Lynx Global Launches DA5 Australia and Activates the DA5 - FinFan Vietnam Payment Rails
- Wall Street opens lower on fears of aggressive rate hikes
- Musk Failed to Convince Twitter (TWTR) to Lower the Deal Price - Reports
- Citi Says Buy US and UK Equities, Sees 18% Upside in Global Equities to End-2023
- Dollar gains as Friday's U.S. jobs data looms
- UBS Sees Over 25% Upside Potential in Apple Shares as iPhone Demand Remains Strong
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2021) - Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") today announces its subsidiary Direct Agent 5 Inc. ("DA5"), has opened up direct operational payment distribution channels to service the Vietnam market by way of API integration with FinFan - Vietnam's largest provider of global remittance services.
In an effort to service pent up demand in the Australasia market for this specific money rail, and to streamline corporate branding under the Lynx Global banner, the Lynx Australian subsidiary Arkin Technologies has now been renamed to Direct Agent 5 PTY. LTD. ("DA5 Australia") for purposes of sales, marketing, and operations. DA5 Australia is an Australian Transaction Reports and Analysis Centre ("AUSTRAC") registered holder of a Remittance license and Digital Currency Exchange Services Provider license in Australia.
"Our recently launched DA5 Australia operations can now offer our customers with both cross-border money transfer services, and the exchange and trade of money for digital currency and digital currency for fiat in that market. Here in Australia the demand from the local Vietnamese and Chinese populations supporting our efforts is significant and now that the FinFan rails are open we expect substantial remittance and forex volumes to begin processing," stated Mr. Yeoryios Markos, President of DA5 Australia.
"It's an investment in a relationship with DA5 built on principles that transcend simply being recognized as industry leaders - those of trust, honesty, and the good faith we share when bringing flagship products to communities where the scope and success of real time cross-border transaction disbursements to accounts, cards, ewallets, ATMs, or IBANs, is most critical. Where we shine is not only disbursing to loved ones across the globe, but also in getting B2B payments to the places around the World, where and when your clients most need it via smart collection innovative services," added Dr. Tuyen NGUYEN, CEO of FinFan.
"As Lynx Global and its operating companies continue to expand its network of global distribution rail integrations, we continue to push ourselves to the forefront of recognized innovative money-transfer solution providers. With remittance, forex and cryptocurrency payments services becoming more competitive every day, the greater the capabilities provided by a one-source solution the greater the differentiation advantage of the overall financial solution. This strategic integration between DA5 and FinFan further enhances our customer experience and broadens the global coverage points of the DA5 proprietary money rails," said Michael Penner, CEO Lynx Global.
During the onset of the COVID-19 pandemic, FinFan became the first neo-banking institution in Vietnam to utilize the Ripple XRP blockchain network and its global financial payments network called RippleNet. As part of RippleNet, which comprises more than 300 financial institutions worldwide, FinFan, in conjunction with the partnership, carved out a more transparent solution for on-demand minimized transaction fees, with a real-time bridge between the multi-currency exchange, that could be instantly settled in the destination countries on a 24/7 basis - it is to this FinFan infrastructure that DA5 and the Lynx Pan-Global Network now has full access.
At the time of the Ripple announcement, FinFan Founder and CEO Dr. Tuyen NGUYEN stated, "FinFan brings Vietnamese Generation Z over the globe - the first fully digital generation - money beyond borders is an experience. These demographics want their financial experiences to be seamless, effective, and in line with their lifestyle preferences when sending money home to their loved relatives."
FinFan is a Cross-Border Money Movement Platform authorized by the Central Bank of Vietnam (SBV) that helps service providers expand quickly to unreached markets with a full spectrum of remittance & payment services. FinFan is the first non-bank financial company to be licensed and to operate in Vietnam. Since its founding in 2007, it has grown tremendously to become the Number 1 money transfer company in the country. Within 13 years, FinFan has added many more services to its portfolio, including overseas money transfer, payment, pay the bill, cash-in, cash-out, and more.
The Digital banking revolution is taking Vietnam by storm, and FinFan is considered one of the key players in this. By being the first non-bank institution in Vietnam to use RippleNet, it redraws the financial boundaries by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.
Bringing new tech mainstream, today Finfan aims to provide a comprehensive foundation for the future of financial infrastructures that facilitate cross-border transactions in real-time. FinFan's innovative financial transaction platform and textbook infrastructure network enables partners like banks, MTOs, bill payment service providers, cryptocurrencies FX/ traders, and other digital financial institutions around the world to access these functionalities easily, reliably, and securely, to directly transact via single opened API with the local market without the need for a central counterparty or separate correspondents.
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.
For more information, please contact:
Michael Penner, CEO
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 and the goals and objectives of Lynx. The economic materiality of the working relationship with FinFan is unknown due to the contingent nature of results that may be generated. At this point in time, Lynx considers the FinFan relationship is unlikely to yield a substantial short-term economic benefit for Lynx or DA5, however, Lynx and DA5 considers that the business relationship supports the organizations 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87851
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- One championship in the record books, Leadbetter taking ReadyWise food sponsor to World Of Outlaws World Finals
- Ferrellgas Celebrates Customer Service Week
- Northwest Bank Promotes Jim Colestro to Executive Vice President
Create E-mail Alert Related CategoriesNewsfile, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!