22nd Jul 2024 14:34
(Alliance News) - RC365 Holding PLC on Monday said it acquired a money lenders licence in Hong Kong which will allow the company to expand its virtual banking offering.
The London-based payment solution and fintech company obtained the licence through a subsidiary company, which acquired the licence holder, HC Capital Group Ltd.
RC365 shares were up 37% to 2.68 pence each in London on Monday afternoon.
The transaction cost RC365 a cash consideration of HKD230,000 or GBP22,803.
Chief Executive Officer Chi Kit Law said: "We are pleased to have acquired this Money Lenders Licence, which will allow us to expand our offering to include digital money lending services.
"This broadens our portfolio for attracting new customers as well as being an excellent value-added service for our existing customers... who often face challenges in securing credit with the paper-intensive processes of traditional banks. A key element of our growth strategy is the expansion into virtual banking, and this licence represents important progress towards achieving that goal."
RC365 plans to offer digital lending services through its RCPAY subsidiaries, with the service expected to launch by the end of the current calendar year as an app-based product.
By Elijah Dale, Alliance News reporter
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