- Digital money is replacing physical cash and further supporting the growth of a growing cashless society driven by the pandemic and other factors
- FEXD supports the United Nations’ Sustainable Development Goals of reducing cross-border transaction costs from 7 percent to 3 percent
- FEXD plans to offer a diverse portfolio of products and services to consumers and businesses in the United States, South Asia, East Asia, Africa, Europe, and Latin America
Financial technology, more commonly referred to as fintech, fuels economic growth and reduces inequality, poverty, and informality in underdeveloped companies. For impoverished people and small businesses without access to financial services as simple as a bank account, fintech creates opportunities and the ability to send and receive payments securely and access to savings, credit, and insurance products. Fintech Ecosystem Development (NASDAQ: FEXD), a special purpose acquisition company (“SPAC”), was formed with the mission of creating and growing a global financial services ecosystem to address unmet mobile money needs in developing and industrialized countries and markets.
With digital money replacing physical cash, consumers buy products and services from anywhere in the world, making payments across borders. FEXD plans to offer a diverse portfolio of products and services to consumers and businesses in the United States, South Asia, East Asia, Africa, Europe, and Latin America – using a growth strategy that includes developing mobile transaction platforms, applications, and services to help implement the changing financial landscape.
Mobitech International LLC (dba Afinoz), an artificial intelligence-enabled digital lending platform used by India’s leading banks, non-banking financial companies, and fintech loan providers, is currently a targeted acquisition for FEXD. Afinoz’s fintech platform supports enterprises making loans primarily to middle- and working-class borrowers via its website or mobile phone app. This platform makes loans available and affordable to millions of Indian workers and unbanked users by providing access at a low cost from more than 50 lending partners.
A McKinsey & Company research report outlines major trends driving the growth of digital payments worldwide, especially in the emerging markets that FEXD plans to service. The first trend outlined in the report is the pandemic, which accelerated the trend of contactless payments. Second, ecommerce continues to grow and evolve, being expected to increase by 12 to 15 percent annually by 2025. Third, governments are pushing for cashless payments to facilitate inoperability, plug tax leakages, and ensure effective aid distribution. Finally, the report points out that investors are hungry for digital payments, leading to an abundance of payments-focused fintechs (https://ibn.fm/HHUHb).
With so many areas of the world severely underserviced by financial service markets, FEXD plans to make it easier for people to access faster and cheaper ways of transferring money directly across borders to fund business transactions and provide support. With the increased interest in smartphone operation, mobile money platforms provide a solution for those who want to access financial institutions without requiring access to physical banking facilities. The company also allows people in other countries to access USD online accounts with FDIC assurance.
FEXD supports the United Nations’ Sustainable Development Goals of reducing cross-border transaction costs from 7 percent to 3 percent – using advanced technology to lower fintech costs and international fees. The company is led by a management team with extensive expertise in developing and managing financial service platforms and applications that will further drive the mobile money sector toward a cashless society.
For more information, visit the company’s website at www.FintechEcoSys.com.
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD
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