Business
Luxventure Closed a Cross-Border Payment Agreement with Hainan New Generation Technology Co., Ltd. for Digital Payments
SHISHI, China, March 29, 2021 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear
About this update from Jx Luxventure Group Inc.
[{"type":"text","content":"SHISHI, China, March 29, 2021 /PRNewswire/ -- KBS Fashion Group Limited (\"KBS\" or the \"Company\") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China and the operator of Luxventure, a social media platform, announced today that through Hua Zhi Guan (Hainan) Cross-Border E-Commerce Co., Ltd, Luxventure closed a Cross-Border Payment Agreement (\"Agreement\") with Hainan New Generation Technology Co., Ltd. (\"HNGT\"), a leading on-line payment operator. The Agreement was entered into on December 25, 2020 and the transaction closed on March 15, 2021.\nPursuant to the Agreement, Luxventure will cooperate with HNGT in connection with on-line payment for cross-border transactions. As part of the cooperation, Luxventure will be the first E-commerce cross-border merchandise operator from Hainan to test the digital Renminbi, the on-line currency issued by the Central Bank of China. \nMs. Sun Lei, Chief Executive Officer of the Company commented: \"We are proud of this cooperation with HNGT. HNGT has an extremely strict criteria for cooperation and it took Luxventure almost three months to meet its qualifications. We are honored to be the first E-commerce cross-border merchandize operator from Hainan to test the digital RMB. Luxventure began full business operations a little more than 6 months ago. This is a true testament of our focus on Blockchain and its related applications. We look forward to working with HNGT and becoming a part of the digital payment revolution.\" \nThis press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout KBS Fashion Group Limited\nHeadquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of i) designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 30 KBS branded stores (as of Dec 31, 2019) and over a number of multi-brand stores. KBS Fashion Group is the operator of Luxventure, a social media platform. To learn more about the Company, please visit its corporate website at www.kbsfashion.com. \nSafe Harb...