Business
MMTEC, INC. Announces Acquisition of a 49% Interest In a Newly-Formed Entity called Xchain Fintech PTE.LTD., Singapore corporation
BEIJING, July 1, 2019 /PRNewswire/ -- MMTEC, Inc. (Nasdaq:MTC) ("MMTec" or the "Company") a China based technology company that provides access to the U.S.
About this update from Mmtec, Inc.
[{"type":"text","content":"BEIJING, July 1, 2019 /PRNewswire/ -- MMTEC, Inc. (Nasdaq:MTC) (\"MMTec\" or the \"Company\") a China based technology company that provides access to the U.S. financial markets, announces the acquisition of a 49% interest in a newly-formed entity called Xchain Fintech PTE.LTD., Singapore corporation. The Company was not required to make a substantial investment in Xchain Fintech PTE.LTD. Xchain Fintech PTE.LTD. has been formed for the purpose of providing technical support for the construction and development of new solutions for the existing problems of the traditional financial industry, the difficulty experienced by investors in investing and allocating investment assets globally, and the protection of funds and investments by using advanced technologies, such as artificial intelligence, big data analysis and blockchain. \nABOUT MMTEC, INC.\nHeadquartered in Beijing, China, our Company was founded on January 4, 2018. We have developed and deployed a series of platforms, including the ETN Counter Business System, the PTN Private Fund Investment Management System, the Personal Mobile Transaction Client System, the PC Transaction Client System, the Individual and Institutional Integrated Account Management System, and the Quantitative Investment Transaction Platform, which comprise a business chain that enables Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms to engage in securities market transactions and settlements globally. For additional information about the Company please refer to its corporate website at http://www.51mm.com.\nFORWARD-LOOKING STATEMENTS\nThis press release may contain certain \"forward-looking statements\" relating to the business of MMTEC, Inc. and its subsidiary companies. All statements other than statements of historical fact included herein are \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's ability to meet its projected output for the term of the supply contract; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often id...