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Yorktown Funds and Weston Entities Acquire Common Shares of Battery Mineral Resources Corp. (Formerly Fusion Gold Ltd.) in Connection with Reverse Takeover

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4 years ago

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New York, New York–(Newsfile Corp. – February 16, 2021) – Yorktown Energy Partners IV, L.P. (“Yorktown IV“), Yorktown Energy Partners VI, L.P. (“Yorktown VI“) and Yorktown Energy Partners XI, L.P. (“Yorktown XI” and together with Yorktown IV and Yorktown VI, the “Yorktown Entities“), each of which is a limited partnership managed by Yorktown Partners LLC (“Yorktown Partners“), and Weston Energy, LLC (“Weston Energy“) and Weston Energy II, LLC (“Weston II” and, together with Weston Energy, the “Weston Entities“), each of which is considered to be controlled by Yorktown XI under applicable securities laws in Canada, jointly announced today that they have exchanged their common shares (“BMR Shares“) of Battery Mineral Resources Corp. (“BMR“), a British Columbia corporation, for common shares (“Issuer Shares“) of Fusion Gold Ltd. (“Issuer“) in connection with the amalgamation (“Amalgamation“) of BMR and 1234525 B.C. Ltd. (“1234525“), which was, immediately prior to the Amalgamation, a wholly-owned subsidiary of the Issuer. The Amalgamation was completed on February 12, 2021, and constituted:

  • a reverse takeover of the Issuer;
  • the Qualifying Transaction of the Issuer for purposes of Policy 2.4 of the TSX Venture Exchange; and
  • a “going public” transaction for BMR.

In connection with the Amalgamation, the corporate name of the Issuer was changed to “Battery Mineral Resources Corp.”.

On February 12, 2021, immediately prior to the Amalgamation, Weston Energy acquired an aggregate of 3,200,000 Issuer Shares from two principals of the Issuer, January Vandale and David De Witt, pursuant to share purchase agreements, dated December 23, 2019, between Weston Energy and each of January Vandale and David De Witt (the “Weston Share Purchase Transaction“). Those Issuer Shares were subsequently (but prior to the Amalgamation) consolidated into 1,600,000 Issuer Shares.

Prior to the Weston Share Purchase Transaction, the Weston Entities did not own any securities of the Issuer. The 1,600,000 (post-consolidation) Issuer Shares acquired by Weston Energy in connection with the Weston Share Purchase Transaction represented approximately 1.2% of the outstanding shares of the Issuer immediately following the Amalgamation. Immediately prior to the Amalgamation, none of the Yorktown Entities owned any securities of the Issuer (except that Yorktown XI may (as a result of Yorktown XI’s control of Weston Energy for purposes of applicable securities laws in Canada) be considered to have had deemed beneficial ownership of the 1,600,000 (post-consolidation) Issuer Shares acquired by Weston Energy in connection with the Weston Share Purchase Transaction). Upon completion of the Amalgamation:

  • Yorktown IV acquired 19,500,000 Issuer Shares in exchange for 19,500,000 BMR Shares;
  • Yorktown VI acquired 6,300,000 Issuer Shares in exchange for 6,300,000 BMR Shares; and
  • Yorktown XI acquired 4,200,000 Issuer Shares in exchange for 4,200,000 BMR Shares (not including any Issuer Shares of which Yorktown XI may be considered a deemed beneficial owner as a result of Yorktown XI’s control of Weston Energy for purposes of applicable securities laws in Canada),

which represented 14.39%, 4.65% and 3.10%, respectively, of the outstanding Issuer Shares immediately following the Amalgamation.

In addition, upon completion of the Amalgamation:

  • Weston Energy acquired 63,001,000 Issuer Shares in exchange for 63,001,000 BMR Shares; and
  • Weston II acquired 7,000,000 Issuer Shares in exchange for 7,000,000 BMR Shares,

which represented 46.5% and 5.17%, respectively, of the outstanding Issuer Shares immediately following the Amalgamation.

A majority of the outstanding voting shares of Weston Energy and Weston II are owned by Yorktown XI, and each of Weston Energy and Weston II is considered to be controlled by Yorktown XI under applicable securities laws in Canada. Accordingly, under applicable securities laws in Canada:

  • Yorktown XI is deemed to beneficially own the Issuer Shares owned by Weston Energy and Weston II, respectively; and
  • each of Weston Energy and Weston II is deemed to beneficially own the Issuer Shares owned by the other.

After completion of the Weston Share Purchase Transaction and the Amalgamation, Weston Energy owns 64,601,000 Issuer Shares, which represented approximately 47.68% of the outstanding Issuer Shares immediately following the Amalgamation, and the Yorktown Entities and the Weston Entities own an aggregate of 101,601,000 Issuer Shares, which represented approximately 75% of the outstanding shares of the Issuer immediately following the Amalgamation.

The purchase price of the 3,200,000 (pre-consolidation) Issuer Shares acquired by Weston Energy in connection with the Weston Share Purchase Transaction was CDN$0.08 per share ($256,000 in the aggregate), which was paid in cash at closing of the Weston Share Purchase Transaction on February 12, 2021. For purposes of the Amalgamation, each Issuer Share acquired by Yorktown IV, Yorktown VI, Yorktown XI, Weston Energy and Weston II (in exchange for a BMR Share) had an ascribed value of CDN $0.65 per share ($12,675,000, $4,095,000, $2,730,000, $40,950,650 and $4,550,000 in the aggregate, respectively).

Pursuant to an Agreement of Purchase and Sale, dated August 31, 2020, between each of the Yorktown Entities and BMR (the “Transfer Agreement“), the Yorktown Entities are entitled to receive up to 30 million additional BMR Shares (at an ascribed price of CDN $0.65 per share (subject to adjustment)) if BMR receives proceeds in excess of $10 million on account of its ownership of common shares of ESI Energy Services Inc., in certain circumstances (a “Contingent Event“) contemplated by the Transfer Agreement (provided the Contingent Event occurs prior to March 31, 2021). There is no certainty that a Contingent Event will occur by March 31, 2021. The Transfer Agreement further provides that, following the Amalgamation (as a result of which the business of BMR is now wholly-owned by the Issuer), each of the Yorktown Entities will accept, in lieu of additional BMR Shares, a number of Issuer Shares determined in accordance with the Transfer Agreement and based on the exchange ratio utilized for purposes of the Amalgamation.

The percentage calculations set out in this News Release do not:

  • give effect to the issuance of any Issuer Shares to Yorktown IV, Yorktown VI or Yorktown XI following the occurrence of a Contingent Event, as provided for in the Transfer Agreement; or
  • include any shares issuable upon the exercise of outstanding options to purchase up to 75,000 Issuer Shares.

The acquisition of Issuer Shares by Weston Energy in connection with the Weston Share Purchase Transaction and the acquisition by the Yorktown Entities and Weston Entities of Issuer Shares in connection with the Amalgamation were undertaken in connection with the reverse takeover of the Issuer by BMR, which represented a going public transaction for BMR. The reverse takeover transaction was supported by each of the Yorktown Entities, the Weston Entities and BMR. Each of the Yorktown Entities and the Weston Entities may, from time to time, in the future increase or decrease its direct or indirect ownership, control or direction over the Issuer Shares or other securities of the Issuer through market transactions, private agreements, or otherwise, including by effecting dispositions of securities of the Issuer for cash or other consideration. As noted above, the Yorktown Entities may receive up to 30,000,000 additional Issuer Shares following the occurrence of a Contingent Event, as provided for in the Transfer Agreement. Following completion of the Amalgamation, the directors and officers of the Issuer resigned and were replaced by the following nominees of BMR: (i) Lazaros Nikeas – Chief Executive Officer and Director; (ii) Jack Cartmel – Chief Financial Officer; (iii) John Kiernan – Director; (iv) Stephen Dunmead – Director; (v) Peter Doyle – VP, Exploration; and (vi) Henry Sandri – Chief Commercial Officer.

The 30,000,000 Issuer Shares issued to the Yorktown Entities in connection with the Amalgamation, the 70,001,000 Issuer Shares issued to the Weston Entities in connection with the Amalgamation, and the 1,600,000 (post-consolidation) Issuer Shares acquired by Weston Energy in connection with the Weston Share Purchase Transaction are held in, and will be released from, escrow in accordance with the policies of the TSX Venture Exchange. If any Issuer Shares are issued to any of the Yorktown Entities following the occurrence of a Contingent Event, as provided for in the Transfer Agreement, those Issuer Shares will also be deposited into escrow in accordance with the policies of the TSX Venture Exchange.

For purposes of the Weston Share Purchase Transaction (which involved the acquisition of an aggregate of 3,200,000 (pre-consolidation) Issuer Shares, at a purchase price of CDN$0.08 per share), Weston Energy relied upon the “private agreement” exemption set out in Section 4.2(1) of National Instrument 62-104 – Take-over Bids and Issuer Bids. The Weston Share Purchase Transaction was undertaken with two vendors (January Vandale and David De Witt); neither Weston Energy nor any other person acting jointly or in concert with Weston Energy made an offer to any other holders of Issuer Shares to acquire Issuer Shares from such holders. The CDN$0.08 per share purchase price at which Issuer Shares were acquired in connection with the Weston Share Purchase Transaction did not exceed 115% of the market price of the Issuer Shares as of the date the applicable agreements of purchase and sale were entered into (December 23, 2019).

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The Yorktown Entities and Weston Entities intend to file a report under National Instrument 62-103 – The Early Warning System and Related Takeover Bid and Insider Reporting Issues setting out additional information concerning the share acquisition transactions described in this News Release. For further information and to obtain a copy of such report, please contact Mr. Robert Signorino at Yorktown Partners LLC, 20th Floor 410 Park Ave., New York, NY 10022-4407 or by telephone at (212) 515-2100.

About the Yorktown Group

Each of the Yorktown Entities is a limited partnership formed under the laws of Delaware. Yorktown Partners manages the investment activities of various limited partnerships within the Yorktown group (a private equity investment group) and, in that capacity, may be viewed as having control and direction over securities owned (including deemed beneficial ownership) by each of the Yorktown Entities. Accordingly, Yorktown Partners may also be considered a joint actor in relation to the various share acquisition transactions described in this News Release.

The head office of Yorktown Partners and each of the Yorktown Entities is located at 20th Floor 410 Park Ave., New York, NY 10022-4407. The head office of each of Weston Energy and Weston II is located at Suite 730, 410 Park Ave., New York, NY 10022-4407.

Yorktown IV, Yorktown VI, Yorktown XI, Weston Energy, Weston II and BMR (which amalgamated with 1234525 in connection with the Amalgamation) may be considered joint actors in relation to the share acquisition transactions described in this News Release. Other entities within the Yorktown group (as noted below) may be considered joint actors with Yorktown IV, Yorktown VI, Yorktown XI, Weston Energy, Weston II and BMR, in relation to the to the share acquisition transactions described in this News Release.

Yorktown IV Associates LLC is the sole general partner of Yorktown IV. As a result, Yorktown IV Associates LLC may be deemed to have the power to vote or direct the voting, or to dispose or direct the disposition, of securities owned by Yorktown IV. Yorktown IV Associates LLC disclaims beneficial ownership of the securities owned by Yorktown IV in excess of its pecuniary interests therein. However, Yorktown IV Associates LLC is deemed to beneficially own securities owned by Yorktown IV under applicable securities laws in Canada.

Yorktown VI Company L.P. is the sole general partner of Yorktown VI. Yorktown VI Associates LLC is the sole general partner of Yorktown VI Company L.P. As a result, Yorktown VI Associates LLC may be deemed to have the power to vote or direct the voting, or to dispose or direct the disposition, of securities owned by Yorktown VI. Yorktown VI Company L.P. and Yorktown VI Associates LLC disclaim beneficial ownership of the securities owned by Yorktown VI in excess of their pecuniary interests therein. However, Yorktown VI Company L.P. and Yorktown VI Associates LLC are deemed to beneficially own securities owned by Yorktown VI under applicable securities laws in Canada.

Yorktown XI Company L.P. is the sole general partner of Yorktown XI. Yorktown XI Associates LLC is the sole general partner of Yorktown XI Company L.P. As a result, Yorktown XI Associates LLC may be deemed to have the power to vote or direct the voting, or to dispose or direct the disposition, of securities owned by Yorktown XI. Yorktown XI Company L.P. and Yorktown XI Associates LLC disclaim beneficial ownership of the securities owned by Yorktown XI in excess of their pecuniary interests therein. However, Yorktown XI Company L.P. and Yorktown XI Associates LLC are deemed to beneficially own securities owned by Yorktown XI under applicable securities laws in Canada.

Although the Yorktown Entities are, in relation to the various share acquisition transactions described in this News Release, considered joint actors under applicable securities laws in Canada, none of the Yorktown Entities is a beneficial owner of securities owned (either legally or beneficially) by either of the other Yorktown Entities.

About the Issuer (Battery Mineral Resources Corp., formerly Fusion Gold Ltd.)

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As a result of the Amalgamation, the Issuer is now, indirectly (through the wholly-owned subsidiary that resulted from the amalgamation of BMR and 1234525), engaged in the business of exploring for various minerals (including cobalt) required to meet the anticipated growth in demand for the raw materials used in the lithium-ion battery and energy storage sector. The Issuer has indirect interests in cobalt, lithium and graphite projects in the United States and South Korea. The head office of the Issuer is located at Suite 1400, 400 Burrard Street, Vancouver, British Columbia V6C 3A6.

Forward-Looking Information

This news release contains “forward-looking information”. All statements, other than statements of historical fact, that address activities, events, or developments that the Yorktown Entities or the Weston Entities believe, expect, or anticipate will, may, could or might occur in the future are “forward-looking information”. Forward-looking information contained herein may include, but is not limited to, statements with respect to the occurrence of a Contingent Event (as contemplated by the Transfer Agreement), information concerning the holding and release from escrow of various Issuer Shares deposited into escrow in connection with the Amalgamation, information concerning the deposit into escrow of any Issuer Shares acquired by any of the Yorktown Entities following the occurrence of a Contingent Event, and information concerning future increases or decreases in the ownership, control or direction over Issuer Shares or other securities of the Issuer. Forward-looking information contained herein reflects the current expectations or beliefs of the Yorktown Entities and Weston Entities and is based certain assumptions. Such forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause the actual events or results to differ materially from any future events or results expressed or implied by the forward-looking information contained herein. Having regard to those risks, uncertainties and other factors readers should not place undue reliance on the forward-looking information contained herein. The forward-looking information contained in this News Release is provided as of the date hereof and, except as may be required under applicable securities laws, the Yorktown Entities and the Weston Entities disclaim any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events or results or otherwise. None of the forward-looking information included in this News Release is (and should not be considered to be) a guarantee of any future outcome.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74522

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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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4 days ago

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January 7, 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.

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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

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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 Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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3 weeks ago

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December 19, 2024

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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

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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:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. 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.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. 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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SPAYZ.io prepares for iFX EXPO Dubai 2025

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3 weeks ago

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December 19, 2024

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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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