Fintech
Raffles Financial Corporate Update
Singapore, Singapore–(Newsfile Corp. – December 27, 2022) – Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) (“RFG” or the “Company“) This is to give shareholders a corporate update of the Company and its only operating subsidiary, Raffle Financial Pte Ltd (“RFP“).
Disclosure of Financial Information for FY2022 of the Major Operating Subsidiary
The audit on the only operating subsidiary of RFG, Raffles Financial Private Limited (“RFP“), which is performed by an auditor in Singapore, is completed and its audit report for the financial year ended June 30, 20221 (“FY2022“) is issued to the Board. RFG believes RFP’s audited financial information is relevant information for our shareholders to understand the financial performance of the Group. Therefore, although the RFG’s audit is still pending, the Board wishes to present the following management discussion and analysis of the key financial performance of RFP to our shareholders.
| Statement of Comprehensive Income | (“FY2022”) | (“FY2021”) | ||||
| (Presented in Singapore Dollars) | July 1, 2021 | July 1, 2020 | ||||
| to | to | |||||
| June 30, 2022 | June 30, 2021 | |||||
| SGD | SGD | |||||
| Revenue | – | 4,999,880 | ||||
| Other income | 5,266 | 9,161,901 | ||||
| Expenses: | ||||||
| Staff and contract officers’ cost | 519,618 | 681,114 | ||||
| Office Rental | 33,336 | 83,766 | ||||
| Professional fee | 53,671 | 39,739 | ||||
| Listing fee | – | 7,177 | ||||
| Realised loss / (gain) on disposal of subsidiary | 151,714 | (931,029) | ||||
| Others – waiver of an intercompany loan receivables | 58,299 | 2,968,000 | ||||
| Loss allowance on other receivables – net | 2,988,736 | 4,102,796 | ||||
| Other expenses | 40,215 | 165,550 | ||||
| 3,845,589 | 7,117,113 | |||||
| (Loss) / Profit before income tax | (3,840,323 | ) | 7,044,668 | |||
| Income tax expense | 180,920 | 849,980 | ||||
| (Loss) / Profit after income tax | (4,021,243 | ) | 6,194,688 | |||
| Other Comprehensive Income: | ||||||
| Items that will not be reclassified subsequently to profit or loss: Financial assets, at FVOCI |
||||||
| – Fair value (loss) / gain – equity investments | (4,613,046 | ) | 265,208 | |||
| Total comprehensive (loss) / income | (8,634,289 | ) | 6,459,896 |
The Company’s major and only operating subsidiary RFP is the sole business operating unit and revenue contributor of the Group. In FY2022, RFP did not record any revenue (FY2021: 4,999,880) from the three major service segments, namely (i) Re-structuring and Corporate Finance Advisory service with service fee (FY2021: S$2,000,000 rendered at a point in time); (ii) IPO and Global Fund-Raising Advisory service with service fee (FY2021: S$2,000,000 rendered over time), and (iii) licensing service with licensing fee (FY2021: S$999,880 rendered over time). It was attributable to the following factors:
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The prolonged COVID-19 pandemic and its variants outbreak caused China and Hong Kong, where were the major regions RFP operated, upheld strict travel restrictions, containment measures and lockdown. As a result, RFP was unable to source and serve its customers in its principal operating locations;
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The COVID-19 pandemic also severely hit the IPO climate resulting in the mood and confidence of clients to hold back its IPO and fundraising plans till such situation turnarounds;
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The public health, global economic conditions and geopolitical issues affected the overall Asia financial market including corporate finance, IPO and investment banking industry in the past two years. As arranging and financing deals drying up, the whole capital market and investment banking industry have been down severely evidenced by the circumstance that large investment banks like Morgain Stanley, Goldman Sachs and Credit Suisse were firming up plans to cut jobs and reduce team size in Asian region.
Amid the challenges, RFG has been maintaining the prospective client relationship and training regional representatives to get their mandates for advisory services when the market condition improves.
There was a significant decrease in expenses in FY2022 over FY2021 from S$7,117,113 to S$3,845,589 which was mainly due to the stringent cost control measure RFP put under the challenging business environment.
Among the expenses –
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RFP recorded a loss allowance on other receivable (net) of S$2,988,736 in FY2021. This was a one-off accounting provision made for aged receivables with slow repayment in accordance with the prudence principle under the accounting standards. The subject receivables were due from an unrelated third party in connection to sales of long-term investments in equity instruments made in FY2021. Whereas receivables were written off, RFP continues to take recovery action against the debtor. Where recoveries of receivables exceed the written-off amount, the excess will be recognised in profit or loss as an income in the relevant financial period;
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The realised loss on disposal of subsidiary of S$151,714 in FY2022 was largely derived from a disposal of 100% equity interest in an inactive subsidiary in Switzerland. The disposal resulted in a loss of S$151,658 in RFP’s book. However, on the other hand, the disposal also resulted in a gain of S$131,453 as the subsidiary had transferred its whole bank balance of S$131,453 to RFG right before the disposal which was recognised as an other income. Therefore, the loss arising from the disposal at consolidation level was immaterial;
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There was a waiver of an intercompany loan receivables from a subsidiary of RFP amounted to S$58,299. The waiver amount represented the advance made to the subsidiary for paying its business expenses, which was eventually borne by RFP upon the disposal of the subsidiary.
From an operation perspective, RFP recorded a net operating loss after tax of S$4,021,243 in FY2022 compared with the net profit after tax of S$6,194,688.
To conclude, RFP recorded a total comprehensive loss of S$8,634,290 in FY2022 compared with the total comprehensive income of S6,459,896 in FY2021. The loss was mainly attributable to the net operating loss as described above and an unrealised fair value loss on equity investments of S$4,613,046 (FY2021: an unrealised fair value gain of 265,208). The unrealised fair value loss was provided for on paper under prudence practice, considering the share prices of our listed equity instruments, like many other listed entities on major global stock exchanges, had fallen significantly amid the market turmoil in FY2022. Should the capital market recover, there shall be a revaluation of investments that will leads to the creation of fair value gains in that corresponding financial year accordingly.
Audit status of RFG for the financial year ended June 30, 2021 (“FY2021”)
Background and Recap
The previous auditor of RFG accepted the resignation of MNP LLP, Chartered Professional Accountants, on April 22, 2022 as auditors of the Company. This originated from the request of MNP LLP for extending the scope of additional appropriate audit actions which included but not limited to, an onsite audit on one outstanding audit matter related to the CNY102 million deposit (the “Deposit“) placed with a PRC local fintech enterprise HuDuoBao Network Technology Co., Ltd. (“HDB“). Under COVID-19 lockdown restrictions and various limitations, RFG was unable to reach an agreement with MNP LLP on audit plan, procedure, logistical practicality and additional unfixed audit fee quotation.
RFG filed a Notice of Change of Auditor dated April 26, 2022 (the “Notice“) on SEDAR, and MNP LLP in response notified RFG that they had reviewed the Notice and they were in agreement with the statements contained in the Notice pertaining to their firm. The Notice detailed the key outstanding audit matter as follows;
“The foregoing disclosure of the business transaction with HDB forms a material part of the financial disclosure of the Company and was the subject of review, audit and verification by the Former Auditor involving physical and virtual inspections at the offices of HDB in China and as announced by the Company in its news release of April 25, 2022 such process was effectively blocked by the absolute COVID-19 lockdown restrictions in regard of the surging Omicron variant cases. China’s authorities are still accelerating efforts in mass locking down several major cities to curb the recent outbreak. Because of such difficulties, the Company and the Former Auditor could not devise a plan to complete within a reasonable period the scope of the additional appropriate audit actions required by the Former Auditor, the procedures and logistics of the action and the workaround solutions for such limitations under the COVID-19 lockdown restrictions within the Company’s budget for the audit report process.”
The latest
Since then, RFG has approached and discussed with 3 shortlisted Canadian auditing firms registered under Canadian Public Accountability Board (CPAB) on the possible appointment and feasible audit plan for the FY2021 audit. The prospective auditors all recognised the importance of performing an on-site audit procedure for the Deposit held in China, while none of them are available to travel to China or able to devise a workaround solution for the audit issue. So, none of them expressed their interest in engaging with us now in light of hurdles.
We expected the situation would last for some time. To the understanding of the management, Chinese authority concerned is still not open for non-essential travels to foreigners and particularly foreign auditors to enter China and conduct any on-site audits. There were news reports that auditors from PCAOB of the US are now allowed to inspect the auditing works of Chinese companies that are applicable for those with Hong Kong based offices whose audit can be conducted in Hong Kong. Such relief is not applicable to us as our key director and HDB relating to the unresolved audit matter are all based in China.
Moreover, China is now facing a surge in COVID-19 new variant cases while experts and projections have predicted that the situation could get severe in the coming winter months. It is reported by Reuters on December 17, 2022 that “New COVID model predicts over 1 million deaths in China through 2023” makes it even harder for any foreign auditor to go onsite to conduct the audit assuming Chinese authority approval is given.
A shortlisted Canadian auditing firm informed us they would reconsider accepting our appointment when the above limitations is fully removed and/or the Deposit at HDB is returned, utilised or settled such that the on-site audit at HDB office in China is no longer a necessary audit procedure or can be superseded by alternative audit procedure.
Cease Trade Order (“CTO”) Status
In light of the current cease trade order caused by the outstanding audit matter, we are also exploring other options like corporate restructuring exercise and considering potential mergers or acquisition offers to work around the dilemma for the sake of regaining corporate and shareholders’ value, in case the Company could not resume its trading in near term. As shareholders’ interest is always our top priority, we are completely committed to doing everything we can to get over the obstacle, so as to enable our shareholders to trade their shares freely in any way and manner as soon as possible.
RFG reached out to BCSC trying to seek possible ways to lift the CTO no matter partially or temporarily, and the communication is still in process. Our justification is that it is almost impossible for a Canadian auditing firm to conduct the audit under the various authorities’ controls and limitations in China as explained above.
Since December 2021 when the Board was aware of the fact that our ex-China Director had represented RFG to make the Deposit payment to HDB, RFG has been in close communication with HDB in exploring the way to utilise the Deposit through a 3-Year “Solution As A Service” (the “SaaS“) Cloud-based System Right-to-Use Agreement. As the related Fintech business in relation to the SaaS Agreement cannot be commenced in China due to the prolonged lockdown in major cities in China, RFG is now negotiating with HDB to refund RFG the Deposit outside of China which requires Chinese State Administration of Foreign Exchange and State Taxation Administration approvals. HDB informed us they are still checking with their local legal, finance and tax experts. Up to date, HDB acknowledged to us that the balance of the Deposit remains in full.
As announced on 4 November 2022, RFP entered into share purchase agreements with Mr. Huang Chuan and Mr. Xu Zhiyang for RFP to acquire all of the outstanding share capital of Asia Oaktree Financial Pte Ltd and Raffles Financial Technology (China) Limited respectively from both parties to achieve a business collaboration. Subsequent, Mr. Huang Chuan is appointed as the Chief Executive Officer of RFG. Mr. Huang Chuan, being a China-based businessman, will attempt to work with HDB to settle the unresolved audit issue to get rid of the current CTO. Mr Xu Zhiyang is also committed to leverage his network and resource in China to facilitate the collection of the Deposit from HDB or seek a potential party or entity potential who could do a swap of the Deposit in China by overseas money.
Proposed Reorganisation
As announced earlier on October 19, 2022, considering the current cease trade order caused by the outstanding audit matter, RFG is working with our legal team on a possible reorganisation to help RFG shareholders regain value from the ceased trade shares. The assessment in legal and financial requirement on US SEC for the proposed reorganisation is still ongoing, in particular, the business structure in the US newly set up corporation and the filing requirements for issuing free shares to public shareholders under Regulation A equity crowdfunding rules.
Proposed assignment of SaaS agreement
As announced earlier on October 19, 2022, RFG is also in a discussion with a potential assignee for a proposal of assigning all the contractual rights and obligations of RFG’s SaaS Agreement as well as the right to the utilisation of the CAD20 million performance deposit placed with HDB, to his nominated financial institution, in exchange for offshore cash, assets, or any financial instrument (“Offshore Assets”) that is acceptable to RFG outside of China with a total valuation of not less than CAD 20 million, and that will be further assigned to us by an irrecoverable arrangement (the “Assignment“).
Shall the Offshore Assets be not in cash, the Swap Assignment shall include the condition precedents are as follows;
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the financial instrument to be transferred to us shall be accessible to us for due diligence, capitalization appraisal and evaluation to be performed by RFG or third-party professionals commissioned by RFG;
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the financial instruments shall be fully paid up and are free and clear of all security interests, pledges, mortgages, liens, charges, encumbrances, adverse claims or restrictions of any kind, including, without limitation, any restrictions on the voting or transfer thereof (collectively, “Encumbrances”).
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A written consent is obtained from HDB for the Assignment.
RFG also intends to distribute the Offshore Assets collected by dividend in species to RFG shareholders. RFG believes the distribution will be in the best interest of the existing shareholders of RFG. The discussion is still ongoing up to date.
Proposed Offset against the Deposit
RFG is also proposing to its major Chinese shareholders in China to sell their shares back to us which can be settled by the Deposit within the China boundary. So, the Deposit can be utilised and freely transferred among entities or individuals within the China boundary. This would lead to a share buy-back by settlement against the Deposit and cancellation of shares. Whereby this offset can possibly address RFG audit outstanding matter in the FY2021 audit which was frustrated by China’s Covid-19 safety management measures resulting in the auditors’ being unable to be on-site in China to complete the audit procedure on the Deposit.
If the major Chinese shareholders are welcomed to this proposal, we will further negotiate the terms and condition of the transaction and will seek approval from the Board of Directors, shareholders and/or Commission under the Company By-laws, all applicable rules and regulations.
We believe all of our approaches as stated above is the best course of action to relieve the Company and shareholders of the impact and suffering this event has caused all of us.
We thank all stakeholders for your care and patience during this difficult time and we do whatever we can to seek relief that this event has caused us. We will keep all stakeholders duly updated.
About Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) Raffles Financial Group is listed on the Canadian Securities Exchange Purchasable under the stock symbol (RICH:CN), the Frankfurt Stock Exchange Purchasable under the stock symbol (FSE: 4VO) and the OTC Markets under the stock symbol (OTC: RAFFF).
On behalf of the RFG Board of Directors
Monita Faris
Corporate Secretary
Phone: (604) 283-6110
Email: [email protected]
Website: www.RafflesFinancial.co
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward-looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.
1 The audited financial statements in the audit report of RFP are the separate financial statements of RFP prepared in accordance with International Financial Reporting Standards. RFP is exempted from preparation of consolidated financial statements as it is a wholly-owned subsidiary corporation of Raffles Financial Group Limited which produces consolidated financial statements available for public use.
Fintech
Asian Financial Forum held next week as the region’s first major international financial assembly of 2025
The 18th Asian Financial Forum 2025 (AFF), co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), will be held at the Hong Kong Convention and Exhibition Centre (HKCEC) on 13 and 14 January (Monday and Tuesday). As the region’s first major international financial conference in 2025, the forum will examine the landscape for new business opportunities in various industries and regions in the coming year and promote global cooperation, and is expected to attract more than 3,600 finance and business heavyweights.
Themed “Powering the Next Growth Engine”, the AFF will bring together more than 100 global policymakers, business leaders, financial experts and investors, entrepreneurs, tech companies and economists to share their views on the shifting global economic landscape and financial ecosystem. These industry experts will dissect the risk management strategy, discover new business opportunities, and explore how Hong Kong can seek breakthroughs in a period of change.
First flagship financial event to showcase Hong Kong’s financial strengths
Launched in 2007, the AFF has become a flagship financial event for Hong Kong and the broader region, highlighting the city’s pivotal role as a globally renowned financial hub with a highly competitive economic and business environment. Amid a rapidly changing global macroeconomic landscape, and shifts in geopolitical dynamics and monetary policies, Hong Kong’s financial services sector continues to leverage its strengths across various domains, drawing on its world-class business infrastructure and robust regulatory regime to help drive cooperation and mutual success across Asia and around the world.
Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government, said: “Hong Kong’s financial market went through a lot of reforms and innovation last year. We have also launched a roadmap on sustainability disclosure in Hong Kong and issued a policy statement on responsible application of artificial intelligence in the financial market with a view to boosting green finance and sustainable financing. The upcoming Asian Financial Forum will gather the top-tier of the financial and various sectors from all around the world, the Mainland and in Hong Kong and hence is the perfect occasion for us to showcase to the world the new momentum and latest advantages of Hong Kong in the financial realm. Participants will also have a chance to learn more about how Hong Kong can partner with them to explore new collaborations and development areas while expanding their network here.”
Luanne Lim, Chairperson of the AFF Steering Committee and Chief Executive Officer, Hong Kong, of HSBC, said: “The global economy faces greater uncertainties in 2025 compared to 2024. However, robust growth in India and ASEAN nations, combined with increased policy support from Mainland China, is expected to keep Asia’s (ex-Japan) GDP growth at a strong 4.4%, well above the global average of 2.7%.” Against this backdrop, this year’s Asia Financial Forum is aptly themed “Powering the Next Growth Engine” and will focus on high-potential markets such as ASEAN, the Middle East (particularly the Gulf Cooperation Council countries), and the role that Hong Kong can play. Ms Lim said Hong Kong’s unique role as a bridge between the mainland and international markets allows it to support mainland enterprises expanding globally. She added that Hong Kong is committed to attracting global talent and investors, driving growth for both mainland and international businesses.
Patrick Lau, HKTDC Deputy Executive Director, said: “As we move into the new year, different economies around the world are facing challenges in maintaining economic growth. As an international financial centre, Hong Kong is playing an important role both as a ‘super-connector’ and a ‘super value-adder’ to link the world, enabling investors and fundraisers to leverage the city’s professional services and investment platforms to facilitate collaboration and create business opportunities. This year’s forum not only brings together heavyweight speakers and thought leaders but also builds on the success of previous years to provide a business platform for international participants, promoting financial and business cooperation and working together to launch new engines for growth.”
Exploring new trends as the world’s economic centre of gravity continues its shift east
Reflecting on a trend where the world’s economic centre of gravity continues to take an eastward shift, Christopher Hui will host two plenary sessions on emerging prospects in the region on the first day of the forum (13 January). The morning session of Plenary Session I will feature H.E. Adylbek Kasymaliev, Prime Minister of Kyrgyzstan, finance ministers from countries such as Pakistan and Luxembourg, and Yoshiki Takeuchi, Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD), who together will explore the financial policy outlook for 2025. In the afternoon, Plenary Session II will bring together leaders from multilateral organisations to share their views on the role of multilateral cooperation in regional economic development. Speakers will include Roberta Casali, Vice-President, Finance and Risk Management, Asian Development Bank; Jin Liqun, President and Chair of the Asian Infrastructure Investment Bank (AIIB); and Satvinder Singh, Deputy Secretary-General for ASEAN Economic Community, Association of Southeast Asian Nations (ASEAN). Moreover, a new session, the Gulf Cooperation Council Chapter, will bring together HE Jasem Mohamed AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), speakers from the Middle East and local experts to discuss prospects in fostering financial cooperation and investment between the member states of the GCC and Hong Kong.
Also on the first day, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, will host the Policy Dialogue session with speakers including European representatives such as Philip Lane, Chief Economist and Member of the Executive Board of the European Central Bank, and Dr Olli Rehn, Governor of the Bank of Finland. The discussion will explore the opportunities and challenges arising from the global shift towards more accommodative monetary policies and national authorities’ strategic deployment of measures to revitalise their economies and accelerate growth through innovation.
The panel discussion on China Opportunities returns this year with senior figures invited to analyse investment prospects under China’s commitment to technological innovation and its impact on global business. The panellists included Li Yimei, Chief Executive Officer of China Asset Management; and Ken Wong, Executive Vice President of Lenovo and President of Lenovo Solutions & Services Group.
Top economist and leading AI expert take the stage at keynote luncheons
Another highlight of this year’s AFF will be the two keynote luncheons featuring thematic speeches by two distinguished guests: Prof Justin Lin Yifu, Chief Economist and Senior Vice President of the World Bank (2008-2012), and Prof Stuart Russell, Co-chair of the World Economic Forum Council on AI. These two prominent figures will dissect the evolution of the global economic landscape amid changing international dynamics, and examine how artificial intelligence (AI) is emerging as a new driving force for rapid global economic growth respectively.
Exploring hot topics in the financial and economic sectors
The afternoon panel discussion, Global Economic Outlook, will feature a special address from Liu Haoling, Vice Chairman, President and Chief Investment Officer, China Investment Corporation. The panel will analyse international economic trends and provide insights into business opportunities and wealth accumulation in emerging industries and regions in 2025.
Other sessions titled Global Spectrum, Dialogues for Tomorrow and Thematic Workshop will feature in-depth discussions focusing on the latest industry trends, including AI, Web 3.0, sustainability, philanthropy and family offices. As AI becomes increasingly widespread and diversified in its societal applications, the second day of the forum will introduce a special session, Dialogue with Kai-Fu Lee, in which Dr Kai-Fu Lee, Chairman of Sinovation Ventures, will discuss the transformative power of AI and its impact on technological advancements in the global business ecosystem.
Exploring the impact of sustainable disclosure on investment strategies
Sustainable finance and environmental, social and governance (ESG) considerations have become an irreversible global trend. In 2025, Hong Kong is set to fully align its regulatory framework with the sustainability disclosure standard of the International Sustainability Standards Board (ISSB). Sue Lloyd, Vice Chair of the ISSB, will join other experts in discussing how adopting international financial sustainability disclosure standards can strengthen market confidence in Hong Kong’s capital markets, address post-COP29 implementation in Asia, and share strategies for sustainable investing across three separate sessions. In addition, the Breakfast Panel on the second day will focus on the flows of transition finance in shaping a sustainable future in the Greater Bay Area and beyond. Furthermore, the HKTDC has partnered with EY to conduct a joint market survey on sustainable development, aiming to explore the views and practices of Asian businesses and investors on topics such as sustainability reporting, sustainable finance and preparations for dealing with climate change. The results of the survey will be unveiled on the first day of the forum.
Expanding cross-border opportunities through the HK global investment platform
As a key element of this year’s forum, AFF Deal-making offers one-on-one matching services for project owners and investors. More than 270 investors and 560 projects are expected to participate, with investment opportunities across industries such as environmental, energy, clean technology, food and agriculture tech, healthcare tech, fintech and deep technology. The exhibition sections of the AFF – Fintech Showcase, InnoVenture Salon, FintechHK Startup Salon and Global Investment Zone – will attract more than 130 local and global exhibitors, international financial institutions, technology companies, start-ups, investment promotion agencies and sponsors, including Knowledge Partner EY, HSBC, Bank of China (Hong Kong), Standard Chartered Bank, UBS, Prudential, China International Capital Corporation (CICC), Huatai International and more. Notably, the InnoVenture Salon will provide a platform for more than 100 start-ups to showcase innovative technologies in a variety of fields such as finance, regulation, sustainability, health and agriculture, supported by more than 110 Investment Mentors and Community Partners.
IFW 2025 creates synergies with AFF to boost mega event economy
International Financial Week (IFW) 2025 runs from 13 to 17 January with the AFF as its highlight event. This year’s IFW will feature more than 20 partner events, covering a wide range of global financial and business topics, including private equity, family offices, net-zero investing and generative AI. As the region’s first major financial event of the year, the AFF attracts top global enterprises and leaders to Hong Kong, creating connections between capital and opportunities. The forum assists industry professionals in seizing opportunities in the new year and helps promote the mega event economy in Hong Kong.
This year, the AFF has collaborated with various organisations to provide special travel, dining and shopping discounts and privileges for overseas participants joining the event. Activities include Peak Tram and Sky Terrace trips, the iconic Aqua Luna red-sail junk boat, and guided tours of Man Mo Temple and Tai Kwun arranged by the Hong Kong Tourism Board. Participants can also enjoy dining discounts and guided tours from the Lan Kwai Fong Group, as well as the Winter Wonderland at the Hong Kong Jockey Club’s Happy Wednesday at Happy Valley Racecourse, all designed to immerse overseas visitors in the vibrancy and diversity of Hong Kong.
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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
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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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Fintech PR6 days agoZoomlion Accelerates Global Expansion with Localized Innovations in Saudi Arabia
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Fintech PR2 days agoAZZURRI GROUP LAUNCHES ITS 2024 SUSTAINABLE DINING REPORT AND ACHIEVES FURTHER REDCUTIONS IN CARBON EMISSIONS
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Fintech PR3 days agoClear Channel Outdoor Holdings, Inc. to Sell its Europe-North Segment to a subsidiary of Bauer Media Group for $625 Million