- Company completes a $2.4 million private placement accelerating development of its payment platform into SE Asia
- New partnerships and expansion of leadership team will focus on adding new revenue streams during next phase of growth
Vancouver, British Columbia–(Newsfile Corp. – September 30, 2021) – Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) (“Lynx” or the “Company”) is pleased to announce the latest financial and corporate achievements that have further strengthened the Company’s core business operations, positioning it to accelerate into the next phase of growth. These achievements include revenue generation, partnerships that propel the Company’s operations within Southeast Asia, and the appointment of key senior executives.
Key Developments for Fiscal Fourth Quarter 2021
- China’s UnionPay: Lynx completed a worldwide card-issuing partnership with global payment provider UnionPay, having the planet’s largest cardholder base. The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 61 million merchants and 2.9 million ATMs and will allow for consumer adoption and merchant acceptance of Lynx’s innovative banking products and solutions.
- Addition of Mr. Qin Wang: Lynx added highly experienced China-based business and technology leader, Mr. Qin Wang, to its Strategic Advisory Board. This seasoned expert provides Lynx with a wealth of tactical business implementation knowledge, executive management expertise, and diverse industry relationships that he has built during an impressive 30+ year career. Mr. Wang has managed US-based investment funds investing in Chinese internet and technology companies, such as PPStream (acquired by IQIYI, IQ listed on NASDAQ), Kugou (acquired by Tencent Music, TME listed on NYSE), Xunlei (XNET listed on NASDAQ), UCWeb (acquired by Alibaba), as well as gold mining companies including Pretium Resources (listed on NYSE and TSX).
- Appointment of Mr. John Schaub: The Company appointed Mr. John Schaub as its Chief Product Officer in September 2021. Mr. Schaub has held senior level roles in core banking, payments fraud prevention, insurance, compliance, and analytics at companies including Central1 and HootSuite. He will be instrumental in building out the Company’s payment platform infrastructure.
- Report on Underbanked and Underserved: A recent study by Mambu consultancy revealed that there are more than 290 million unbanked adults across Southeast Asia, including 65% of Filipino adults.
- Reports first quarterly revenue of $400k – Lynx Global reported its first quarterly revenue in Company’s history totaling $400,000 for the fiscal third quarter ended July 31, 2021. The consolidated operations of its recently acquired companies provide for a strong foundation to expand revenue with new products and services; add new international and global customers and take advantage of the ability to scale by integrating all operations into a single payment platform.
- Closes $2.4 million private placement – During the last month, Lynx has raised $2.4 million through private placements. The proceeds will be used to develop the Company’s payment platform, that will be a single point of connectivity for any business wishing to access the SE Asia market, as well as expand upon its strategic technology and service partnerships.
“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. With more than 70% of the adult population being either “underbanked” or “unbanked,” coupled with limited access to financial services, the emerging markets certainly require fintech solutions that can accelerate the growth of financial inclusion, thereby reducing the financial gaps.”
“We remain focused on enabling and empowering this market segment population in the emerging markets by expanding our services with needed fintech solutions and new partnerships. Additionally, to deepen our knowledge pool, we continue to build our leadership team by adding highly skilled and experienced members who can help us to reach our organizational objectives. Our mission is to empower millions of people who are deprived of basic financial services and believe we are well-positioned to achieve that for our customers as well as derive inherent value to our shareholders.”
-Michael Penner, Chief Executive Officer, Lynx Global
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 goals and objectives of Lynx. 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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