Fintech
AIM5 Announces Proposed Changes in Order to Adopt and Align the Corporation with the Updated CPC Policy
Toronto, Ontario–(Newsfile Corp. – November 29, 2022) – AIM5 Ventures Inc. (TSXV: AIME.P) (“AIM5” or the “Corporation“), a capital pool company (“CPC“) pursuant to Policy 2.4 – Capital Pool Companies (the “Legacy CPC Policy“) of the TSX Venture Exchange (the “TSXV“), is pleased to announce that pursuant to the amendments by the TSXV to its CPC program and Legacy CPC Policy which became effective January 1, 2021 (the “Updated CPC Policy“), the Corporation intends to seek the requisite approval of its shareholders (the “Shareholders“) to implement certain amendments to align its policies with the Updated CPC Policy.
Capitalized terms used herein and not otherwise defined have the meaning ascribed to them in the TSXV Corporate Finance Manual.
In order to align the Corporation with the policies outlined in the Updated CPC Policy, the Corporation is required to obtain the approval of disinterested Shareholders on certain of the policy amendments. At the upcoming annual and special meeting of Shareholders to be held on December 22, 2022 (the “Meeting“), the Corporation will be asking for the approval of not less than a majority of the votes cast by disinterested Shareholders who vote in respect thereof on four separate ordinary resolutions addressing such policy amendments. These proposed amendments are described in further detail below.
- Amend the Corporation’s Stock Option Plan
Under the Legacy CPC Policy, the total number of Common Shares reserved for issuance under the Corporation’s amended and restated stock option plan (the “Plan“) is limited to 10% of the common shares of the Corporation (the “Common Shares“) outstanding as at the closing of the Corporation’s initial public offering (“IPO“). Under the Updated CPC Policy, the Corporation may seek disinterested Shareholder approval to allow for the total number of Common Shares reserved for issuance under the Plan to be 10% of Common Shares outstanding as at the date of grant of any stock option. The Plan is also being updated to reflect certain amendments to TSXV Policy 4.4 – Security Based Compensation which came into effect subsequent to the adoption of the Plan.
At the Meeting, the Corporation will seek the approval from disinterested Shareholders to amend the Corporation’s Plan to, inter alia, increase the limit of Common Shares available for issuance under the Plan to 10% of the Common Shares outstanding as at the date of grant of any stock option.
- Removal of the Consequences of Failing to Complete a Qualifying Transaction within 24 months of Listing
Under the Legacy CPC Policy, if the Corporation fails to complete a Qualifying Transaction within 24 months of the date the Common Shares were listed on the TSXV, it faces the consequences of either: (i) having the Common Shares delisted or suspended from the TSXV; or (ii) subject to the approval of the majority of Shareholders, transferring the Common Shares to list on the NEX and cancelling certain seed Common Shares. Under the Updated CPC Policy, these consequences will be removed provided the Corporation obtains disinterested Shareholder approval to do so.
At the Meeting, the Corporation will seek the approval from disinterested Shareholders to approve the removal of such consequences.
- Replacement of the Corporation’s Escrow Agreement
Under the Legacy CPC Policy, the Corporation’s escrow agreement entered into on November 24, 2020 (the “Escrow Agreement“) imposed restrictive escrow conditions on the securities held by directors, officers and certain other security holders. Such securities were subject to restrictions on transfer until the completion of a Qualifying Transaction, after which such securities began to be released over a 36-month period. Under the Updated CPC Policy, the Corporation’s escrowed securities may be subject to only an 18-month escrow release schedule.
At the Meeting, the Corporation will seek the approval from disinterested Shareholders to enter into a new escrow agreement in the form as provided for under the Updated CPC Policy to replace and supersede the Corporation’s current Escrow Agreement which will subject the Corporation’s escrowed securities to only an 18-month escrow release schedule.
- Permit the Payment of a Finder’s Fee to a Non-Arm’s Length Party to the Corporation upon Completion of its Qualifying Transaction
Under the Legacy CPC Policy, a finder’s fee could not be paid to a Non-Arm’s Length Party to the Corporation. Under the Updated CPC Policy, the Corporation may seek disinterested Shareholder approval to permit payment of a finder’s fee to a Non-Arm’s Length Party to the Corporation.
At the Meeting, the Corporation will seek the approval from disinterested Shareholders to permit payment of a finder’s fee to a Non-Arm’s Length Party to the Corporation.
The proposed amendments are described in further detail in the management information circular of the Corporation, which will be mailed to Shareholders and filed on SEDAR on or before the prescribed mailing date. The proposed amendments remain subject to the final approval of the TSXV.
AIM5 Ventures
AIM5 was incorporated under the Business Corporations Act (Ontario) on August 11, 2020 and is CPC listed on the TSXV. AIM5 has no commercial operations and no assets other than cash.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws regarding AIM5 and its business. Forward-looking information includes, but is not limited to, the approval of disinterested Shareholders of matters under the Updated CPC Policy at the Meeting and the completion of a Qualifying Transaction. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors, including but not limited to obtaining the necessary approvals of the Shareholders and the TSXV. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
For further information contact:
Zachary Goldenberg
647-987-5083
[email protected]
Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146086
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The fintech landscape continues to evolve with groundbreaking developments reshaping the industry’s global footprint. Today’s briefing dives into key events across the fintech ecosystem, emphasizing regulatory advancements, regional expansion, investment inflows, and sustainability partnerships. These narratives offer a glimpse into the sector’s resilience and its relentless pursuit of innovation.
Doo Financial Secures CySEC License: Broadening Horizons
Source: PR Newswire
Doo Financial, a subsidiary of the Doo Group, has achieved a significant milestone by obtaining the Cyprus Securities and Exchange Commission (CySEC) license. This regulatory approval expands the group’s operational capacity across the European Economic Area (EEA), providing clients access to an increasingly diversified portfolio of financial services.
The CySEC license is not just a testament to Doo Financial’s commitment to compliance but also a strategic step towards enhancing its global competitiveness. This move underscores a broader trend among fintech firms to establish regulatory strongholds in regions with robust governance frameworks. Europe’s stringent yet adaptive regulations offer fintech companies a balanced environment to innovate while adhering to consumer protection laws.
The CySEC approval signals a broader ambition: leveraging the EEA as a launchpad for expanding into other regulated markets globally. For the fintech sector, this development highlights the importance of regulatory alignment in building investor confidence and fostering sustainable growth.
Quantoz Payments Ventures into Stablecoins
Source: PR Newswire
Dutch fintech company Quantoz Payments has taken a bold step into the burgeoning stablecoin market by issuing euro and US dollar-denominated stablecoins. Backed by prominent crypto asset firms, this initiative positions Quantoz as a key player in the stablecoin ecosystem, bridging the gap between traditional finance and digital currencies.
Stablecoins have long been hailed as the connective tissue between volatile cryptocurrencies and traditional fiat systems. Quantoz’s approach emphasizes compliance and transparency, addressing major concerns surrounding digital asset adoption. This development reflects a growing consensus within the industry: stablecoins are the linchpin of future financial systems.
Quantoz’s move also highlights the increasing involvement of traditional institutions in digital finance. Backing from established crypto asset firms signals confidence in the stability and utility of these digital tokens. The future may see stablecoins becoming integral to cross-border transactions, remittances, and even central bank digital currency (CBDC) initiatives.
Asia’s Fintech Giants Target Middle Eastern Markets
Source: Fortune
Two leading Asian fintech firms, StashAway and Thunes, are spearheading expansions into the Middle East, a region emerging as a hotspot for fintech innovation. StashAway, renowned for its wealth management solutions, and Thunes, a global payments platform, aim to capitalize on the Middle East’s growing demand for digital financial services.
This expansion is not without challenges. Middle Eastern markets, while lucrative, present regulatory complexities and stiff competition from local players. Yet, these firms bring unique value propositions. StashAway’s data-driven investment strategies and Thunes’ seamless payment networks could fill critical gaps in the region’s financial infrastructure.
This move also underscores the strategic importance of Middle Eastern economies in the global fintech narrative. Countries like the UAE and Saudi Arabia are investing heavily in digital transformation, making them fertile ground for innovative financial solutions. By establishing a presence here, Asian fintech firms are not only diversifying their portfolios but also setting the stage for long-term growth.
Ualá Secures $300 Million in Investment: Latin America’s Fintech Boom
Source: Latin Lawyer
Argentine fintech company Ualá has successfully raised $300 million in its latest funding round, reaffirming Latin America’s status as a global fintech powerhouse. The investment, led by international heavyweights, reflects growing confidence in the region’s financial technology ecosystem.
Ualá’s meteoric rise is emblematic of Latin America’s fintech narrative—a story of innovation fueled by necessity. With large segments of the population underbanked or unbanked, fintech solutions have become a lifeline, offering accessible and affordable financial services.
The $300 million infusion will enable Ualá to expand its product offerings and penetrate new markets, further solidifying its position as a regional leader. For investors, this marks an opportunity to tap into one of the world’s fastest-growing fintech markets, characterized by high adoption rates and a youthful, tech-savvy demographic.
FTS Money Partners with Nano to Advance Fintech Sustainability
Source: The Paypers
FTS Money’s partnership with Nano sets a new benchmark for sustainability in fintech. By integrating Nano’s technology, FTS aims to reduce its carbon footprint and drive environmentally conscious financial practices. This collaboration highlights a critical trend: the convergence of financial innovation and environmental responsibility.
Sustainability has become a cornerstone for fintech companies seeking to align with global ESG (environmental, social, and governance) goals. Partnerships like this not only enhance operational efficiency but also resonate with a growing segment of environmentally conscious consumers.
The fintech sector’s focus on sustainability reflects a broader shift in corporate priorities. Companies are increasingly recognizing that profitability and environmental stewardship are not mutually exclusive. By embedding sustainability into their operations, fintech firms like FTS Money and Nano are paving the way for a more responsible and resilient industry.
Conclusion: A Tapestry of Transformation
Today’s developments paint a vivid picture of an industry in flux—embracing regulation, exploring new markets, innovating with stablecoins, and championing sustainability. Each story underscores a central theme: fintech’s ability to adapt and thrive amid changing landscapes.
As fintech firms continue to evolve, their success will hinge on balancing innovation with responsibility. Whether through regulatory compliance, strategic expansions, or sustainable practices, the industry is charting a path toward a future that is inclusive, resilient, and transformative.
The post Fintech Pulse: Navigating Expansion, Innovation, and Sustainability appeared first on .
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
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