Tag Archives: FIN

PR Newswire

Boost, a regional FinTech firm, becomes first fully digital financier to secure investment grade A1 rating in Southeast Asia

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  • Boost looking to tap on burgeoning digital banking ecosystem within the Southeast Asian region
  • A1 rating for its Malaysian securitised receivables cements firm’s commitment towards the underserved segment securitizes financing portfolio; rating reflects the quality of portfolio underpinned by algorithmic scoring

SINGAPORE, March 22, 2022 — Boost, the leading regional financial technology (FinTech) provider, today announced that its maiden tranche of Senior Class A Medium Term Notes (MTN) has been rated A1 by Malaysia-based, RAM Rating Services Berhad (RAM Ratings) *, the leading and largest credit rating agency in Southeast Asia.

This establishes Boost as the first fully digital regional financier to receive an investment grade A1 rating for its securitised Malaysian receivables. The FinTech giant, which provides services spanning payment services, alternative lending, digital insurance, content services and merchant solutions, is the fintech arm of Bursa Malaysia-listed Axiata Group Berhad. Boost currently operates primarily in Malaysia and Indonesia.

The A1 rating was awarded on the back of a commendable non-performing financing (NPL) rate of less than 3 per cent from funds disbursed to finance Small and Medium-sized Enterprises (SME) customers’ working capital, supply chain and invoice financing to help them grow their businesses.

Commenting on the A1 rating, Sheyantha Abeykoon, Chief Executive Officer of Boost, said, "We are glad to once again, set the standard for an industry which is at a very nascent stage, but has immense potential. The A1 rating of the securitised tranche is a testament of the quality of our financing portfolio and the robustness of our alternative lending platform. Our digital-first solutions are simple and conveniently available to customers, incorporating a comprehensive e-Know Your Customer (eKYC) with a 3-minute digital application journey supported by AI and machine learning tools,"

"We anticipate this rating will help diversify our capital base, enabling us to further support more SMEs. We are wholly focused on our aspiration of championing financial inclusivity, and we are excited at the prospects of serving more SMEs as we move towards becoming a full spectrum regional fintech player," added Abeykoon.

With the ongoing digital acceleration, there lies a greater opportunity to make finance more accessible. The rating exercise further underscores Boost’s capabilities and competencies in accelerating financial inclusion through Boost Credit (formerly Aspirasi) in using robust alternative data scoring frameworks to underwrite credit. Since its inception in 2017, Boost has been striving to leverage on opportunities to further widen its reach and positively impact underserved and unserved segments.

Gurpreet Khera, Chief Business Officer of Boost Credit commented, "The A1 rating is a significant milestone in our journey of building a truly Digital Bank, and a natural progression to provide comprehensive digital financial services for the region. The rating also reflects our commitment to continuously improve our product offerings as we envision a financially inclusive ecosystem in Southeast Asia."

The securitised receivables rating provides reassurance to potential investors about Boost’s operational capability to support such exercise. It also signals to stakeholders that its products have been vetted and meet the requirements for the securitisation exercise under an A1 rating.  The rating is applicable to the Senior Class A Medium Term Notes with a tenure of 30 months, and will be issued by a Special Purpose Vehicle (SPV), Salvare Assets Berhad and reviewed on an annual basis. Boost intends to issue more MTN tranches as it grows its financing portfolio to meet the needs of SMEs.

According to a report by Fitch Ratings, titled "South-East Asia’s Fintech Landscape: Rising Digital Adoption, Large Underserved Market to Fuel Sector Growth", SEA has a population of over 580 million at end-2020, of which more than half were unbanked.

In three short years of operation, Boost Credit has disbursed more than SGD390 million (RM1.2 billion) to SMEs in both Malaysia and Indonesia. Applicants enjoy a 3-minute digital application journey with a quick approval process to meet their financial needs to grow their business.

In July 2021, Boost announced a formal partnership with RHB Bank, Malaysia’s fourth largest, fully integrated financial services group to form a consortium and bid for a digital bank license. The consortium was one of 29 formal applicants received by Malaysia’s central bank, Bank Negara Malaysia (BNM), under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, following a 6-month application period which ended on 30 June 2021. It is anticipated that up to five successful applicants will be granted a license by the first quarter of 2022.

Last year, the Monetary Authority of Singapore (MAS) approved the country’s first digital banking licenses. Four licenses were issued with two each for digital full bank license (DFB) and digital wholesale bank license (DWB). In Indonesia, there are already seven digital banks and another seven are pending licences from the Financial Services Authority (OJK).

*Note for media: Established in 1990 by the central bank of Malaysia and now regulated by the Securities Commission Malaysia as part of the "institutional infrastructure" to support the development of Malaysia’s bond market, RAM has rated more than USD450 billion of bonds issued by over 750 entities.

About Boost

Boost is the fintech arm of Axiata that unifies financial services spanning payments, micro-financing, micro-insurance, cross border content services and merchant solutions. We combine deep fintech, in-house data and AI to meet growing and diverse needs of our customers and merchants across the region, with the aim of becoming a full spectrum fintech player in Southeast Asia. Our businesses are streamlined into four core brands:

Boost Life

The eWallet consumer platform that focuses on consumer lifestyle offerings such as online and offline retail payments, bill settlement, insurance and transportation & transit use cases with new features constantly introduced.

Boost Biz

The merchant business that offers a payment platform for enterprises of all sizes, business tools and digitalisation solutions.

Boost Credit      

Formerly Aspirasi, it houses the micro-financing & micro-insurance business and is a pioneering Digital Alternative financier in Malaysia and Indonesia.

Boost Connect

Formerly Apigate, Boost Connect is a global digital monetization and customer growth payment platform ecosystem provider with innovative products and services.

Users can download Boost from the Google Play Store, App Store or HUAWEI AppGallery.

For more information, check out the website at www.myboost.com.my, newsroom, or follow Boost on Facebook (facebook.com/myboostapp) and Instagram (instagram.com/myboostapp).

PR Newswire

TD Holdings, Inc. Reports Fiscal Year 2021 Financial Results

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SHENZHEN, China, March 17, 2022 — TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced its financial results for the year ended December 31, 2021.

Ms. Renmei Ouyang, the Chief Executive Officer of the Company, stated, "We delivered exceptional business results for the year ended December 31, 2021, driven by continued execution of our strategy and our demonstrated ability to manage challenges brought by COVID-19 epidemic. For the year ended December 31, 2021, our revenue increased by 612% to $201.13 million and net loss narrowed down by 84% to $0.94 million, compared with $28.27 million and $5.95 million for the year ended December 31, 2020. The results give us the confidence to reach operating break-even or even profitable soon and we are delighted to see that we are moving in that direction."

Ms. Renmei Ouyang continued, "For the year ended December 31, 2021, we accomplished several key milestones across the entire organization, building a stronger foundation for ongoing success. Looking forward, we intend to continue driving growth in our business by leveraging our market leadership and investing to capitalize on robust demand dynamics. We will keep exploring our business opportunities in the markets of global gold spot trading, digital cloud warehouse as well as lightweight new materials. We believe that our unique market position and visionary growth strategy allow us to increase return of capital to our shareholders."

Fiscal Year 2021 Financial Highlights

  • Revenue from commodities trading business was $201.13 million, consisting of $197.95 million from sales of commodities products, and $3.18 million from supply chain management services, compared with $28.27 million for the year ended December 31, 2020, representing an increase of $172.87 million or 612%.
  • Net loss from continuing operations was $0.94 million, compared with net loss from continuing operations of $2.40 million for the year ended December 31, 2020.
  • Basic and diluted loss per share from continuing operations was $0.01, compared with basic and diluted loss per share from continuing operations of $0.05 for the year ended December 31, 2020.

Fiscal Year 2021 Financial Results

Revenues

For the year ended December 31, 2021, the Company sold non-ferrous metals to twenty-four third party customers and three related party customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $173.90 million and $24.05 million, respectively, from sales of commodity products to twenty-four third party customers and three related party customers, compared with $8.25 million and $16.24 million, respectively, for the year ended December 31, 2020.

For the year ended December 31, 2021, the Company earned commodity distribution commission fees of $3.18 million from third party vendors compared with commission fees of $1.63 million from seven third party customers and distribution service fees of $2.14 million from three related party customers for the year ended December 31, 2020.

Cost of revenue

Our cost of revenue primarily includes cost of revenue associated with commodity product sales and cost of revenue associated with management services of supply chain. Total cost of revenue increased by $173.49 million, or 704% to $198.13 million for the year ended December 31, 2021, from $24.64 million for the year ended December 31, 2020, primarily due to an increase of $173.44 million in cost of revenue associated with commodity product sales. The cost of revenue increased in line with the increased sales.

Selling, general, and administrative expenses 

Selling, general and administrative expenses increased by $5.10 million, or 168%, to $8.14 million for the year ended December 31, 2021, from $3.04 million for the year ended December 31, 2020. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, amortizations of intangible assets and convertible promissory notes, professional service fees and finance offering related fees. The increase was mainly attributable to (1) amortization of intangible assets of $3.93 million, and (2) amortization of convertible promissory notes of $0.49 million for the year ended December 31, 2021 while no such issuance for the year ended December 31, 2020.

Share-based payment for service

On March 4, 2021, the Company issued 750,000 fully-vested warrants with an exercise price of $0.01, with a five-year life, to an agent who was engaged to complete the warrant waiver and exercise agreements. The Company applied Black-Scholes model and determined the fair value of the warrants to be $1.70 million. Significant estimates and assumptions used included stock price on March 4, 2021 of $2.27 per share, risk-free interest rate of one year of 0.08%, life of 5 years, and volatility of 71.57% for the year ended December 31, 2021.

On July 16, 2021, the Company issued 140,000 shares of the Company’s common stock as compensation to a PR service provider for increasing the Company’s visibility in the financial news community, and recognized 141,400 Share-based payment for service to profit.

For the year ended December 31, 2020, no such expenses incurred.

Interest income

Interest income was primarily generated from loans made to third parties and related parties. Interest income increased by $3.84 million, or 62%, to $10.08 million for the year ended December 31, 2021, from $6.24 million for the year ended December 31, 2020. The increase was primarily due to loans made to Yunfeihu for the year ended December 31, 2021. For the year ended December 31, 2021, $4.12 million was attributed to related party and $5.94 million was generated from third party vendors.

Amortization of beneficial conversion feature and relative fair value of warrants relating to issuance of convertible notes

For the year ended December 31, 2021, there was amortization of beneficial conversion feature of $1.46 million of the three convertible promissory notes issued on January 6, 2021, on March 4, 2021 and on October 4, 2021.

For the year ended December 31, 2020, there was full amortization of beneficial conversion feature of $3.40 million and amortization of relative fair value of warrants of $3.06 million relating to the convertible promissory notes which was exercised in May 2020.

Net loss from continuing operations

Net loss from continuing for the year ended December 31, 2021 was $0.94 million, compared with net loss from continuing operations of $2.40 million for the year ended December 31, 2020.

Net loss

Net loss for the year ended December 31, 2021 was $0.94 million, compared with net loss of $5.95 million for the year ended December 31, 2020.

For the Year Ended December 31, 2021 Cash Flows

As of December 31, 2021, the Company had cash and cash equivalents of $4.31 million, compared with $2.70 million as of December 31, 2020.

Net cash provided by operating activities was $8.03 million for the year ended December 31, 2021, compared with $29.86 million as of December 31, 2020.

Net cash used in investing activities was $71.52 million for the year ended December 31, 2021, compared with $132.58 million as of December 31, 2020.

Net cash provided by financing activities was $64.12 million for the year ended December 31, 2021, compared with $106.15 million as of December 31, 2020.

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information, please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 epidemic and the impact it will have on the Company’s operations, the demand for the Company’s products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Ascent Investor Relations LLC  
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 917 609 0333

TD HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
As of December 31, 2021 and 2020

December 31,

December 31,

2021

2020

ASSETS

Current Assets

Cash and cash equivalents

$

4,311,068

$

2,700,013

Loans receivable from third parties

115,301,319

18,432,691

Due from related parties

11,358,373

55,839,045

Other current assets

3,288,003

1,310,562

Total current assets

134,258,763

78,282,311

Non-Current Assets

Plant and equipment, net

2,872

–

Goodwill

71,028,283

69,322,325

Intangible assets, net

21,257,337

19,573,846

Right-of-use assets, net

888,978

–

Total non-current assets

93,177,470

88,896,171

Total Assets

$

227,436,233

$

167,178,482

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$

3,337,758

$

–

Bank borrowings

1,129,288

1,653,247

Third party loans payable

476,779

–

Advances from customers

5,221,874

9,214,369

Due to related parties

21,174

7,346,021

Income tax payable

8,441,531

5,460,631

Lease liabilities

310,665

–

Other current liabilities

4,297,793

3,197,147

Acquisition payable

–

15,384,380

Convertible promissory notes

3,562,158

–

Total current liabilities

26,799,020

42,255,795

Non-Current Liabilities

Deferred tax liabilities

4,178,238

4,893,461

Lease liabilities

586,620

–

Total non-current liabilities

4,764,858

4,893,461

Total liabilities

31,563,878

47,149,256

Commitments and Contingencies (Note 16)

Equity

Common stock (par value $0.001 per share, 600,000,000 shares
authorized; 138,174,150 and 79,131,207 shares issued and outstanding
at December 31, 2021 and 2020, respectively)

138,174

79,131

Additional paid-in capital

224,790,409

151,407,253

Statutory surplus reserve

1,477,768

913,292

Accumulated deficit

(42,200,603)

(39,255,945)

Accumulated other comprehensive income

11,666,607

6,885,495

Total TD Shareholders’ Equity

195,872,355

120,029,226

Total Equity

195,872,355

120,029,226

Total Liabilities and Equity

$

227,436,233

$

167,178,482

TD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
For the Years Ended December 31, 2021 and 2020
(Expressed in U.S. dollars, except for the number of shares)

For the Years Ended

December 31,

2021

2020

Revenues

Sales of commodity products – third parties

$

173,904,016

$

8,252,866

Sales of commodity products – related parties

24,049,999

16,243,777

Supply chain management services – third parties

3,180,227

1,631,318

Supply chain management services – related parties

–

2,140,840

Total Revenues

201,134,242

28,268,801

Cost of revenues

Commodity product sales – third parties

(173,996,000)

(7,853,215)

Commodity product sales – related parties

(24,045,511)

(16,744,094)

Supply chain management services – third parties

(84,118)

(43,162)

Total operating costs

(198,125,629)

(24,640,471)

Gross profit

3,008,613

3,628,330

Operating expenses

Selling, general, and administrative expenses

(8,137,481)

(3,035,598)

Share-based payment for service

(1,836,442)

–

Total operating expenses

(9,973,923)

(3,035,598)

Other income (expenses), net

Interest income

10,079,776

6,239,943

Interest expenses

(313,965)

(185,106)

Amortization of beneficial conversion feature relating to issuance
of convertible promissory notes

(1,463,883)

(3,400,000)

Amortization of relative fair value of warrants relating to issuance
of convertible promissory notes

–

(3,060,000)

Impairment of investment in an equity investee

–

(410,000)

Other income (expense), net

(285,774)

–

Total other income (expenses), net

8,016,154

(815,163)

Net income(loss) from continuing operations before income taxes

1,050,844

(222,431)

Income tax expenses

(1,991,201)

(2,177,924)

Net loss from continuing operations

(940,357)

(2,400,355)

Net loss from discontinued operations, net of tax

–

(3,551,258)

Net loss

(940,357)

(5,951,613)

Net loss attributable to TD Holdings, Inc.’s Stockholders

$

(940,357)

$

(5,951,613)

Other comprehensive income

Net loss

$

(940,357)

$

(5,951,613)

Foreign currency translation adjustment

4,781,112

7,219,776

Comprehensive income

3,840,755

1,268,163

Weighted Average Shares Outstanding-Basic

107,417,633

51,273,048

Weighted Average Shares Outstanding- Diluted

121,099,328

51,273,048

(loss) per share- basic

$

(0.01)

$

(0.12)

(loss) per share- diluted

$

(0.01)

$

(0.12)

(loss) per share continuing – basic and diluted

$

(0.01)

$

(0.05)

Income (loss) per share discontinued – basic and diluted

$

–

$

(0.07)

TD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2021 and 2020
(Expressed in U.S. dollar)

For the Years Ended

December 31,

2021

2020

Cash Flows from Operating Activities:

Net loss

$

(940,357)

$

(5,951,613)

Less: Net loss from discontinued operations

–

3,551,258

Net loss from continuing operations

(940,357)

(2,400,355)

Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:

Depreciation of plant and equipment

622

–

Impairment of right of use assets

–

176,225

Amortization of right-of-use lease assets

45,309

–

Amortization of intangible assets

3,927,961

514,618

Amortization of beneficial conversion feature of convertible
promissory notes

489,000

–

Interest expense for convertible promissory notes

417,784

–

Stock-based compensation to senior management

–

37,899

Share-based payment for service

1,836,442

–

Standstill fee relating to convertible promissory notes

356,934

–

Amortization of beneficial conversion feature relating to issuance
of convertible promissory notes

1,463,883

3,400,000

Amortization of relative fair value of warrants relating to issuance
of convertible promissory notes

–

3,060,000

Impairment on investment securities

–

–

Impairment of equity investments

–

410,000

Deferred tax liabilities

(825,945)

(135,930)

Changes in operating assets and liabilities, (net of assets and
liabilities acquired and disposed):

Other current assets

5,558,942

(776,626)

Inventories

–

403,471

Prepayments

–

13,317,930

Due from related parties

(496,242)

(4,327,269)

Advances from customers

(4,170,261)

6,692,708

Due from third parties

(2,619,091)

5,321,874

Income tax payable

2,808,268

2,313,853

Due to related parties

(5,516,085)

–

Accounts payable

3,299,002

–

Other current liabilities

1,039,735

2,148,993

Lease liabilities

886,866

(176,225)

Due to third party loans payable

471,243

–

Net cash provided by operating activities from continuing operations

8,034,010

29,981,166

Net cash used in operating activities from discontinued operations

–

(125,133)

Net cash provided by operating activities

8,034,010

29,856,033

Cash Flows from Investing Activities:

Purchases of intangible assets

(5,115,803)

–

Purchases of plant and equipment

(3,469)

–

Purchases of operating lease assets

(923,964)

–

Investment in subsidiary, net of cash acquired

(15,579,946)

(82,227,328)

Payment made on loan to related parties

–

(47,114,208)

Payment made on loans to third parties

(108,800,053)

(173,673,614)

Collection of loans from third parties

13,504,542

170,432,603

Collection of loans from related parties

45,397,738

–

Net cash used in investing activities from continuing operations

(71,520,955)

(132,582,547)

Net cash used in investing activities from discontinued operations

–

–

Net cash used in investing activities

(71,520,955)

(132,582,547)

Cash Flows from Financing Activities:

Repayments made on loans to third parties

(558,088)

(318,748)

Repayment made on loans to related parties

(1,901,724)

–

Proceeds from borrowings from related parties

–

1,613,696

Proceeds from issuance of common stock under ATM transaction

2,192,989

–

Proceeds from registered direct offering, net of transaction costs

–

20,000,000

Proceeds from issuance of common stock under private placement transactions

57,877,941

18,500,000

Proceeds from issuance of convertible promissory notes

6,500,000

30,000,000

Proceeds from exercise of warrants

7,500

36,353,731

Net cash provided by financing activities from continuing operations

64,118,618

106,148,679

Net cash provided by financing activities from discontinued operations

–

–

Net cash provided by financing activities

64,118,618

106,148,679

Effect of Exchange Rate Changes on Cash

979,382

(2,499,428)

Net Increase in Cash

1,611,055

922,737

Cash, Beginning of Year

2,700,013

1,777,276

Cash, End of Year

$

4,311,068

$

2,700,013

Less: Cash from discontinued operations

–

–

Cash from continuing operations

$

4,311,068

$

2,700,013

Cash paid for interest expense

$

92,062

$

18,073

Cash paid for income taxes

$

75,416

$

–

Supplemental disclosure of non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease obligations

$

–

$

186,191

Issuance of common stocks in connection with private placements, net of issuance costs with proceeds collected in advance in November 2019

$

–

$

1,600,000

Issuance of common stocks in connection with conversion of convertible promissory notes

$

–

$

30,000,000

Issuance of common stocks in connection with cashless exercise of 962,022 warrants

$

–

$

1,269,869

Fair value of HC High Summit assets disposed

$

–

$

5,320,768

HC High Summit liabilities derecognized

$

–

$

(2,606,257)

Issuance of common stocks in exchange of investments in one equity investee

$

1,439,826

$

–

 

PR Newswire

Funding Societies Announces US$16M ESOP Buyback for Former and Existing Employees

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The announcement follows the Company’s recent US$294m Series C+ equity and debt funding round and will be its fourth ESOP Buyback

SINGAPORE, 16 March, 2022 — Funding Societies (also known as Modalku in Indonesia), Southeast Asia’s largest SME digital financing platform, announces its Employee Stock Option Plan (ESOP) buyback for existing and former employees worth US$16 million. The ESOP buyback marks the fourth time this activity has been conducted by the FinTech platform. Prior, employees and company alumni have cashed out US$3.5 million worth of ESOP shares.

Kelvin Teo, Co-founder & Group CEO, Funding Societies | Modalku
Kelvin Teo, Co-founder & Group CEO, Funding Societies | Modalku

Funding Societies’ ESOP policy was designed for inclusivity and equality. Under the buyback scheme, all eligible former and current employees would have a right to sell their shares at no discount to the Series C+ preference share price to incoming investors, as compared to the customary 20% discount in industry. Employees may also choose to keep their ESOP or convert their vested ESOP into shares, effectively becoming company shareholders.

Many Funding Societies employees are eligible for the ESOP policy, including new hires. The company offers 50% of total annual salary in ESOP allotment for eligible new hires, leading the market and setting industry standards. Funding Societies also places strong emphasis on long-serving employees in its ESOP scheme. Eligible loyal employees are entitled to ESOP on every 2-year anniversary of joining the company. More than 120 current and former employees since Funding Societies’s inception received cash rewards from this share buyback.

Kelvin Teo, Co-founder and Group CEO of Funding Societies | Modalku, said, "Cliche as it may be, people are the center of Funding Societies | Modalku. We’re grateful for their faith and dedication to realise the vision of empowering Southeast Asian MSMEs, including that of our current team members, and especially from many founding team members in each country who are still with us, along with talent who have left us after an amazing stint, and people who have returned to us. We decided to buyback at no discount rather than the usual 20% discount, equating to a few millions more in cash payout, as a tangible way to thank our team. And I’m heartened when some team members shared about their first home with me from their ESOP gains."

He added: "Even before our Series C+ round, I am also pleased to report that 2021 saw the lowest employee attrition rate and the highest employee happiness scores since Funding Societies was founded. Despite the impact of Covid-19, we have taken deliberate steps to appreciate our team across various initiatives including internal communications, learning & development and ESOP, among others. Next, we want to do more to create a suitable working environment for parents. Specifically, we are taking steps to accommodate mothers by offering better family benefits and have launched part-time positions with more flexible working hours."

The announcement came just a month after the company’s C+ US$144 million equity funding round led by SoftBank Vision Fund 2 and other investors, including VNG Corporation, Rapyd Ventures, Asia-based global investor EDBI, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures. The round also includes US$150 million in debt lines from institutional lenders across Europe, the United States, and Asia. Most of the raised funds will be utilised to propel company services for micro, small and medium enterprises (MSMEs) across Southeast Asia. A total of US$294 million was raised.

Funding Societies was founded in 2015 by Kelvin Teo and Reynold Wijaya out of Harvard Business School to empower MSMEs in Southeast Asia. The FinTech company solves MSMEs’ key pain points for growth, starting with the region’s US$300 billion financing gap. Funding Societies offers micro loans from US$500 up to US$1.5 million, which can be disbursed in as fast as 24 hours, answering in a timely manner to MSMEs who face the pertinent challenge of accessing business funds.

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia, Thailand, Malaysia, and operates in Vietnam. It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), which is funded by individual and institutional investors. In 7 years, it has helped finance over 5 million business loans with almost US$3 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it was honorably mentioned as Responsible Digital Innovator of the Year by World Bank IFC SME Finance Forum and won the MAS ASEAN Fintech award for the second time.

https://fundingsocieties.com/

PR Newswire

Lakeshore Acquisition II Corp. Announces Closing of $69 Million Initial Public Offering

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NEW YORK, March 12, 2022 — Lakeshore Acquisition II Corp. (the "Company"), a newly organized blank check company incorporated as a Cayman Islands exempted company and led by Chairman and CEO Bill Chen, today announced the closing of its initial public offering of 6,900,000 units (which includes full exercise of the underwriter over-allotment option) at an offering price of $10.00 per unit, with each unit consisting of one ordinary share of the Company, one-half of one redeemable warrant and one right to receive 1/10 of one ordinary share. Each whole warrant will entitle the holder thereof to purchase one ordinary share at $11.50 per share. The units began trading on the Nasdaq Capital Market ("NASDAQ") under the ticker symbol "LBBBU" on March 9, 2022. Once the securities comprising the units begin separate trading, the ordinary shares, the warrants and the rights are expected to be traded on the NASDAQ under the symbols "LBBB", "LBBBW," "LBBBR" respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 

The Company intends to use the net proceeds from the offering, and the simultaneous private placements of units, to consummate the Company’s initial business combination.

Network 1 Financial Securities, Inc. acted as sole book-running manager for the offering. Maxim Group LLC acted as an underwriter and financial advisor in connection with the offering.

A registration statement relating to the securities sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on March 8, 2022. The offering is being made only by means of a prospectus forming a part of the effective registration statement. When available, copies of the prospectus relating to this offering may be obtained by contacting Network 1 Financial Securities, Inc., 2 Bridge Avenue Suite241, Red Bank, NJ 07701, Attention Karen Mu, email kmu@netw1.com or by calling +1(800)886-7007.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Lakeshore Acquisition II Corp.

Lakeshore Acquisition I Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company’s initial public offering ("IPO"), the anticipated use of the net proceeds thereof and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Lakeshore Acquisition II Corp., including those set forth in the Risk Factors section of Lakeshore Acquisition II Corp.’s registration statement and prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Lakeshore Acquisition II Corp. undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information:

Bill Chen
Chief Executive Officer
Lakeshore Acquisition II Corp.
+1(917) 327 – 9933
bchen65@126.com

PR Newswire

AsiaInfo Announces 2021 Annual Results

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Three New Business Revenue Growth Doubled Again

Net Profit Achieved Double-digit Growth

HIGHLIGHTS:

  • Operating revenue amounted to approximately RMB 6,895 million, representing a year-on-year increase of 14.5%;
  • Revenue of Three New business1 amounted to approximately RMB 1,568 million, representing a year-on-year increase of 101.0%;
  • Gross profit amounted to approximately RMB 2,645 million, representing a year-on-year increase of 14.8%;
  • Gross profit margin reached 38.4%, representing an increase of 0.1 percentage point as compared with last year;
  • Net profit amounted to approximately RMB783 million, representing a year-on-year increase of 18.2%;
  • Net profit margin reached 11.3%, representing an increase of 0.3 percentage point as compared with last year;
  • A final dividend of HK$0.416 per Share was proposed. Annual dividend payout ratio was approximately 40%.

HONG KONG, March 8, 2022 — AsiaInfo Technologies Holdings Limited ("AsiaInfo" or the "Company", together with its subsidiaries, the "Group", Stock Code: 01675 HK) is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2021.

Revenue Growth Accelerated and Profitability Remained Healthy

The "14th Five-Year" Plan of the PRC put forward the notion of embracing digital era, accelerating the construction of a digital economy, a digital society and a digital government, thus the software industry will gain more opportunities for development. Facing the new stage and new characteristics of the PRC’s social and economic development, the Group actively strove to become a leading provider with full-stack digital and intelligent capabilities. In 2021, adhering to the strategy of "One consolidation, Three developments" and its five-year plan, the Group’s revenue growth accelerated and it registered double-digit growth in both operating revenue and net profit.

In 2021, the Group’s revenue amounted to approximately RMB 6,895 million, increased by 14.5% year-on-year. Among which, Three New business’s revenue amounted to approximately RMB 1,568 million, up by 101.0% year-on-year, while the proportion of Three New business to operating revenue further increased to 22.7%.  Gross profit margin amounted to 38.4% and net profit amounted to RMB 783 million, representing a year-on-year increase of 18.2%, with net profit margin expanded to 11.3%, representing an increase of 0.3 percentage point as compared with last year, maintaining healthy profitability.

The Board, after taking into full consideration of various factors including Shareholders’ returns, profitability, cash flow level and capital needs for future development of the Group, decided to propose the distribution of the 2021 final dividend of HK$0.416 per Share at the AGM with the annual dividend payout ratio of approximately 40%.

Fast Promotion of Three New Business & Doubling Revenue in DSaaS Again

In 2021, the Group seized the development opportunities brought by digital economy and continued its efforts in expanding DSaaS business, explored the value of data and information. It promoted various innovative business models such as results-based charging, sharing settlement and subscription, and successfully achieved multiple replication of such model adoption in customer groups, so as to provide several types of businesses, including user and content operation services, integrated big data construction and operation services for government affairs, and operational solutions for enterprise private domain traffic. Leveraging on the legal and compliant data sources, as well as its powerful AI and middle office technology sharing system, the Company unleashes the digital value and helps customers achieve value-based operations. In 2021, revenue from the DSaaS business achieved approximately RMB730 million, up by 107.5% year-on-year, accounted for 10.6% of operating revenue, becoming the strongest contributor among the Three New business driving the revenue growth of the Group.

In vertical industries and enterprise cloudification, the Group continued its strategic focus on the five key vertical industries, namely government affairs, finance, postal services, transportation and energy. Significant progress was made in the areas of government affairs and energy sectors. In the government affairs segment, the Group developed replicable solutions on digital government and acquired benchmark projects such as Shanghai Big Data Platform, Jieshou Digital City Brain and Zibo Big Data Platform. In the energy sector, the Group actively participated in China National Nuclear Power’s 5G private network-based production project and promoted the implementation of several typical 5G private network-based application scenarios in nuclear power, wind power, thermal power and other sub-sectors, accelerating the digital transformation of the energy sector. In addition, the Group had established strategic partnerships with mainstream cloud vendors such as Alibaba Cloud, Huawei Cloud, Baidu Cloud, Tencent Cloud, e-Surfing Cloud, Mobile Cloud, Wo Cloud and CECLOUD and deepened the cooperation with strategic partners to expand customers bases. It achieved sizable growth in delivery with Alibaba Cloud and for the first time, entered into RMB10 million-level project with Tencent Cloud. In 2021, the revenue from vertical industries and enterprise cloudification business of the Group amounted to approximately RMB 425 million, up by 135.6% year-on-year.

For OSS business, the Group takes full advantage of a technology middle-office software vendor and actively participates in the construction of operator network intelligentisation and network management systems, providing customers with products featuring "global domain virtualization, global domain intelligentisation and global domain cognition" and assisting operators to achieve business and network support capability integration. Moreover, the Group’s 5G network intelligentisation products commanded leading standard internationally and were enlisted in Gartner’s 2022 Global Network Intelligentisation Mainstream Vendor Matrix, and garnered the highest award for AI in China – Wu Wen Jun AI Science & Technology Progress Award. In 2021, the Group’s OSS business grew rapidly, achieving a revenue of approximately RMB 413 million, up by 66.7% year-on-year.

For BSS traditional business, the Group continues to capture a high market share and maintain a strong market leadership position. Facing changes in the external environment, the Group strived to explore business potential and continued to improve efficiency. It actively met the needs of customers for business support transformation and innovation, assisted customers in digital and intelligent upgrade. In 2021, the Group’s traditional business revenue amounted to approximately RMB 5,327 million, up by 1.7% year-on-year.

In research and development (R&D), the Group stepped up innovation and R&D initiatives in emerging business, including multi-party secure computing, federated learning, edge AI, digital twins, 5G private networks, 5G network intelligentisation, databases and other new technologies and new products. Many of these premium products were successfully commercialised in telecommunications and other vertical industries, supporting the rapid development of Three New business. Moreover, the Group continued to intensively participate in 20 international/ national standards organizations, including 3GPP, ITU, ETSI, IEEE, TMF and O-RAN with leading contributions to 40 international communication standards. In 2021, the Group’s R&D expenses amounted to approximately RMB1,006 million, representing a year-on-year increase of 19.7% and accounting for 14.6% of revenue.

Committed to "One consolidation, Three developments" Strategy to Fully Activate Growth Momentum

Facing the "14th Five-Year Plan" period, the digital economy has become a new engine for high-quality development of the PRC economy. In the market with both opportunities and challenges, the Group will continue to promote "One consolidation, Three developments" strategy, strive to unleash the value and efficiency of traditional business and endeavour to activate the growth momentum of Three New business, and dedicate to achieving the goal of "a business scale of over RMB10 billion, half of which comprises of the new business" in 2025.

For traditional market, the Group will strive to promote the development of new markets for BSS business. In 2022, the Group won the bidding for the construction of 5G business support system for China Broadcasting Network Group Corporation Ltd. Operational demands focusing on value-based operation, privilege operation and integrated operation will continue to prompt the needs of the customers in telecommunication industry for DSaaS. The demand for computing network as well as automatic and intelligent network will drive the needs in upgrading the OSS capability systems of customers. In terms of the enterprise cloudification business, the Group is actively facilitating cooperation with the state-owned cloud system, so as to increase its presence for actively developing the government affair and state-owned enterprise-based markets.

Note1: Three New business represents Data-driven Operation (DSaaS), vertical industries and enterprise cloudification, Operation Support Systems (OSS) business 

About AsiaInfo Technologies Limited

AsiaInfo Technologies Limited (stock code: 01675 HK) was founded in 1993 and successfully listed on the Main Board of the Hong Kong Stock Exchange in December 2018. It is a leading provider of software products, solutions and services, and a leading provider of integrated cloud and network management services, and is committed to becoming an enabler of digital transformation for large enterprises in the 5G era.

The Group actively embraces advanced technology such as 5G, cloud computing, big data, AI and Internet of Things, and adheres to the strategic decision of "One consolidation, Three developments", relying on its products, services, operations and integration capabilities. AsiaInfo takes 5G as an opportunity to fully deploy and enhance its value and efficiency in the traditional business and consolidate its leadership position in the BSS market. In terms of emerging business, the Group will strive for rapid scale development in 5G OSS network intelligence, DSaaS digital operation services, enterprise cloudification and vertical industry. At the same time, the Group will work with industry partners to build an ecological system, continue to promote business model transformation, and contribute to the digital transformation of enterprises and sustainable development of the industry.

AsiaInfo Technologies Limited offers industry-leading R&D capabilities and a wealth of telecom-grade software products, including customer relationship management, billing and accounting, big data, Internet of Things and 5G network intelligence products, serving large corporate clients in telecommunications, finance, energy, postal services, government affairs, transportation and other industries.

 

PR Newswire

Tuya to Report Fourth Quarter and Full Year 2021 Financial Results on March 14, 2022 Eastern Time

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SANTA CLARA, Calif., March 5, 2022 — Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA), a global leading IoT cloud development platform, today announced that it will report its fourth quarter and full year 2021 unaudited financial results on Monday, March 14, 2022, after the U.S. market closes.

Tuya’s management will hold a conference call at 08:00 P.M. Eastern Time on Monday, March 14, 2022 (08:00 A.M. Beijing Time on Tuesday, March 15, 2022) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including Direct Event passcode, a unique registrant ID, dial-in numbers, and an e-mail with detailed instructions to join the conference call.

Online registration:                        http://www.directeventreg.com/registration/event/ 9709158   
Conference ID:                              9709158

The replay will be accessible through March 21, 2022 by dialing the following numbers:

International:                       +1-800-585-8367
United States:                     +1-416-621-4642
Access Code:                      9709158

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.tuya.com/.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA) is a global leading IoT cloud development platform with a mission to build an IoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built IoT cloud development platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers. Through its IoT cloud development platform, Tuya has enabled developers to activate a vibrant IoT ecosystem of brands, OEMs, partners and end users to engage and communicate through a broad range of smart devices.

Investor Relations Contact

Tuya Inc.
Investor Relations
E-mail: ir@tuya.com

The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.com

PR Newswire

National Arts Group Announces Joint Venture with National Treasury and First Bullion to Create Metaverse Studio

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HONG KONG, March 4, 2022 — Asian leading film production and distribution company National Arts Entertainment Group Holdings Limited ("National Arts" or the "Company"; with its subsidiaries referred as the "Group"; Stock Code: 8228.HK) announce the establishment of a joint venture (JV) company with the National Treasure Management Limited ("National Treasure"), a renowned artist management and entertainment programme production company, and First Bullion Holdings Inc. ("First Bullion") holding company of a digital exchange in the Philippines, to develop a virtual reality, a "dreams come true" experience.

The joint venture company will build a metaverse studio simulating National Arts’s Xiqiao Shan filmmaking studio, which is famous for the unique panoramic film shooting scenes such as National Palace Museum, Kowloon Walled City, the Hong Kong Street and Shanghai Street. Music concerts & contexts, talent quests, movie clips production are available at the metaverse studio, providing immersive online entertainment experiences to players.

Players would also enjoy online shopping at the virtual Shanghai Street malls backed by non-fungible token (NFT) via an e-commerce platform including on/off share payment gateways and goods delivery. For offline operation, the JV company will organize singing, acting, movie making and martial arts training for players to actualize the virtual experiences in reality.

Mr Chow Kai Weng, the Associate Chairman of the National Arts Group said, "Metaverse is the future of entertainment. As the first PRC film production company tapping into the metaverse, I am optimistic about the opportunity. We are open to expanding the virtual reality and even Metaverse businesses in the future. Our artist management will go hand in hand with the metaverse development. "

Mr Dennis Yu, the Executive Director of the National Treasure commented, "Bringing into blockchain and metaverse elements, we hope to redefine the entertainment industry with innovation. Metaverse studio will be a good chance to enhance the movies and music presentation, as well as the online-offline entertainment lifestyle to another level."

Mr Philip Tam Pak Yin, the Founder of First Bullion said, "To create the Metaverse Studio, we will bring together a critical mass of interconnected technologies, including virtual reality, artificial intelligence, augmented reality, blockchain, brain-computer interfaces, web 3.0, etc and the entertainment industry in the decentralized world. Our leading digital assets and STO exchange CryptoSX will fully support the Metaverse Studio to make it accessible and fun to all participants and users."

Under the Letter of Cooperation, the Group, First Bullion, and National Treasure will own 40%, 30% and 30% equity interest respectively in the JV company. Each of the party has right to appoint one director to the JV company. National Arts hopes to promote the GBA entertainment, online games and sales to the mass market through the metaverse studio. National Treasure will provide the design and arts direction for the virtual reality environment and virtual artists creation. First Bullion will support the blockchain technology related to the NFT e-commerce.

PR Newswire

Gefen’s new capability to increase customers share of wallet

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TEL AVIV, Israel, March 3, 2022 — Gefen (ASX: GFN) is introducing a new capability to the platform called "Managed by." The Managed by capability allows agents to retain their ownership over customers – but grant another agent or another department in the Arena access and acting rights on the customer.

Customers are agents’ most valuable asset. The agents protect and nourish them. But agents are limited in their capacity to increase the share of wallet – the customer’s coverage and variety of financial and insurance services managed by them. Each agent specializes and is sometimes licensed to sell and service a particular variety.

Agents can now collaborate on products and services, share commissions and outsource operations – while maintaining full control and visibility to what was done, when and by whom. With all calls, emails and other customer transactions kept on record in one place – the agent does not need to rely on "trust" and can maintain full ownership on their asset.

Furthermore – as the Managed by capability is tightly coupled with Gefen’s GQL AI engine (Genetically Qualitative Learners – the platform’s ability to harness expert intuition into digital decision making) – customers can go into a managed group in bulk (high potential, showed interest in a service, requires retention) based on complex business strategy and goals.

The Managed by capability is now available on all operations, on the web and mobile apps.

For further information, please contact:
Investor & Media Enquiries
Gefen International AI LTD 
Orni Daniel, Co-CEO
info@gefen.online 

PR Newswire

More4apps Gains Momentum in the US as Preferred Oracle ERP Cloud Vendor

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Only six months after launching the ERP Cloud Toolbox, More4apps locks in several US-based enterprises with an end-user, automation-led approach.

NEWPORT BEACH, Calif., Feb. 25, 2022 — More4apps, a longstanding Oracle Gold partner, is gaining popularity across the United States with its newly-released Oracle ERP Cloud offerings designed to help clients significantly improve data-related processes, particularly for their Finance and Projects departments. 


The ERP Cloud Toolbox consists of a familiar Excel spreadsheet interface that integrates directly with Oracle’s public Web Services to streamline data updating and loading. It verifies data in real -time and provides a consistent and user-friendly experience across all functions. 

"Oftentimes with Oracle ERP, data owns the company rather than the company owning the data," says Brian Grossweiler, VP, Sales & Commercial Operations at More4apps. "With our ERP Cloud Toolbox, our customers build better processes while clearing away major data bottlenecks." 

This is particularly true for several large US-based companies who are utilizing More4apps’ solutions in place of the inherited data loaders within Oracle ERP Cloud. By implementing an Excel-based solution, end-users could eliminate hassle-prone tools – like FBDI – remove IT involvement, and increase productivity levels across several departments.

Recent US Customer Wins and Use Cases:

  1. Problem: A US-based satellite and hybrid communications company was processing 2,000 purchase orders annually, with more than 250 open at any one time. Financial statement preparation was delayed due to the manual nature of updating purchase orders to account for quantities delivered and delivery dates.

    Solution: Now, the buyers can be self-sufficient and handle multiple line items at once while the sourcing team focuses on negotiating better deals for the company.

  2. Problem: A large engineering company struggled to maintain more than 30,000 projects per year – specifically with task end dates, deliverables, and key demographic information.

    Solution: The More4apps Projects Module allowed the company to make updates in mass, greatly improving operational efficiencies.

  3. Problem: A US digital banking company migrated from Oracle E-Business Suite to Oracle ERP Cloud, which called for major process improvements and end-user enablement.

    Solution: The Projects Module accelerated project data entry and ongoing maintenance, including the ability for end-users to update multiple lines and rows within Microsoft Excel and in large quantities. 

With More4apps, customers can download, edit, and upload large volumes of data in a fraction of the time it takes to use Oracle’s forms for the same tasks. Data loading and downloading are fast and uncomplicated, saving time and improving data and reporting accuracy.

"We created this suite of tools to empower procurement teams to get the most out of Oracle ERP,"  said John O’Keeffe, More4apps CEO and Founder." Functioning as an Excel spreadsheet, our tools make it easy for you to create and react to user procurement requests, as well as verify and upload data instantaneously into Oracle." 

About More4apps

Established in 2000, More4apps was formed by a group of Oracle consultants in Hamilton, New Zealand. As a specialist software provider for both end-users and developers, the core purpose of More4apps products is to allow Oracle e-Business Suite and Cloud ERP users to save time and money by using Excel as an interface for Oracle’s Enterprise Resource Planning (ERP) system.

More4apps, an Oracle-certified partner, currently serves more than 34,000 Oracle users in 400 companies worldwide. 

Contact details: Stephanie DiPaolo
Email address: stephanie.dipaolo@more4apps.com
Website: https://more4apps.com
Social media accounts: https://www.linkedin.com/company/more4apps 

 

PR Newswire

GemForex Enhances Asset Lists, Adds Twelve New Instruments

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HO CHI MINH CITY, Vietnam, Feb. 26, 2022 — 2022 is so far characterized by increased volatility across several markets, mainly due to geopolitical tensions and the ongoing effects of the COVID-19 pandemic. For that reason, a reliable trading service provider must equip its clients with a diverse asset list, enabling flexibility as market conditions change. Leading global online GemForex has taken that into consideration, recently announcing an immediate enhancement to its asset offering, adding a dozen new instruments, mainly but not limited to the forex sector.

"Opportunity is the name of the game here, and we want our traders to be open to as many of those as possible," explained Jieren Marrody, spokesperson for GemForex. "While many other trading brands just copy from each other, we want to bring something new to the table here, giving our customers as much exposure as we can – but doing it responsibly, for their sake. Our motto has always been that our success as a trading brand must stem from our clients’ success. We don’t see any reason to change that."

Diversity – the key to healthy progress

Among the new assets which are now on GemForex’s list, traders can find exotic forex pairs such as EURMX, MXNJPY, and SGDJPY, alongside minors with great potential such as EURSEK, USDPLN, and USDNOK. This is an addition to the already-rich list of tradable forex pairs offered by the brand, including the EURUSD, USDJPY, and many more. Moreover, users can now trade on CFDs of the popular platinum metal, alongside others such as gold and silver, with attractive spreads.

"Our loyal clients know that each and every asset added to our list is a result of careful analysis and research," added Marrody. "Our team of experts works tirelessly to bring nothing but the best assets to the palms of our traders, while minimizing risk."

About GemForex

Established in 2010, GemForex today is a leading name in the industry and an award winning broker, mainly thanks to its client-centric approach and the state of the art technology implemented. Especially popular is the brand’s ‘No Spread Account‘ for forex traders, granting high leverage alongside zero spreads and transaction fees. Both the MetaTrader 4 and the MetaTrader 5 are accessible with GemForex, granting extra diversification possibilities. Furthermore, service is granted in multiple languages by a team of skilled representatives, easily reachable through the brand’s website.