HONG KONG, Oct 9, 2019 – (ACN Newswire) – China Brilliant Global Limited (“CBG”, and together with its subsidiaries, the “Group”; HKEx Stock Code: 8026.HK) is pleased to announce that it has entered into an MOU with an independent third party (the “JV Partner”) on the establishment of a joint venture, to develop the promising digital banking and financial services business. This step is expected to further diversify and strengthen CBG’s business portfolio, as well as to facilitate its business transformation and long-term development.
The JV Partner provides digital banking services, including 100% online account opening, deposit taking, lending, global transfers, payments, trading platform, arranging deals in investment (without advising) and issuance of credit cards.
The proposed establishment of the joint venture is expected to leverage the combined expertise, facilities and resources of both Group and the JV Partner, in order to provide multi-dimension banking and financial services (including online banking services) to meet the banking business demands of Group’s corporate clients across Asia, Europe and beyond, particularly in trade and supply chain financing and “Belt & Road” initiative.
The proposed registered capital of the joint venture will be US$50 million. The JV Partner currently operates under a digital banking sandbox license issued by the Astana Financial Services Authority (“AFSA”). Its products and services are expected to be launched by the mid of 2020, which is expected to drive the business development of the joint venture accordingly.
Mr. Zhang Chunhua, Chairman & Executive Director of CBG concluded, “We are really excited to tap into the digital banking and financial services business. In fact, during the years, our Group is devoted to diversifying its revenue base among jewelry trading and retailing, lending business as well as pharmaceutical and healthcare products business. Today, we can go further to the digital banking market as an extension of Group’s well-established lending business, so as to magnify our service offerings to our clients and remarkably elevate our market positioning. The proposed establishment of the joint venture enables the Group to revel another new chapter and strategically accomplish its business restructure fully utilizing the Fintech engine and listing platform.”
Ms. Elizabeth Chung, Chief Executive Officer & Executive Director of CBG added, “Nowadays, customers are immersing themselves in the digital world and the information, convenience, mobility, and personalisation it provides. They expect their banking needs to meet with fast and seamless products and services that are always available, reliable and secure. In this respect, digital banking will become the main trend gradually. In view of the huge needs from digital banking market, we believe once the joint venture cooperation agreement is executed, it will allow the Group to capture the business opportunities, broaden its revenue streams and eventually maximize the best interest of the Group and the Shareholders as a whole. Looking ahead, we will continue to steadily seek attractive investment opportunities to further pursue expansion of the Group’s income streams and strengthen our market positioning in various market sectors.”
About China Brilliant Global Limited
China Brilliant Global Limited (“CBG”) was incorporated in the Cayman Islands in 1989 and listed on the Growth Enterprise Market of the Hong Kong Stock Exchange in March 2000. Since 2018, CBG is devoted to pursuing its business restructure and diversifying its revenue base to jewelry trading and retailing, lending business as well as pharmaceutical and healthcare products business.
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