Business
RC365 acquires Money Lenders Licence
RC365 acquires Money Lenders Licence.
About this update from Rc365 Holding Plc
[{"type":"text","content":"\n\n22 July 2024\n \nRC365 Holding plc\n(\"RC365\" or the \"Company\")\n \nRC365 acquires Money Lenders Licence\nNew licence advances strategy to expand into the virtual banking market\n \nRC365 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. \n \nThe 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.\n \nRC365 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).\n \nChi 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.\" \n \nFor further information please contact:\n \n\n\n\n\nRC365 Holding plc\n\n\n \n\n\n\n\nChi Kit LAW, Chief Executive Officer\n\n\nT: +852 2251 1621\nE: [email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nGuild Financial Advisory Limited - Financial Adviser\n\n\n \n\n\n\n\nRoss Andrews\n \n\n\nT: +44 (0)7973 839767\nE: [email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nEvangeline Klaassen\n\n\nT: +44 (0)7972 841276\nE: [email protected]\n\n\n\n\n \n\n\n\n\n\n\n\nGracechurch Group - Financial PR\n\n\n\n\n\n\n\nHarry Chathli, Claire Norbury, Heather Armstr...