Agoracom Blog

Peak $ $PKKFF Signs Agreement with China UnionPay Subsidiary to Implement Payment Processing and Fund Transfer Services to Cubeler Lending Hub Ecosystem $ $ $

Posted by AGORACOM-JC at 7:52 AM on Monday, January 18th, 2021
Peak Fintech Group (@PEAK_Fintech) | Twitter
  • Peak becomes a transaction aggregator partner for Rongbang and will now be able to control the flow of funds within the Lending Hub ecosystem from start to finish.
  • Peak’s clients will have virtual bank accounts within the Lending Hub ecosystem where they can hold cash balances and pay for products and services.
  • Peak will have the ability to debit and credit its clients’ real bank accounts held outside of Lending Hub, as well as offer new value-added services, such as escrow services.
  • Any transaction involving the movement of funds will earn Peak a service fee, potentially doubling current transaction fees, earning new fees on loan disbursements and every loan repayment transaction.
  • Peak will earn a 1.5% to 3.0% annual fee on the aggregate value of the funds held in its clients’ virtual bank accounts.
  • First transactions expected to be processed in Q2 2021.

Montreal, Quebec–(January 18, 2021) – Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) (“Peak” or the “Company”), an innovative Fintech service provider to the Chinese commercial lending sector, today announced that it has signed an agreement with China UnionPay subsidiary, Rongbang Technology Ltd. (“Rongbang”), that will give the Company the ability to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem.

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