discounts and privileges for overseas participants joining the event. Activities include Peak Tram and Sky Terrace trips, the iconic Aqua Luna red-sail junk boat, and guided tours of Man Mo Temple and Tai Kwun arranged by the Hong Kong Tourism Board. Participants can also enjoy dining discounts and guided tours from the Lan Kwai Fong Group, as well as the Winter Wonderland at the Hong Kong Jockey Club’s Happy Wednesday at Happy Valley Racecourse, all designed to immerse overseas visitors in the vibrancy and diversity of Hong Kong.
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Fintech
Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
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Fintech
SPAYZ.io prepares for iFX EXPO Dubai 2025
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Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
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Asian Financial Forum held next week as the region’s first major international financial assembly of 2025
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