- Reached an important step in the implementation of payment processing and fund transfer services on its Cubeler Lending Hub platform.
- Peak remains on track to launch the payment processing and fund transfer services on Lending Hub in the second quarter of 2021.
- Through the first two months of 2021, Peak received a total of $2,665,577 in cash as a result of the exercise of warrants, including a combined $500,000 from Peak’s CEO, CFO and China CEO
Montreal, Quebec–(March 4, 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 reached an important step in the implementation of payment processing and fund transfer services on its Cubeler Lending Hub platform.
Peak announced earlier this year that it had signed an agreement with China UnionPay subsidiary, Rongbang Technology Ltd. (“Rongbang”) that will allow it to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem. After holding several working sessions with Rongbang’s service implementation team, the Company has now completed the setup of the test environment where virtual replications of both the Lending Hub platform and the China UnionPay network will co-exist from this point forward. Setting up the test environment was identified as one of the key milestones for the Company leading up to the launch of services. Peak is now in position to simulate transactions, test and study the results, and, if need be, make the necessary adjustments in its development environment, all of which will lead to a better understanding of the UnionPay network prior to the services going live. Peak remains on track to launch the payment processing and fund transfer services on Lending Hub in the second quarter of 2021.
Cash Position Resulting from Exercise of Warrants:
Peak’s market performance over the past few months has placed virtually all of the Company’s issued and outstanding convertible securities “in the money”. That has triggered a regular and consistent exercise of Peak warrants since about the half-way point of the fourth quarter of 2020, and continued in 2021. Through the first two months of 2021, Peak received a total of $2,665,577 in cash as a result of the exercise of warrants, including a combined $500,000 from Peak’s CEO, CFO and China CEO. This puts the Company’s cash balance at more than $7.8M as of February 28, 2021.
Read More: https://agoracom.com/ir/PeakFintechGroup/forums/discussion/topics/756561-peak-provides-updates-on-implementation-of-fund-transfer-services-and-cash-position-from-exercise-of-warrants/messages/2306461#message
Tags: AnalytixInsight, banking, commercial lending, crypto, CSE, DelphX Capital Markets