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Fintech and Agri-Fintech Company, Tingo Group, Inc., Reports Full Year 2022 Financial Results

Acquisition of 100% of Tingo Mobile Completed on November 30, 2022, making theCompany significantly profitable from December 1, 2022

Company’s Integration with Tingo Mobile saw a Significant Acceleration in Growth of the Combined Group During Q4 2022, with the Signing of Major New Trade Partnerships, International Expansion and Launch of Several Significant New Products and Businesses

Acquisition of Tingo Foods Plc Completed on February 7, 2023

NameChange to Tingo Group, Inc. Reflects Importance of Tingo Brand and the Company’s Focus on Leveraging its Significant Market Presence

MONTVALE, US – African Media Agency – 31 March 2023 – Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the”Company”) today announced its financial results for the fiscal year ended December 31, 2022.

The acquisition of 100% of Tingo Mobile Limited (“Tingo Mobile”), which was completed on November 30, 2022,has resulted in the consolidation of its financial results into the Company from December 1, 2022. Today’searnings presentation and this press release also includes pro forma financial information for the full yearended December 31, 2022, with comparative pro forma financial information for the year ended December 31, 2021, so as to provide shareholders with a fuller understanding of the performance and growth of the acquisition and its expected impact on the Company.

Highlights & Recent Developments FinancialResults

  • Tingo Group cash balances at December 31, 2022, amounted to $500.3 million, compared to $96.6 million at December 31, 2021.
  • Net revenues of Tingo Group for 2022 (including Tingo Mobile for one month only from December 1,2022) were $146.0 million, compared to $55.7 million in 2021.
  • Pro Forma Consolidated Revenues for 2022 were $1.152 billion, compared to $921.5 million for the prior year, which after stripping out non-recurring mobile handset sales in 2021 of $301.0 million, representedan increase of 85.5%.
  • Tingo Mobile’s Handset Leasing Revenues for 2022 were $476.3 million, up 50.3% on 2021 revenues of$316.9 million.
  • Nwassa Agri Fintech platform revenues for 2022 were $532.2 million, up 168.0% on 2021 revenues of$198.6 million.
  • Operating loss of Tingo Group for 2022 (including Tingo Mobile for one month only from December 1, 2022) was $11.8 million, after accounting for non-recurring transaction expenses of $9.6 million and share based payments of $6.6 million, which if added back would result in an operating profit of $4.3million, compared to a loss of $37.9 million for 2021.
  • Pro Forma Consolidated Operating Income for 2022 was $554.6 million, compared to a loss of$47.0 million in 2021.
  • Pro Forma Consolidated EBITDA1 for 2022 was $954.5 million, compared to a Pro Forma ConsolidatedEBITDA1 of $275.6 million for 2021.
  • Tingo Mobile increased the customer numbers on its Nwassa Agri Fintech platform to 11.4 million atDecember 31, 2022, from 9.3 million at September 30, 2022, and handled more than$1 billion of customer transactions in the month of December.

1 EBITDA (Earnings Before Interest Tax Depreciation and Amortization) is considered a non-GAAP measure of financial performance)

Operational Milestones

  • Signed major trade partnership with the All Farmers Association of Nigeria (“AFAN”) on October 20, 2022, which launched ahead of schedule on November 16 2022, and includes commitment to enroll a minimumof 20 million new customers with Tingo Mobile.
  • Launched operations in Ghana on November 10, 2022, and signed a landmark trade deal with the Kingdom of Ashanti covering major agricultural and cocoa farming region, including a commitment toenroll a minimum of 2 million new customers with Tingo Mobile and a target to increase enrollments tomore than 4 million.
  • Launched global commodity platform and export business on December 12, 2022, in partnership with theDubai Multi Commodities Centre (“DMCC”), the world’s no.1 free trade zone, with the aim of generating a substantial increase in sales demand for the crops produced by Tingo Mobile’s farmers.
  • Launched in Malawi on December 14, 2022, representing a sizeable market in its own right, and alsoconstituting a strategically important base from which to expand into East Africa, including theneighbouring countries of Tanzania, Zambia and Mozambique.
  • Acquired 100% ownership of Tingo Foods Plc on February 9, 2023, a recently established foodprocessing business with the capacity to offtake large volumes of raw crops from Tingo Mobile’s farmersinto finished food and beverage products. Since its inception in September 2022, Tingo Foods generated more than $400 million of highly profitable revenues during the four months ended December 31, 2022.
  • Tingo Foods, through a joint venture, has recently committed to fit-out and operate a $1.6 billion state of the art food processing facility in the Delta State of Nigeria, which is believed to be the largest of its kind on the African continent, and is expected to multiply the company’s food processing capacity, as well as expand its range of food and beverage products.
  • Launched the TingoPay Super App and a pan-African partnership with Visa on February 14, 2023, which once fully rolled out will offer retail customers an integrated digital Visa card, together with paymentsservices, an e-wallet, and a wide range of value-added services. TingoPay, with Visa, will also offer a full range of merchant services to businesses, including to Tingo Mobile’s farmers.
  • Appointed specialist legal counsel and a team of expert advisors in February 2023 to investigate market manipulation and unlawful naked short selling of stock, and take appropriate action to prosecute anyparties that have perpetrated illegal activity, and protect the Company from any such action in the future.
  • A special dividend plan and share buyback program are being considered as possible means ofincreasing shareholder value and to address the significant disconnect between the Company’s share price and its real value (in line with valuation multiples applied to other comparable Nasdaq listed companies).

Darren Mercer, MICT’s Chief Executive Officer, commented, “I am delighted with the remarkabletransformation that we achieved in 2022. At the beginning of the year, we were faced with the backdrop of huge disruption in our domestic markets of China and Hong Kong, due to widespread Covid lockdownmeasures, and a significant downturn in the global financial services sector, in response to which we pivoted the Company both geographically and strategically, and acquired a business that is not only growing stronglybut is also addressing some of the world’s biggest problems, namely food insecurity, financial exclusion andpoverty. I feel privileged to be involved with Tingo and have acquired a business whose success is aligned with improving global food supply, and also with helping Africa and other emerging markets to become foodsustainable.

“Our focus for much of 2022 was on completing and integrating our acquisition. After completing extensive due diligence and analysis on Tingo Mobile with a first-class team of globally renown advisors, including Ernst &Young, Dentons and Houlihan Lokey, before then restructuring the transaction so as to expedite its completion, and improve the terms for our shareholders, we were delighted to close the transaction to combine the companies before year end. This has considerably strengthened our balance sheet at December 31, 2022,resulting in gross assets of $1.7 billion, of which more than $0.5 billion is cash on hand. In addition, by closingthe acquisition in 2022, we were able to engage one of the world’s leading accounting and audit firms, Deloitte, to audit the combined December 31, 2022, balance sheet and financial statements. It also gave us theopportunity to engage Grant Thornton to undertake an audit and Sarbanes-Oxley review of the group’s internalcontrols and procedures.

“I am also delighted with the progress we made with integrating Tingo Mobile into the group during Q4 2022,and in accelerating the expansion of the various businesses. As announced previously, since November 2022we have signed trade partnerships that are expected to triple Tingo Mobile’s customers by the end of 2023, in addition to expanding our operations into three new countries, launching two new businesses, namely Tingo DMCC and TingoPay, and acquired the highly profitable Tingo Foods business. These significant developments, and their impact in terms of closing the end- to-end seed-to-sale ecosystem, puts us into a verystrong position for 2023 and beyond.

“The financial results for Tingo Mobile, and the pro forma consolidated financial information for the group, speak for themselves. Highlights in the pro forma income statement include the 200% growth in gross profit in2022 to $675 million, and a move from a Net Income Before Tax loss of $47 million in 2021 to a Net Income Before Tax surplus of more than $550 million in 2022. Additionally, we have experienced material growthduring the first quarter of 2023, and we expect such growth to continue and accelerate throughout theremainder of the year and beyond.

“Having successfully integrated Tingo Mobile into the group and completed an audit with a world leadingaccounting firm, we look forward to finally addressing the significant disconnect in our share price and attract a valuation that is reflective of our consolidated earnings. With more than $500 million of cash on our balance sheet, and the launch of the largest food processing plant in Africa set to take place next year,we have an increasing number of options available to us to overcome the share price disconnect. As we continue to evaluate and consider all the options, together with our overall strategy for maximizing shareholder value, we will keep the market apprised and I hope to provide a further update in the coming weeks.”

Dozy Mmobuosi, Founder & CEO of Tingo Mobile and Tingo Foods, added: “My colleagues and I at Tingo Mobile and Tingo Foods are delighted that we now part of Tingo Group. The completion of the merger on November 30, 2022, represented a major milestone in the history of Tingo Mobile, which my father and Ifounded some 22 years ago. We are already seeing the benefits of the synergies in the group, and of being part of a Nasdaq listed company, and our shareholders will have noted the considerable progress we have made since the fourth quarter of 2022, with the acceleration of our growth plans and globalization and dollarizationstrategies.

“We are particularly excited about the completion of the virtuous circle of our agri-fintech eco-system, where we can now deliver on, and profit from, every part of the journey from seed-to-sale. We are also very excited about our diversification, both geographically, including within my home continent of Africa, as well as intoother parts of the world and into other sectors, for example, through our B2C and B2B TingoPay business andpartnership with Visa.

“As we deliver on our success for the Company and its shareholders, it is of the highest importance to me and the Board of Tingo Group that we equally deliver on our mission and our Environment Social and Governance (“ESG”) goals, as we continue to strive to meaningfully improve global food security and financial inclusion, and also to deliver social and financial upliftment to our customers and, very importantly to me, help makeAfrica food sustainable.

“With the major steps we have taken in recent months to capitalize on our merger and the Company’s Nasdaq listing, we are confident we can build significantly on the revenue and earnings growth we achieved in 2022and deliver considerable value to our shareholders.”

2022 Financial Review

  • Net revenues for the year ended December 31, 2022, were $146.0 million, compared to $55.7 million in the prior year, an increase of 162%. The increase is mainly attributable to the consolidation of TingoMobile from December 1, 2022.
  • Gross profit for the full year 2022 was $64.8 million, or 44% of revenues, compared to $9.2 million, or 16% of revenues, in the prior year. The increase is mainly attributable to the consolidation of Tingo Mobile for the month of December, as well as to the growth in the margins of the Company’s insuranceagency business.
  • Selling & marketing expenses for the year ended December 31, 2022, were $11.1 million as comparedto $6.8 million for the year ended December 31, 2021. The increase was due to the consolidation ofsuch costs from Tingo Mobile for the month of December, and an increase in marketing expenses for the Company’s insurance businesses, which is offset in part by a decrease in marketing expenses for thestock trading businesses.
  • General and administrative expenses were $58.2 million in the full year 2022, compared to $36.5 million in the full year 2021, which is mainly attributed to the consolidation of such costs from Tingo Mobile for the month of December. General and administrative expenses for the year included $9.6million of non-recurring transaction expenses and share based payments totalling $6.6 million, representing a decrease in share-based payments of $4.7 million compared to theprevious year.
  • Operating loss for the for the year ended December 31, 2022, was $11.8 million versus a loss of $37.9 million for the prior year. The decrease in loss from operations is mainly attributable to the consolidationof the profitable operations of Tingo Mobile for the month of December.
  • Net loss for the year ended December 31, 2022, was $47.1 million compared to $36.4 million for the year ended December 31, 2021, mainly as a result of an increase in tax expenses relating to the acquisition and consolidation of Tingo Mobile.
  • As of December 31, 2022, the Company’s cash and cash equivalents on a consolidated basis was approximately $500.3 million, compared to $96.6 million at December 31, 2021. This reflects anincrease of $403.7 million in cash and cash equivalents, which is attributable to the consolidation ofTingo Mobile’s cash balance into the Company.

Fourth Quarter and Full Year 2022 Results Conference Call

Tingo Group CEO, Darren Mercer, Tingo Mobile and Tingo Foods Founder & CEO, Dozy Mmobuosi, and TingoGroup CFO, Kevin Chen, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessedvia the investor relations section of the Company’s website here.

Questions for the question-and-answer period will be accepted leading up to the call and can be submitted toTIO@mzgroup.us.

To access the call, please use the following information:

Date: Friday March 31, 2023
Time: 8:00 a.m. Eastern time (5:00 a.m. Pacific time)
Dial-in: 1-877-704-4453
International Dial-in: 1-201-389-0920
Conference Code: 13737364
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1605988&tp_key=7a46dc5efb

A telephone replay will be available approximately two hours after the call and will run through April 30, 2023, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13737364. The replay can also be viewed through the webcast link above and the presentationutilized during the call will be available in the company’s investor relations section here.

To see full consolidated balance sheets please click HERE.

Hashtag: #TingoGroup

The issuer is solely responsible for the content of this announcement.

About Tingo Group

Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies withoperations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, TingoMobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovativeproducts, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingobusiness verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business inChina, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit

Disclaimer
The information in this news release includes certain information and statements about management and the Board’s view of future events, expectations, plans and prospects that constitute forward looking statements.These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations,achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability ofthe Company to implement certain corporate actions, such as security repurchases and the implementation of a special dividend, the expected financial performance of the Company, including Tingo Mobile’s performance, the ability of the Company to recognize benefits associated with its recent acquisitions, the Company’s anticipated future growth strategy, including the expansion of its customer base and operations, and the abilityof the Company to close the end-to-end seed-to-sale ecosystem. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give noassurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

The U.S. to lose $150 billion due to the China-Brazil trade agreement: an OctaFX analysis

KUALA LUMPUR, MALAYSIA – Media OutReach – 31 March 2023 – The OctaFX experts comment on the deal announced this week by the Chinese and Brazilian governments on direct payments that will deprive the U.S. of more than $150 billion in liquidity.

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The U.S. dollar has dominated world trade and capital flows for many years. However, many countries are looking for alternatives to reduce their dependence on the U.S. currency. This trend has accelerated since the U.S. and other Western countries imposed sanctions against Russia over the Russia-Ukraine conflict in 2022. For instance, Brazil and Argentina have discussed creating a common currency for South America, the UAE and India are negotiating the use of rupees for commodity trade, and Saudi Arabia has announced that it is open to trading in currencies other than the U.S. dollar.

Another step toward de-dollarisation was taken by Brazil and China this week as they announced an upcoming deal to carry out trade and financial transactions directly, bypassing the U.S. dollar. According to the People’s Bank of China, the agreement will boost the use of the yuan for cross-border transactions between businesses and financial institutions, as well as simplify trade and investment between the two countries. China and Brazil will carry out transactions directly through the exchange of yuan for reais and vice versa.

‘The impact of China and Brazil’s de-dollarisation efforts is significant, as China is Brazil’s largest trading partner, accounting for more than a fifth of all Brazilian imports. Conversely, Brazil exports 31% of its goods to China,’ said Kar Yong Ang, an OctaFX financial market analyst.

Despite the active pursuit of de-dollarisation, it is unlikely that the U.S. currency will lose its dominant status owing to the significant dollar reserves held by major central banks worldwide. However, a shift towards de-dollarisation is already evident from the growing purchases of gold by central banks, which serves to reduce their exposure to the U.S. dollar. Since March 2023, the dollar has shown weakness against regional currencies, and this trend is expected to continue, possibly leading to EURUSD, GBPUSD, and gold prices rising.

Hashtag: #OctaFX

The issuer is solely responsible for the content of this announcement.

About OctaFX

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 21 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

OctaFX has also won more than 60 awards since its foundation, including the ‘Best Online Broker Global 2022’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.

Cellulant’s Payment Processing Platform to Power Online and Offline Payments for Businesses in Africa

SAN FRANSISCO, US – African Media Agency – 31 March 2023 – Leading payments technology company, Cellulant aims to change how businesses make payments and get paid in Africa by introducing online and offline payment solutions.

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The payments market in Africa is experiencing rapid growth, mainly due to advancements in peer-to-peer (P2P) and consumer-to-business (C2B) payment solutions. However, the fragmentation of payment processing continues to pose a significant challenge for businesses seeking to establish a presence in Africa.

Solving intractable problems is not new to Cellulant; founded at the height of Africa’s mobile technology boom in 2003, Cellulant is building Africa’s most comprehensive payments infrastructure. The company offers a single API payment platform that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or bank. Providing alternative payment methods for African consumers is particularly important on a continent that holds 70% of the world’s $1 trillion mobile money market. Card penetration sits at a 3% penetration rate – meaning global companies looking to expand into Africa need a payments partner that can offer alternative payment methods for the local market.

At the recently held 25th Annual Harvard Africa Business Conference in Boston, Cellulant’s Group CEO Akshay Grover stated, “Solving the payments challenges in Africa is not just about payments but accelerating global economic growth. Africa’s dynamic economies and lack of an established payment infrastructure have resulted in a unique occurrence on the continent. On the one hand, this has prompted the growth of payment platforms and solutions to meet the various needs of businesses and consumers, turning Africa into a centre of innovation in the payments sector. On the other hand, with multiple providers, a wide range of payment methods exists due to the absence of a consistent infrastructure enabling businesses to collect payments seamlessly or easily operate across borders. Therefore, a payments infrastructure in Africa must holistically address the needs of businesses and their consumers by making it easy to collect payments online and offline -regardless of the size of the business.”

Cellulant has built, Tingg, a payments platform that provides multinational and international businesses with a one-stop-shop solution for their payment needs across the continent. The payments gateway connects to over 370 payment methods from mobile money operators and banks across the continent to global and regional card switches such as Visa, Mastercard, NIBSS and Verve.

The payments platform has full-stack offline and online payment capabilities. It caters to businesses in various sectors, such as Airlines, Telecoms, E-commerce, Ride-Hailing, Retail and Remittances, enabling these businesses to deliver a frictionless payment experience to their customers. Today, Cellulant powers payments for renowned global companies such as Emirates, Bolt, KLM, Ethiopian Airlines, Glovo, Kenya Airways, and Jumia; and processes billions of dollars yearly.

Cellulant is ISO 27001 (ISMS), ISO 27701 (PIMS), ISO 22301 (BCMS), ISO 20000-1 (Service Management) and PCI-DSS compliant for all its payouts and collections products.

Hashtag: #Cellulant

The issuer is solely responsible for the content of this announcement.

About Cellulant:

is a leading Pan African payments technology company that provides locally relevant and alternative payment methods for global, regional and local merchants.

Cellulant provides a single API payments platform – – that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards or their bank.

Bybit Launches Optimized ETH Staking Ahead of Ethereum’s Shanghai Upgrade

DUBAI, United Arab Emirates – Media OutReach – 31 March 2023 – Bybit, the world’s third most visited crypto exchange, launched its new Web3 Staking Pool today, enabling users to take advantage of the exchange’s uncomplicated ETH staking options in time for Ethereum network’s much anticipated Shanghai upgrade.

The staking pool drastically simplifies the process of adding liquidity to premier decentralized finance protocol Curve Finance from 11 steps to just three and saves transaction fees, too. The added benefits could lead to an ETH staking APR of up to 6.5%. And Bybit users don’t even need to buy ETH as the product can be accessed using BTC, USDT and USDC balances.

According to Ben Zhou, co-founder and CEO of Bybit, “By introducing our Web3 Staking Pool via a dedicated landing page, we are making it easier for users to interact with decentralized finance and gain more rewards for their assets. Essentially, we are offering single-sided staking, which boosts the APR of ETH.”

“The highly liquid and trading-integrated ETH staking options we will be rolling out around the time of Ethereum’s Shanghai upgrade will open up many new opportunities for our users,” Zhou added. “By offering convenience and transparency, our users will gain more control over how they manage their funds and grow their wealth in the Web3 era.”

Ethereum’s Shanghai upgrade is also the theme of two special trading events hosted by Bybit. Both events kick off on April 4th at 10:00 am (UTC) and run until April 21 and 25, respectively.

Firstly, the ETH Shanghai Upgrade Trading Bash opens the door for Bybit users trading any ETH-related derivatives (perpetuals, inverse or futures contracts) to share in a total prize pool of 450,000 USDC. Secondly, by entering Bybit’s Supreme Scorer 2023, users have the chance to predict the price movement of eight different ETH-related trading pairs and share in the 80,000 USDT bonus pool.

Bybit is proud to offer Web3 integrations that create a simple, streamlined user experience and bring next level opportunities and products to institutions, crypto-natives and newcomers alike.

More from Bybit

Hashtag: #Bybit #EthereumShanghai

The issuer is solely responsible for the content of this announcement.

About Bybit

Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.

For more information please visit:

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Vientiane’s Khua Din Market to Temporarily Close for New Development

Khua Din market. ( Photo : Sopy Ryfyma).

The iconic Khua Din market, located in Vientiane Capital, will close temporarily next month to undergo major development.

Forbes Names Laos as SE Asia’s Most Charming Country

Forbes Names Laos as SE Asia's Most Charming Country
A beautiful river in Vang Vieng, Laos (photo: trailsofindochina)

The American business magazine, Forbes, published an article on Thursday calling Laos the most charming country in Southeast Asia.

KBTG Wins MongoDB APAC Innovation Awards 2023

BANGKOK, THAILAND – Media OutReach – 31 March 2023 – On March 30, 2023, KASIKORN Business-Technology Group (KBTG) was named the winner of the 2023 MongoDB APAC Innovation Award in the Customer-Focused category through MAKE by KBank, a money management application for the new generation. This award honors projects and people who dream big, celebrating the groundbreaking use of data to build compelling applications and the creativity of professionals expanding the limits of technology with MongoDB.

Mr. Chetaphan Siridanupath, Managing Director of KBTG, said, “we are thrilled to be one of the nine winners of this year’s MongoDB APAC Innovation Awards. At KBTG, we always strive to empower our customers’ lives through innovations. MAKE by KBank is one such innovation that allows our users to take control of their finances. To continue to achieve great customer satisfaction, we need to continue delivering new features as well as maintain the excellence of our system. MongoDB’s solutions have made development so much quicker and keeping our system optimized and secure so much easier.”

Mr. Chetaphan Siridanupath, Managing Director of KBTG

Mr. Chetaphan Siridanupath, Managing Director of KBTG

Established in 2016, KASIKORN Business-Technology Group (KBTG) is the technology arm of KASIKORNBANK (KBank), one of Thailand’s leading commercial banks. A digital banking pioneer and innovation powerhouse, KBTG aims to build world-class technology and groundbreaking solutions that would create a disruptive force within the fintech industry, with its mission rooted in two prominent areas: run the bank and create the future. In 2020, KBTG launched MAKE by KBank, a money management application specifically designed to accommodate the Thai young generation’s financial needs. With unique features like:

  • Cloud Pocket split money under one bank account into unlimited pockets, allocated for separate usages to accommodate various lifestyles.
  • Chat Banking transaction records reconstructed into an intuitive chat format, easy to view the sender’s name and review past transactions.
  • Pop Pay send money to nearby friends in the 10-meter radius, simply wait for Bluetooth to display their icon and click on their picture to transfer.
  • Expense Summary summarize users’ monthly spending to help them analyze and improve their financial habits.

Combined with traditional mobile banking features, MAKE by KBank has proven itself to be a strong newcomer in the fintech industry. The app currently serves more than one million users across the nation with widely positive feedback. As of January 2023, 3.5 million cloud pockets have been created and more than 72% of all users are younger than 30 years old, proving its popularity among the young generation. With a bright future ahead, KBTG and MAKE by KBank are hoping to help Thai people manage their money more easily, be more disciplined with their finances, and ultimately improve their financial literacy that will lead up to a better quality of life – one cloud pocket at a time.

Hashtag: #KBTG #MAKEbyKBank #BeyondBanking #MongoDB #RunTheBank #CreateTheFuture #CloudPocket #ExpenseSummary

The issuer is solely responsible for the content of this announcement.

About KASIKORN Business-Technology Group (KBTG)

KASIKORN Business-Technology Group (KBTG) produces innovations one step ahead of its industry to run the bank and create the future. Our solid foundations and rising talents allow us to break boundaries in daily-life applications and leading trends.

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Vientiane Capital Announces Eight Regulations for Lao New Year 2023

Vientiane Capital Announce Eight Regulations for Lao New Year
Residents splashing water at one another, celebrating the Lao New Year (photo: asean-china-center)

Authorities in Vientiane Capital have issued eight rules for residents to follow during the Lao New Year period.