Business
Hammer Fiber Optics Holding Corp. Announces Letter of Intent to Acquire a Controlling Stake of Mobile Finance Group Ltd ("Wallet Factory")
Hammer Fiber Optics Holding Corp. Announces Letter of Intent to Acquire a Controlling Stake of Mobile Finance Group Ltd ("Wallet Factory").
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"Sarasota, Florida--(Newsfile Corp. - October 19, 2022) - Hammer Fiber Optics Holdings Corp d/b/a Hammer Technology Holdings (OTCQB: HMMR), announced today that it has entered into a non-binding letter of intent with shareholders of Mobile Finance Group Ltd trading under the brand name of Wallet Factory, a FinTech provider of digital finance services and enterprise-grade e-Wallet platforms. The LOI contemplates that the parties will enter into a definitive agreement pursuant to which HMMR will acquire a controlling interest in the outstanding common stock of Mobile Finance Group Ltd (\"Wallet Factory\"). Wallet Factory offers digital wallet software solutions such as all-in-one e-Wallets with B2B and B2C payment platforms and cloud-based customer reward programs to banks, wallet operators, telecoms and large retailers. Founded in 2016, Wallet Factory is presently operating more than 25 revenue-generating projects in 12 countries across 5 continents, boasting over 4.5M end customers worldwide, as well as garnering revenues rising at a steady CAGR of 40% since its inception. Wallet Factory has taken a leading position in the Wallet-as-a-Service (WaaS) business within the global market place winning the GOLD Stevie® Award for Innovation in Technology Development in the Financial Services category of the third annual Middle East & North Africa Stevie Awards, sponsored by the RAK Chamber of Commerce & Industry (read article here). Wallet Factory CEO Mikhail Miro, a member of the Forbes Business Council, was recently featured in an article by Forbes (read article here) to discuss the benefits of the WaaS model. The company has also been featured in articles by The Fintech Times, FinExtra and other fintech publications relating to their efforts to drive digital financial inclusion. Michael Cothill, Executive Chairman of HMMR, said, \"With the announcement of the HammerPay platform coming to Africa this quarter our focus is now on strategic acquisitions and partnerships that will augment our FinTech initiative and open up new avenues of revenue. Adding Wallet Factory to our portfolio will allow us to rapidly expand into other lucrative unbanked markets such as Central and South America, East Asia and other international markets where Wallet Factory currently offer services. Wallet Factory acquisition will not only bring in r...