Monese, alongside its Platform-as-a-Service (PaaS) subsidiary XYB, has successfully raised fresh funding as part of preparations for the group’s upcoming division into two separate entities.

While the exact total amount of funding and the identities of the investors remain undisclosed by the banking services provider, it has been revealed that XYB specifically attracted capital from both existing and new investors.

Monese had been actively seeking new funding throughout 2024, following its announcement of a £30.5 million loss for the fiscal year 2022.

Late last month, the company officially announced its plans to split from XYB. Although a definitive timeline for this division has not yet been established, it will result in the consumer-facing money app and the XYB unit functioning as distinct companies.

Post-separation, both entities will continue to collaborate on strategic partnerships, as stated in the group’s announcement. Monese will retain its current CEO, Norris Koppel, while XYB will be led by a new CEO, whose appointment is expected to be disclosed in the near future.

Norris Koppel expressed confidence in the separation process, highlighting its potential to unlock growth opportunities for both Monese and XYB. He emphasized that the split will provide each business with the necessary focus to thrive independently.

Source: fintechfutures.com

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BUDAPEST, Hungary, May 3, 2024 /PRNewswire/ — Multiple achievements were made on Thursday at a conference focused on cooperation between China and Hungary under the Belt and Road Initiative (BRI) framework.

Under the guidance of China’s State Council Information Office, the conference was co-hosted by Xinhua News Agency and Hungary’s ATV Media Group in Budapest.

Xinhua has always been committed to concentrating efforts and contributing to the joint building of the Belt and Road between the two countries, President of Xinhua News Agency Fu Hua said while addressing the event.

The conference aims to further implement the consensus reached by leaders of the two countries and promote pragmatic cooperation at various levels across the board so as to make new and greater contributions to the Belt and Road cooperation between the two countries with more innovative results, Fu said.

At the conference, the Belt and Road Economic Information Partnership (BREIP), which was initiated by Xinhua News Agency, inaugurated an Eastern European liaison office.

The China NGO Network for International Exchanges launched a non-governmental Belt and Road cooperation project with Hungary.

The official website of the BRI introduced a dedicated sector for industrial cooperation between China and Hungary.

A report on investment and cooperation between the two countries under the Belt and Road framework was also released.

About 200 people, including government officials, representatives from chambers of commerce and the business sector, as well as heads of major media outlets and think tanks from both countries joined the event.

Fu noted that Xinhua will continue to provide in-depth coverage of high-level interactions between the two countries and present major achievements of the two countries’ high-quality Belt and Road cooperation in an all-round and multi-perspective manner.

Stressing efforts to strengthen exchanges with Hungarian think tanks, Fu also urged making full use of platforms and mechanisms including the World Media Summit and the BREIP to roll out even more tangible results.

Fu also stressed the importance of providing services for China–Hungary cooperation in various areas and better promoting the in-depth integration of the BRI cooperation and Hungary’s “Opening to the East” policy.

Hungary and China have achieved fruitful results in Belt and Road cooperation, Hungarian Minister for National Economy Marton Nagy said at the conference, citing the Hungary-Serbia railway project as an example.

Hungary sees China’s economic development as an important opportunity, Nagy said, stressing that investment from Chinese companies including Bank of China, CATL and BYD has been driving the development of related industries.

Nagy said Hungary is willing to strengthen mutually beneficial cooperation with China in areas such as infrastructure and high-tech, and act as a link between China and Europe.

Liu Hongcai, deputy head of the Chinese Association for International Understanding, called for efforts from various sectors of the two countries to thoroughly implement the important consensus reached by the leaders of the two countries and further promote people-to-people exchanges and mutual learning between civilizations.

More momentum for future-oriented cooperation should be fostered and cooperation platforms at all levels should make full use of their advantages to respond to global challenges, Liu said.

Liu voiced his hope that people from all walks of life in the two countries will make active contributions to promoting bilateral relations.

During the past years, economic ties and trade between the two countries have flourished, said Tamas Kovacs, CEO of ATV.

Based on the extensive cooperation between ATV and Chinese media outlets, the audience is able to have a better understanding of the fruitful achievements of the two countries’ joint efforts, Kovacs said, adding that such cooperation will be carried on to help the two peoples to better understand each other’s culture and values.

Participating guests also visited a photo exhibition on the pragmatic BRI cooperation between China and Hungary.

Photo – https://mma.prnewswire.com/media/2404123/President_Xinhua_News_Agency_Fu_Hua_addresses_a_conference_focused.jpg 

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