REG - RC365 Holding PLC - RC365 acquires Money Lenders Licence

RC365 HoldingAnnouncement

22/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240722:nRSV1848Xa&default-theme=true

RNS Number : 1848X  RC365 Holding PLC  22 July 2024

22 July 2024

 

RC365 Holding plc

("RC365" or the "Company")

 

RC365 acquires Money Lenders Licence

New licence advances strategy to expand into the virtual banking market

 

RC365 Holding plc (LSE: RCGH), an established payment solutions and fintech
company, is pleased to announce that it has gained a Money Lenders Licence
("MLL") in Hong Kong, which allows the Company to provide money lending
services to its clients for the first time and represents progress on its
strategy to expand its offering into virtual banking.

 

The Company intends to offer digital lending services through its RCPAY
subsidiaries to new and existing RC365 customers. It expects to launch the
service by the end of the current calendar year as an app-based product.

 

RC365 has gained the MLL via the acquisition, through a wholly-owned
subsidiary of the Company, of the entire issued share capital of HC Capital
Group Ltd, the licence holder, for a cash consideration of HK$230k. HC Capital
Group is licenced and regulated in Hong Kong under the Money Lenders Ordinance
(Chapter 163).

 

Chi Kit (Michael) LAW, Chief Executive Officer of RC365, 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, particularly for SME merchants
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."

 

For further information please contact:

 

 RC365 Holding plc
 Chi Kit LAW, Chief Executive Officer              T: +852 2251 1621

                                                   E: ir@rc365plc.com

 Guild Financial Advisory Limited - Financial Adviser
 Ross Andrews                                      T: +44 (0)7973 839767

                                                   E: ross.andrews@guildfin.co.uk

 Evangeline Klaassen                               T: +44 (0)7972 841276

                                                   E: evangeline.klaassen@guild.co.uk

 Gracechurch Group - Financial PR
 Harry Chathli, Claire Norbury, Heather Armstrong  T: +44 (0)204 582 3500

                                                   E: rc365@gracechurchpr.com

 

About RC365 Holding plc

 

RC365 Holding plc (LSE: RCGH) is an established payment solutions and fintech
company. It operates primarily in East and Southeast Asia through its core
subsidiaries of Regal Crown Technology and RCPAY, and the recently-established
RC365 Solutions.

 

For over 10 years, the Company has delivered efficient and secure payment
gateway solutions and IT support and development services for payment and
financial systems, including ERP solutions. In 2021, it commenced providing
digital remittance and payment services, which expanded to include foreign
exchange and premium card solutions. These services are provided to
multinational merchants, SMEs and individuals. RC365 intends to expand into
the virtual banking market and geographically, including in the UK and wider
Europe.

 

For more information, visit: https://www.rc365plc.com
(https://www.rc365plc.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSELFAFELSESW