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Hammer Fiber Optics Holdings Corp Announces the Closing of the Definitive Agreement to Acquire Telecom Financial Services Ltd
Hammer Fiber Optics Holdings Corp Announces the Closing of the Definitive Agreement to Acquire Telecom Financial Services Ltd.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - January 3, 2022) - Hammer Fiber Optics Holdings Corp., (OTCQB: HMMR), (soon to be Hammer Technology Holdings Corp.) (\"the Company\"), today announced the final closing of the definitive agreement between the parties to acquire a one hundred percent (100%) equity stake in Telecom Financial Services Ltd (\"TFS\"). As part of its evolving diversification strategy of the Hammer Group and under the terms of the agreement, TFS has been officially renamed HammerPay [USA] Ltd, which provides the Company a platform to aggressively pursue its strategy in the financial technology sector. The flagship product will be marketed under the brand name of \"HammerPay\" with its initial roll-out planned to service the continent of Africa-a historically underserved market for financial inclusion.\"Amongst other feature-rich digital banking capabilities, HammerPay will empower migrants living abroad, commonly known as the \"diaspora\", with a swift, safe, secure, and cost-effective way to send money home to their family and friends to provide a vital lifeline for food, clothing, shelter, education, healthcare, vaccines, transport, and utilities\" stated Michael Cothill, Executive Chairman of Hammer Group. \"In today's challenging financial markets, the HammerPay solution provides the diaspora the peace of mind that their funds will reach the intended target and not be diverted in any way. This is achieved through strict adherence to anti-money-laundering procedures inherently built into the HammerPay architecture and the flow of funds being directed exclusively and seamlessly between cross-border sending and receiving banks,\" said Cothill. The TFS acquisition has accelerated the HammerPay go-to-market strategy of a rapid adoption of the service amongst the diaspora by virtue of its existing banking relationships. In addition, integration with HammerPay's simple and robust API (\"Application Programming Interface\") facilitates private label opportunities and alliances with world-class financial institutions, banks, telecom operators, carriers, service providers and merchants. The primary goal being to accelerate their growth in the fintech space while leaving the bulk of the complex KYC/AML compliance, cross border licensing, and banking relationships to HammerPay. \"Now that the TFS-HammerPay closing is concl...