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The Concerned Shareholders of FAR Resources Ltd. Ask FAR Shareholders to Not Be Fooled by the Entrenched Board and Management’s Attempt to Pull the Wool Over Their Eyes

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3 years ago

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  • The Concerned Shareholders are highly supportive of Dr. Fedikow continuing in his role as technical expert and recognize that he deserves past credit for progress achieved in development of the Company’s assets.
  • The Concerned Shareholders’ director Nominees are highly qualified and independent directors who collectively have the required mining, capital markets and corporate governance experience, as well as having an aggressive plan to dramatically develop the company’s robust portfolio of assets and deliver a considerable difference in value creation for the benefit of FAR shareholders.
  • The Concerned Shareholders demand that the entrenched Board and Management stop stonewalling and resign from the Board of FAR immediately to end the value destruction.
  • The Concerned Shareholders, together with other shareholders who are supportive of change at FAR, have already received expressions of support from shareholders holding over 45% of the shares entitled to be voted at the Meeting.

Vancouver, British Columbia–(Newsfile Corp. – November 3, 2021) – This release is provided by Scott Taylor, who, together with joint actors Christina Barnard, Jason Barnard and affiliates (collectively, with Mr. Taylor, “we” or the “Concerned Shareholders”), hold directly and indirectly approximately 7.7%% of the issued and outstanding common shares of FAR Resources Ltd. (CSE: FAT) (FSE: F0R) (OTC Pink: FRRSF) (“FAR” or the “Company”) that are entitled to be voted at the Company’s annual general meeting scheduled to be held December 7, 2021 (the ‘Meeting As a result of discussions with shareholders who are supportive of change at FAR, the Concerned Shareholders, who have already received expressions of support from shareholders (themselves included) holding over 45% of the shares entitled to be voted at the Meeting, acknowledge and hereby respond to the press release recently issued by FAR announcing the Board’s decision to nominate Dr. Mark Fedikow, HB.Sc. M.Sc. Ph.D. P.Eng. P.Geo. (Manitoba, Northwest Territories) C.P.G. (U.S.A.). The Concerned Shareholders are highly supportive of Dr. Fedikow continuing in his role as the technical expert responsible for the development of the company’s various mineral assets. Dr. Fedikow’s credentials are impressive and we recognize that he deserves credit for any past progress achieved for moving the Company’s lithium assets forward. Upon successfully forming a new Board of Directors at the December 7th, 2021 shareholders Meeting, the Concerned Shareholders nominees are committed to working with Dr. Fedikow to create shareholder value.

It is notable that the current entrenched Board of Directors comprised of Messrs. Gammack and Dinning only saw fit to consider Dr. Fedikow a suitable noteworthy member of FAR’s leadership upon learning that the Concerned Shareholders had nominated individuals to replace the incumbent Board and are now desperately attempting to move the company forward.

Given the lack of progress achieved by the Company, the Concerned Shareholders question why it took a threat of a pending proxy fight for the incumbent Board to recognize and acknowledge the value of adding Dr. Fedikow to the Board. While we have a high degree of confidence in Dr. Fedikow’s technical expertise, we believe the current Board has opted for Dr. Fedikow joining the Board as the least intrusive step in entrenching themselves and continuing in their current roles. The Concerned Shareholders remind all shareholders that the incumbent Board has spent the past 18 months self-enriching themselves while doing virtually nothing to develop assets and create shareholder value.

In its November 1st, 2021 press release, the Company suggests the Concerned Shareholders Nominees lack experience. We flatly reject that assertion as a feeble attempt by the incumbent Board to cowardly hold onto their jobs. The Concerned Shareholders are completely confident their nominees provide a holistic solution to what currently ails the Company and we offer the following insight on who we are proposing and what they will bring to the shareholders of FAR.

With your support, the Concerned Shareholder nominees are Scott Taylor, Pierre-Yves Tenn and Andrew Lyons (the “Shareholder Nominees”). The Shareholder Nominees are highly qualified and independent nominees who collectively have the required mining, capital markets and corporate governance experience, as well as having an aggressive plan to dramatically develop the company’s robust portfolio of assets and deliver a considerable difference in value creation for the benefit of FAR shareholders:

  • Scott Taylor, nominee, born and raised in Vancouver and is a successful entrepreneur who brings years of financial and mining experience starting his career raising money for both public and private markets as well as mining projects and in commodities trading. Scott’s experience also includes five years starting in 2005 for an engineering company in the mining and energy space which included resource development and drill programs on mines. He was blessed to be able to work hands-on in the field on drill programs which brought old mines into productions using current geo-physical and modern techniques. Presently, Scott is co-founder of Reservoir Imaging which provides cutting edge fiber optic based subsurface diagnostics to the oilfield and geothermal sectors.
  • Pierre-Yves Tenn, nominee, offers 20 years of proven experience in the development of international strategies, business, and commerce. Pierre-Yves spent over a decade in Asia working with Canadian entities to create joint ventures with Asian private and state-owned enterprises for the advancement of natural resource projects promoting Canadian mining and exploration projects with a focus on accessing Asian investment funds as well as soliciting support from Canadian provincial and federal representatives for the securing of off-take agreements and partnership initiatives. Pierre-Yves’ global experience will be invaluable to the Company for the promotion of Far Resources in accessing global capital markets.
  • Andrew Lyons, nominee, has over 30 years’ experience in program and project management in the public markets, financial and technology sectors. Recently he consulted with several mining companies, working with senior management and boards consulting on optimization of capital market proceeds. Andrew has experience with Canadian mining companies as he was on the pre-IPO advisory board of Lida Resources and is currently on the advisory board of Lakestone Resources.

The Shareholder Nominees, Scott Taylor, Pierre-Yves Tenn and Andrew Lyons want to assure FAR shareholders they offer a very different strategy from the incumbent Board. They are committed to:

URGENCY AND ACTION:

  • On the Lithium assets, The Nominees, plan to immediately meet with the Far Resources technical team comprised of Dr. Fedikow, geologists and technical experts, to plan and execute a meaningful winter drill program in Manitoba partially funded by the $300,000 The Manitoba Mineral Development Fund’s (“MMDF”) Grant from the Province of Manitoba. Create and deliver an aggressive program focused on the Company’s three (3) lithium assets to delineate more tonnage and a higher-grade resource as well as to ensure exploration and drilling on the Company’s gold/silver assets.

TRANSPARENCY AND MARKETING:

  • Maintaining effective communication with the capital markets is critical to protecting and building investor confidence. The Nominees intend to engage current and historical shareholders as well as create visibility in the market for new investors. Shareholder engagement is hard work. It takes a team of professionals who are committed to an effective shareholder communication strategy, including transparency, new protocols, and high standards. There is simply no room in capital markets for disclosure mistakes, apathy and being unresponsive to shareholders. Our team will operate with these fundamental beliefs as core elements of a professional shareholder engagement strategy. We believe the incumbent Board either doesn’t know or care about the need for shareholder engagement. We will also consider a name change to incorporate lithium and take advantage of market interest in this critical mineral.

DELIVER WORKING CAPITAL:

  • An effective working capital program requires securing financing utilizing activities such as conducting investor road shows, building strategic partnerships with both domestic and foreign investors, and leveraging current nominee’s experience working in Asia to secure financing through (offtake) agreements in the development of FAR’s lithium properties as well as in the future production of lithium.

Our Shareholder Nominees’ comprehensive business plan is in fact a massive overhaul of the current situation, whereby FAR has no plan and arguably a limited future. The Shareholder Nominees are excited about the opportunities and the massive potential FAR assets represent. We believe a dedicated, professional team with feet on the ground and committed to rapid asset development is the path forward to realizing FAR’s maximum potential and materially increase shareholder wealth.

The Concerned Shareholders look forward to putting an immediate end to the entrenched incumbent Management and Board’s irresponsible destruction of shareholder value.

The Concerned Shareholders, together with other shareholders who are supportive of change at FAR, have already received expressions of support from shareholders holding over 45% of the shares entitled to be voted at the Meeting. The Concerned Shareholders demand that Messrs. Gammack and Dinning resign from the board of FAR immediately. The Concerned Shareholders highlight that the entrenched Management and Board are responsible for share underperformance and significant value destruction. The incumbent Board have no coherent strategy, notwithstanding they have been in their current roles for approximately 18 months. In that time, they have mismanaged assets and failed to adopt basic corporate governance practices.

The Key reasons for replacing the incumbent Board at FAR Resources include:

  • The Company’s current Board and Management lack relevant experience and more importantly have failed to show any progress in developing the Company’s promising assets since taking the reigns of the company 18 months ago. Ultimately, the entrenched senior officers and Board bear responsibility for share value, or unfortunately in this instance, share value destruction. In their 18 months at the helm, the incumbent directors can point to virtually no accomplishments and their tenure has been defined with questionable decisions.
  • The Company’s current Board and senior officers are responsible for a total lack of shareholder engagement and we believe the current share price is representative of the apathy demonstrated by this incumbent management and Board. It is a sad situation that FAR’s share price has languished and declined under the poor stewardship of the entrenched Management and Board while comparative companies in FAR’s peer group, with lithium assets, have seen significant increases in shareholder wealth. WHY NOT US?
  • The incumbent Board have no coherent strategy notwithstanding they have been in their current roles for approximately 18 months. In that time, they have mismanaged assets and failed to adopt basic corporate governance practices including holding its Annual Shareholder Meeting which is a bedrock of shareholder democracy.
  • The Company has only two (2) named Officers: Mr. John Gammack, as President & Chief Executive Officer (“CEO”) and Mr. Robert G. Dinning, CPA as Chief Financial Officer who was appointed by Mr. Gammack himself. The Company has only two (2) Directors: Messrs. Gammack and Dinning. A key fiduciary role for Directors is to provide oversight of management. Clearly, Messrs. Gammack and Dinning are in an inescapable conflict situation in that they can hardly provide effective oversight of themselves in their dual roles as Directors and Officers.
  • Proper disclosure of corporate events has been an abysmal failure under the current Board. Retractions and corrections or late disclosure have been commonplace over the past 18 months.
  • The Concerned Shareholders question Mr. Gammack’s experience overseeing a public exploration company, as there doesn’t appear to be any discernable evidence to suggest Mr. Gammack is qualified to steward your investment. Additionally, we raise questions about Messrs. Dinning and Gammack’s relationship as they have had a decades long friendship and there is no independence or oversight whatsoever from the current Board of Directors, demonstrating them to be clearly interlocked.

As such, this raises serious questions of conflicts of interest, with only two board members, all decisions are self-directed and self-approved by the same two board members who simply cannot be believed to be acting independently in their decisions on such issues as asset development, compensation, risk taking, negotiations on M&A activity, and use of proceeds.

The Concerned Shareholders Have Ensured ALL SHAREHOLDERS Interests are Aligned with Their Shareholder Nominees

The Shareholder Nominees are committed to move FAR forward by executing a comprehensive exploration program designed to produce meaningful results and create shareholder value for all FAR stakeholders. The Concerned Shareholders believe that the Shareholder Nominees individually and collectively possess the experience and skills required to create a business plan focused on value creation and begin exploration on all the company’s assets. It is this execution and value creation that will unlock the Company’s full potential and restore shareholder confidence.

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Time is a luxury in short supply at FAR. The Concerned Shareholders Nominees intend to move swiftly, and shareholders can take confidence in knowing that meaningful, progressive change will commence immediately upon the election of the Concerned Shareholders’ Shareholder Nominees. Given their individual and collective experience and skills, the Concerned Shareholders believe the Shareholder Nominees will lead FAR forward and deliver maximum long-term value and wealth to shareholders.

As previously mentioned, the Concerned Shareholders have engaged Gryphon Advisors Inc, who are acting as strategic shareholder communications and proxy advisor. Gryphon’s responsibility will include providing strategic advice and advising the Concerned Shareholders with respect to the December 7, 2021 annual meeting and proxy protocol. Farris LLP have also been hired and are acting as legal advisors to a Concerned Shareholder.

For more information regarding the Concerned Shareholders’ position please contact:

Gryphon Advisors Inc.
Tel: 1.833.292.5847
Email: [email protected]

Information in Support of Public Broadcast Solicitation

The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. As disclosed in the Concerned Shareholders’ news release and Notice of Nominations dated October 7, 2021 (as confirmed October 12, 2021) the Concerned Shareholders have submitted nominees for election to the Company’s board of directors at the Meeting of shareholders scheduled for December 7, 2021 (the “Meeting”), shareholders are not being asked at this time to execute a proxy in favour of any matter. In connection with the Meeting, the Concerned Shareholders will file a dissident information circular in due course in compliance with applicable securities laws. In the meantime, for information regarding the Concerned Shareholders Nominees, please refer to the Concerned Shareholder’s news release dated October 7, 2021. Any right for revocation of a proxy submitted in connection with the election of the Nominees will be set out in the dissident information circular or a document referred to therein.

The information contained herein, and any solicitation made by the Concerned Shareholders in advance of the Meeting, is or will be, as applicable, made by the Concerned Shareholders and not by or on behalf of the management of FAR. All costs incurred for any solicitation will be borne by the Concerned Shareholders, provided that, subject to applicable law, the Concerned Shareholders may seek reimbursement from FAR of the Concerned Shareholders’ out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Company’s board of directors. The Concerned Shareholders are not soliciting proxies in connection with a general meeting of shareholders of the Company at this time.

The Concerned Shareholders may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on behalf of the Concerned Shareholders. Any proxies solicited by or on behalf of the Concerned Shareholders, including by any other agent retained by the Concerned Shareholders, may be solicited pursuant to a dissident information circular or by way of public broadcast, including through press releases, speeches or publications and by any other manner permitted under Canadian corporate and securities laws. Any such proxies may be revoked by instrument in writing executed by a shareholder or by his or her attorney authorized in writing or, if the shareholder is a body corporate, by an officer or attorney thereof duly authorized or by any other manner permitted by law.

The registered address of FAR is located at Suite 400 – 725 Granville St., Vancouver, BC, V7Y 1G5, Canada and its head office is located at #510 – 580 Hornby St., Vancouver, BC, V6C 3B6, Canada. A copy of this press release may be obtained on FAR’s SEDAR profile at www.sedar.com.

Mr. Taylor is a resident of Highlands Ranch, Colorado, USA, and the other Concerned Shareholders are each of resident of Vancouver, British Columbia, Canada.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101852

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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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