Lynx Global Completes First Phase of Acquisitions Ahead of Schedule
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2021) - Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") is pleased to announce that it has completed its aggressive acquisition slate of a bank and fintech companies, Binangonan Rural Bank (BRB), Arkin, and DA5. In addition, the Company wishes to provide an update on key milestones achieved over the past three months that will secure a strong foundation for its business operations and growth.
"Completing acquisitions of Arkin, DA5 and BRB, and integrating their operations aligns with our goal to have a complete suite of services across card issuing, card acquiring, remittances and crypto to bring a digitized economy to underbanked and underserved in Southeast Asia and Oceania," commented Michael Penner, chief executive officer, Lynx Global Finance.
"The recent addition of a bank to our portfolio is icing on the cake. The type of banking license we have has enabled us to leapfrog a main barrier to entry encountered by other players wishing to enter the SE Asian marketplace. We have now positioned ourselves to be a potential 'preferred provider of choice' that many other fintech's will seek to partner with rather than going to the vast amount of time, cost and effort required in attempting to obtain their own license - case in point - we are receiving many inquiries for collaboration towards offering new and unique financial products and services that can be facilitated by our BRB banking license," he concluded.
Key milestones achieved May through July 2021:
Completed acquisitions and streamlined operations into a unified global payment network:
Direct Agent 5, Inc. (DA5) - a Philippines-based central bank licensed and regulated global remittance and forex provider with over 2,300 physical locations and over 15 years experience servicing the worldwide flow of funds;
DA5 Australia (formerly Arkin Technologies Pty. Ltd.) - DA5 Australia is an Australian fintech pioneer and registered owner/operator of an Australian Digital Currency Exchange and Remittance License;
Binangonan Rural Bank Inc. (BRB) - Founded in 1961 with a mission to extend credit to small farmers and merchants, BRB has now evolved into a progressive and innovative Rural Bank with an Electronic Money Issuer (EMI) license.
Building payment ecosystems and strengthening operations:
- DA5 and DA5 Australia expanded and integrated direct operational payment distribution channels with FinFan Vietnam (FinFan is Vietnam's largest provider of global remittance services);
- DA5 has integrated with Globe Telecom GCash ewallet - GCash is the Philippines number one finance app with over 33 Million users;
- DA5 formed a strategic global technology partnership with Pipit Global, a provider of international cash payments, with over 320,000 cash-in/cash-out locations globally.
With these milestones completed and operations integrated, Lynx is aggressively pursuing to serve the Southeast Asia market, which represents a huge opportunity in the global expansion of digital payments and financial services. According to a recent study completed by Google, Temasek and Bain & Company, "The Future of Southeast Asia Digital Financial Services", which highlighted, "With a population of 570 million and a booming GDP expected to reach $4.7 trillion by 2025, the six largest countries in Southeast Asia represent one of the world's largest and fastest-growing regions. Within the region, the financial services industry holds tremendous potential that could be unleashed if fundamental underlying challenges are addressed. For example, cash is still the primary means of transaction. More than 70% of the adult population is either "underbanked" or "unbanked," with limited access to financial services. In addition, millions of Southeast Asia's small and midsize enterprises (SMEs) face large funding gaps."
Lynx Global is creating the financial infrastructure that will bring together all forms of cash-in/cash-out, online e-commerce, cryptocurrency, and digital payment solutions into one single unified financial network.
The Company looks forward to providing additional updates to investors as appropriate.
ABOUT LYNX DIGITAL GLOBAL FINANCE:
Lynx seeks to become a leader in financial technology, solutions, and services for large-scale merchants, financial institutions and other B2B industry partners by way of integration to the Lynx digital payment platform. The Company's payment solutions are powered by a broad suite of payment technologies and services. The Company has targeted banking and fintech relationships in ASEAN and Oceania, a region with a population approaching 700 million, that can provide Lynx a financial network hub location to service and operate a global traditional and digital financial infrastructure. By working with selected banking and/or licensed EMI partners, the Company will be able to offer a digital payment platform with a full suite of payment solutions, which may include merchant acquiring solutions; card issuing; remittance and forex; and custodial digital asset services, including digital wallet services. The Company seeks organic growth while investigating potential strategic acquisitions that may contribute critical technology applications, additional services and revenue streams, and that can complement or enhance existing offerings and potentially increase or expedite the path to future profitability. While Lynx believes that significant near-term opportunities exist for the Company's strategic initiatives, there can be no assurance that goals and objectives will be reached or that any such underlying efforts or agreements will provide successful or positive outcomes should they be implemented.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation, including the described initiatives of DA5, DA5 Australia and/or BRB and the goals and objectives of Lynx. The economic materiality of the acquisition of a controlling interest in DA5, DA5 Australia, and/or BRB are unknown due to the contingent nature of results that may be generated. At this point in time, although Lynx does not consider these acquisitions are likely to yield a substantial short-term economic benefit for Lynx, Lynx does consider however, that each of these referenced business acquisitions supports the organization's strategic growth plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lynx to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs, or implied future forecasts. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Lynx will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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