Fineqia International Inc. (the “Company” or “Fineqia”) (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) is pleased to announce the purchase of the Fineqia platform (“platform”) from Nivaura Ltd. The acquisition includes the software code and associated intellectual property of the fintech platform, which enables the placement of debt and equity instruments.
Nivaura is a U.K.-based blockchain company that has also delivered solutions to the London Stock Exchange Group (LSEG) and Singapore’s DBX Bank. Fineqia is a shareholder in Nivaura Ltd and signed the agreement in Feb. 2021 to purchase the software on an exclusive perpetual royalty free licence basis. The transfer of the IP was undertaken over the past few months and completed this month.
The platform incorporates vital functionalities such as price discovery, subscriptions, redemptions, risk management, marketing, back-office processes, and the scheduling of transactions. The platform can connect to the Ethereum blockchain to interact and execute smart contracts to record transaction details.
“IP ownership enables us to potentially do more in both TradFi (traditional finance) and the decentralized web 3.0,” said Fineqia’s CEO Bundeep Singh Rangar. “With a proprietary platform, we get more flexibility to change to rapidly evolving market requirements.”
The acquisition is in line with the Company’s strategy to invest in or acquire companies or technologies developing and propagating blockchain-based financial solutions that are adjunct to the Company’s core business of placing debt and equity securities. The acquisition price represents less than 1% of Fineqia’s market capitalisation.
In addition, the Company advises that Stephen McCann, the Company’s long-time former Chief Financial Officer, has rejoined the Company as interim CFO. Cheryl Kong has resigned as CFO and a director of the Company. The Company thanks Ms. Kong for her contributions to the Company.