Fintech
RC365 Acquires Money Lending License
RC365 Joint Stock Company (LSE: RCGH), an established payment solutions and fintech company, is pleased to announce that it has been granted a Money Lending License (“MLL”) in Hong Kong, which allows the Company to provide money lending services to its customers for the first time and represents a step forward in its strategy to expand its offering in the virtual banking sector.
The 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.
RC365 obtained the MLL through the acquisition, through a wholly-owned subsidiary of the Company, of the entire issued share capital of HC Capital Group Ltd, the holder of the license, for a cash consideration of HK$230,000. HC Capital Group is authorised and regulated in Hong Kong under the Money Lenders Ordinance (Chapter 163).
Chi Kit (Michael) LAW, CEO of RC365, said: “We are delighted to have acquired this money lending licence, which will allow us to expand our offering to include digital money lending services. This broadens our portfolio to attract new customers, as well as being an excellent value-added service for our existing customers, particularly SME merchants who often face difficulties in obtaining credit with the paper-intensive processes of traditional banks. A key element of our growth strategy is to expand into virtual banking and this licence represents an important step towards achieving that goal.”