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Founders of Southeast Asian Fintech Announce Completion of USD16MM Series A Funding Round

MANILA, PHILIPPINES Media OutReach – 24 October 2022 – A group of former Tinkoff executives led by Pavel Fedorov, George Chesakov and Raffy Montemayor announce the completion of the USD16MM Series A funding round for the fintech start-up focused on Southeast Asia. The funding will be directed towards the operational build-up of the venture, the acquisition of a bank in the Philippines (subject to Bangko Sentral ng Pilipinas approval) and the launch of services.

Co-Founders (Left to Right): George Chesakov, Pavel Fedorov and Raffy Montemayor

Co-Founders (Left to Right): George Chesakov, Pavel Fedorov and Raffy Montemayor


Having all left Tinkoff in Q2 2022, the trio decided to join forces and set up a new business to pursue the lending-first fintech opportunity in the region with an addressable market of 500MM+ people. The Philippines will be the first market for its upcoming launch.

Despite the challenging fundraising environment, the company received enthusiastic support from the venture capital community. One of the major investors in the round is DisruptAD, ADQ’s venture platform. Other Series A investors include a European venture investor and a group of Filipino investors.

Raffy Montemayor, Co-Founder and Business Head in the Philippines, commented, “It is an exciting and truly watershed moment. Just a few months ago our business could fit on a coffee shop napkin, and today we have more than 30 people in our core team, which keeps growing by the day. We’re bringing cutting-edge, global fintech expertise to the Philippines, and we’re inspired by our vision of improving the lives of millions of Filipinos and making financial services simple, convenient and truly accessible. Today’s announcement is a vote of confidence from a roster of world-class shareholders towards our vision and our team.”

Continuing, Raffy Montemayor added: “Our future growth will have a particular focus on developing local Filipino tech talent. As a sign of our commitment to developing the local tech ecosystem, we plan to invest PHP10MM out of proceeds of the round towards developing, onboarding and nurturing Filipino tech talent in partnership with our leading universities.”

Notes to the Editors:

Pavel Fedorov was a Co-Chief Executive Officer of Tinkoff in 2021-22. Prior to that in 1997- 2010 he spent 13 years at Morgan Stanley, most of it in the Telecoms, Media and Technology Group. In 2011-2020 Pavel worked in executive roles on strategic and operational transformation of several London Stock Exchange-listed companies. Pavel holds an MBA from the University of Washington and Bachelor of Science Degree in Economics from Novosibirsk State University.

George Chesakov was a member of Tinkoff founding team, having served as the Chairman of the Tinkoff bank’s Management Board 2009-11. George has co-founded and launched many successful businesses, including consumer lending business at OTP Bank (2003-06) and in-store lending fintech Mokka; relaunched Tinkoff’s POS business in 2016-17 which led to its attaining #1 market position; and built an innovative Tinkoff’s virtual mobile operator from ground zero to 1.3m MAU. George holds a Master of Arts Degree in Computer Science from Princeton University and a Master’s Degree (with Honors) in Mathematics from Moscow State University.

Raffy Montemayor is a native of the Philippines and has more than 20 years of experience in the Philippine banking and tech sectors. Prior to joining the venture, Raffy held leadership roles at HSBC and served as general manager of Agoda (Booking Holdings), OLX (Prosus) and Carousell in the Philippines. Raffy holds an MBA from INSEAD and a Bachelor of Science Degree in Management Engineering from the Ateneo de Manila University.

About DisruptAD
DisruptAD, ADQ’s venture platform, was launched to accelerate innovation targeting the world’s biggest challenges through incubation, investment and commercial scaling opportunities. DisruptAD also seeks to unleash the potential of the UAE’s innovative and entrepreneurial ecosystem by bringing together highly skilled founders, fund managers, incubators and accelerators to build, support and scale disruptive technologies from Abu Dhabi.

Fintech Holdings Ltd Website: www.fhl.world

Hashtag: #FintechHoldings

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

CPNG FINAL DEADLINE: ROSEN, RESPECTED INVESTOR COUNSEL, Encourages Coupang, Inc. Investors With Losses Over $100K to Secure Counsel Before Important October 25 Deadline in Securities Class Action – CPNG

New York, New York – Newsfile Corp. – October 21, 2022 – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Coupang, Inc. (NYSE: CPNG) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Coupang’s March 2021 initial public offering (the “IPO”) of the important October 25, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Coupang securities pursuant and/or traceable to the Registration Statement you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Coupang class action, go to https://rosenlegal.com/submit-form/?case_id=8383 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 25, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, the IPO Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) Coupang was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations, including: (a) pressuring suppliers to raise prices of products on competing e-commerce platforms to ensure Coupang’s prices would be more competitive; (b) coercing suppliers into purchasing advertisements that would benefit Coupang financially; (c) forcing suppliers to shoulder all expenses from sales promotions; and (d) requesting wholesale rebates from suppliers without specifying any terms relating to rebate programs, all of which served to artificially maintain Coupang’s lower prices and artificially inflate Coupang’s historical revenues and market share; (2) Coupang had improperly adjusted search algorithms and manipulated product reviews on its marketplace platform to prioritize its own private-label branded products over those of other sellers and merchants, to the detriment of consumers, merchants, and suppliers; (3) unbeknownst to its Rocket WOW members (a customer loyalty program for the Company’s most engaged and frequent customers), Coupang was selling products to non-member customers at lower prices than those offered to its Rocket WOW members; (4) Coupang subjected its workforce to extreme, unsafe, and unhealthy working conditions; (5) all of the above illicit practices exposed Coupang to a heightened, but undisclosed, risk of reputational and regulatory scrutiny that would harm Coupang’s critical relationships with consumers, merchants, suppliers, and the workforce; and (6) Coupang’s lower prices, historical revenues, competitive advantages, and growing market share were the result of systemic, improper, unethical, and/or illegal practices, and, thus, unsustainable. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Coupang class action, go to https://rosenlegal.com/submit-form/?case_id=8383 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

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

AZRE FINAL DEADLINE: ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Azure Power Global Limited Investors With Losses Over $100K to Secure Counsel Before Important October 31 Deadline in Securities Class Action – AZRE

New York, New York – Newsfile Corp. – October 21, 2022 – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Azure Power Global Limited (NYSE: AZRE) between June 15, 2021 and August 26, 2022, both dates inclusive (the “Class Period”), of the important October 31, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Azure Power securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Azure Power class action, go to https://rosenlegal.com/submit-form/?case_id=8433 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material adverse facts about Azure Power’s business operations and prospects. Specifically, defendants failed to disclose to investors that: (1) there were procedural irregularities, including deviations from safety and quality standards, at one of Azure Power’s plants; (2) certain project data was manipulated; (3) as a result of the foregoing, Azure Power’s internal controls and procedures were not effective; (4) Azure Power had received a credible whistleblower report alleging such misconduct; and (5) as a result of the foregoing, defendants’ positive statements about Azure Power’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Azure Power class action, go to https://rosenlegal.com/submit-form/?case_id=8433 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

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

ABT FINAL DEADLINE: ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Abbott Laboratories Investors With Losses Over $100K to Secure Counsel Before Important October 31 Deadline in Securities Class Action – ABT

New York, New York – Newsfile Corp. – October 21, 2022 – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Abbott Laboratories (NYSE: ABT) between February 19, 2021 and June 8, 2022, both dates inclusive (the “Class Period”), of the important October 31, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Abbott securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Abbott class action, go to https://rosenlegal.com/submit-form/?case_id=8453 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) according to the U.S. Food and Drug Administration (“FDA”), Abbott had “egregiously unsanitary” conditions at its Sturgis, Michigan facility which produced nearing half of Abbott’s various forms of infant formula under the brands Similac, Alimentum, and EleCare; (2) as a result, Abbott’s infant formula business was in dire jeopardy given the flagrant violations of federal and state health and safety regulations; (3) based on inspections by the FDA between 2019 and 2022, Abbott failed to establish process controls “designed to ensure that infant formula does not become adulterated due to the presence of microorganisms in the formula or in the processing environment” and Abbott also failed to “ensure that all surfaces that contacted infant formula were maintained to protect infant formula from being contaminated by any source”; (4) the unhygienic conditions of the Sturgis facility resulted in the recall of Abbott’s infant formula and closure of the Sturgis facility; and (5) as a result, defendants’ public statements about Abbott’s business, operations, and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Abbott class action, go to https://rosenlegal.com/submit-form/?case_id=8453 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

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

Valuable Capital Financial Company secures initial licenses from Saudi Arabia’s CMA

RIYADH, KSA – Media OutReach – 23 October 2022 – Valuable Capital Financial Company (VCFC), a subsidiary of the top tier Hong Kong-based financial institution Valuable Capital Group Limited, announced that it has received the initial licenses from the Capital Market Authority (CMA) to conduct Dealing, Advising and Custody services in Saudi Arabia, making it the very first and only licensed corporation in the kingdom from Asia.

VCFC said that it will provide relevant services once the final license is granted.

The company has committed to provide trading, consulting and asset custody services, in which to enhance and foster Saudi investors to build global investment portfolios. More financial services such as asset management, IPO advisory, and fixed income are well planned and expected to launch shortly after receiving further approval from the CMA.

VCFC, registered in Riyadh earlier this year, is a joint venture between Valuable Capital Group Limited (VCGL) and eWTP Arabia Capital. This strategic move is expected to help both sides further realize their global business strategy and expand influence in MENA region.

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The diversified and advanced initiatives from VCFC not only deliver synthetic financial solutions but also strengthen the geographical and national influence of the kingdom, which target to enable the country to stay in a leading role globally.

In line with Vision 2030, determined and foreseen services are keen to draw attention as well as interest from global investors and stakeholders, also making up the gap in the domestic financial market.

“We have witnessed impressive FinTech innovation and robust capital market growth in the MENA region, especially in the Saudi marketplace, which has great talent and abundant market liquidity,” said Jess Cheung, Co-founder of Valuable Capital Group Limited.

Valuable Capital Group Limited is a leading technology-driven financial solution provider founded in HK, which offers comprehensive financial services to over millions of retail individuals, institutional, and corporate clients globally. Its subsidiary, Valuable Capital Limited, is ranked TOP 2 online broker in HK stock market by notional in 2020, according to CIC reports. The group has also established presence throughout the major markets, including Hong Kong SAR, Mainland China, United States, Singapore, Australia and New Zealand.

According to EIU’s report, Saudi Arabia will be the fastest growing of the world’s largest economies in 2022. The financial and trading markets of the kingdom are becoming increasingly popular, with dealer activity heating up within the country.

“Saudi Arabia’s financial market has tremendous potential with rapid growth. It requires involvement and participation of a wide range of financial institutions and platforms to fully meet the demand. We believe that VCFC is ready to bring its proven technology and big data driven service offerings from other markets to the kingdom, and serve Saudi financial sector together with its local partners.” said Jerry Li, Managing Partner of eWTP Arabia Capital.

eWTP Arabia Capital (“eWTPA”), shareholder of VCFC, is a growth stage venture fund based in Saudi Arabia and China. It is backed by marquee investors – eWTP Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). Through its $400 million Fund I, eWTPA has invested in 16 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia. Investments include the hugely successful Saudi Cloud Computing Company, the kingdom’s leading provider of cloud Services and JNT Express KSA, which is now the fastest growing logistics provider in the country.

The collaboration combines VCGL’s industry-leading financial services with eWTPA’s strong capital base, giving VCFC unique competitive advantages of creating a powerful platform that provides integrated, cross-market, multi-asset investment services and contributes to the kingdom’s Vision 2030 FinTech strategy.

Hashtag: #ValuableCapitalFinancialCompany

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

Get Ready! The First Light Art Show of 2022, TAITUNG LIGHT FESTIVAL, Illuminates East Taiwan in Zhiben’s Hot Springs

TAITUNG, TAIWAN – Media OutReach – 21 October 2022 – The Taitung County Government is holding the 2022 Taitung Light Festival at the century-old Zhiben hot spring area. From October 15, until November 13, using the most futuristic light, shadows and sound equipment, the public can experience the brand-new hot spring tourism and art show.

On a moonlit night following a musical performance, the Keyframes show uses stage lighting and computer programming to illuminate each of its characters individually. The show emphasizes humanity is as one, and we stand together. The show evolved into a night dance.
On a moonlit night following a musical performance, the Keyframes show uses stage lighting and computer programming to illuminate each of its characters individually. The show emphasizes humanity is as one, and we stand together. The show evolved into a night dance.

Among them, French group, Group Laps, will put their lightshow, known as Keyframes, on display during the light festival. The exhibit uses fluorescent lights placed onto a human body-like frames—which look like keyframes of a video—in combination with music and strobing light patterns that individually light up each “keyframe,” creating a dynamic image that transcending the limits of spoken language by telling a story full of personality and humor bring about a kind of warmth and delight.

The inaugural TAITUNG LIGHT FESTIVAL invites 12 top-class art groups from France, Australia and Taiwan to collaborate using the theme of amassing energy to put on a show that brings the people a brand-new experience to the hot springs and art they already have come to enjoy. The show’s exhibits create an extreme futuristic vibe through the use of audio equipment, lights and shadows.

Taitung County Magistrate April Yao has said this is the first ever light festival to be held in eastern Taiwan. Everyone is welcome to come to on down to hot springs and see the new artistic side of Zhiben now.

TAITUNG LIGHT FESTIVAL Event Details
Exhibition Time: October 15 to November 13, 2022
Where: The vicinity next to No. 18, Ln. 376, Wenquan Rd., Beinan Township,
Official Website: https://www.taitunglightfestival.com/ | Google Maps: tinyurl.com/2022TAITUNGLIGHTFESTIVAL

Hashtag: #TaitungCountyGovernment

44 Pakistanis Rescued from Job Scams in Laos

Photo credit: Dawn. Photo used for representational purposes only.

The Pakistani citizens were rescued and sent back home after being made to work for 13-hour days in jail-like conditions. They had all traveled to Laos from various locations in Pakistan and at different times.

Industronics’ Executive Director Datuk Chu acquires around 10% of HK-based renowned stocking firm

  • Datuk Chu acquires around 10% stake in Bluemount in his personal capacity
  • The investment plan coincides with Industronics’ interest in acquiring 10% stake in Bluemount, which was announced last year
  • Another investment holding company, Cyberport Tesla Technology has also acquired a 26.08% interest in Bluemount with the condition that the company must submit an application for listing on the London Stock Exchange’s Main Market by the end of this year.
  • Bluemount is targeting the 1.5 billion population in Mainland China and will expand its presence into Europe to tap into the 3.0 billion population
  • Datuk Chu will lead Bluemount in the Southeast Asia market to expand its business offerings to include asset management, fund management, IPO and others.

KUALA LUMPUR, MALAYSIA – Media OutReach – 21 October 2022 – Bursa Malaysia Main Market listed company Industronics Berhad (“Industronics” or “Group”)’s Executive Director, Datuk Chu Boon Tiong, has acquired around 10% stake in Hong Kong-based renowned stockbroking, asset management and credit firm, Bluemount Financial Group Limited (“Bluemount” or “company”), in his personal capacity.

The investment coincides with Industronics’ interest in acquiring 10% stake in Bluemount, which was announced last year. The acquisition was delayed due to the rights issues for the acquisition. Shareholders have approved the acquisition of up to 10% share in Bluemount.

Another investment holding company, Tesla Technology Holdings Limited (“Tesla Technology”), has acquired a 26.08% stake in Bluemount. The acquisition comes with the condition that the company submit the application for listing on the London Stock Exchange’s Main Market by the end of this year.

Tesla Technology is registered at Cyberport, an innovative digital community in Hong Kong with over 1,800 start-ups and technology companies. It is established as the hub for digital technology, focused on facilitating the growth of major technology trends, including fintech.

Industronics Berhad Executive Director Datuk Chu Boon Tiong, said, “This is an enormous opportunity to invest in a lucrative financial services company such as Bluemount. Together with Cyberpot Tesla, I am excited that the company will push forward to be a global player in the industry with the funds raised from its potential listing on the London Stock Exchange’s Main Market by the end of this year.”

Bluemount is eyeing the 1.5 billion population in Mainland China and will expand into the Europe market to tap into the potential of its 3.0 billion population. This is part of Bluemounts’ initiative to expand to become a global company as it taps into the opportunity outside of Asia.

Aside from that, there will also be some structural changes within the management of Bluemount as Datuk Chu will join as one of the Board of Directors to spearhead the company’s expansion in Southeast Asia (“SEA”). Expansion in the SEA region will focus on offering services such as asset management, fund management, initial public listing (“IPO”) and others.

“Expansion into Europe provides an opportunity for Bluemount to tap into the developed markets and offer cross-border opportunities for its clients globally. The listing submission to the London Stock Exchange’s Main Market by the end of this year will provide Bluemount with the opportunity to invest in its growth strategies,” Datuk Chu said.

Bluemount is a renowned stockbroking, asset management and credit firm based in Hong Kong that is valued at HKD250 million. It is well funded with abundant capital, familiar with the operation of markets and has rigorous internal control systems, which have led to a profit of HKD10 million and HKD20 million in 2020 and 2021, respectively, despite the COVID-19 pandemic disruption.

Bluemount’s wholly-owned securities brokerage arm, Bluemount Securities Ltd (“BSL”) is an exchange participant of the Stock Exchange of Hong Kong Ltd and licensed by the Securities and Futures Commission of Hong Kong (“SFC”) to carry out Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) regulated activities.

Meanwhile, Bluemount’s wholly-owned asset management subsidiary, Bluemount Asset Management Ltd (“BAML”) is licensed by SFC to carry out Type 9 (Asset Management) regulated activity. BAML provides portfolio and investment management services to professional investors.

Hashtag: #Industronics

About Industronics Berhad

Industronics Berhad is an established electronics company well known in Malaysia and internationally and the Group is engaged in the design, manufacturing and installation of electronics and microprocessor-controlled products, telecommunication system, audio video multimedia systems, intelligent transportation systems and information communication technology related system.

Industronics has three subsidiaries and associated companies which are Industronics AV/ITS/Communications Division, which specialises in the provision and system intergration of various systems including Audio Visual Systems, Intelligent Transport Systems (ITS), Conferencing Systems, Projectors and other Multimedia products, the Division also supplies and installs various digital communication equipment;

Industronics Manufacturing Sdn Bhd, which provides full facilities and manpower to Electronic Manufacturing Services (EMS) covering design services, sub assembly services, final assembly services, testing services and packaging and delivery services;

and Ademco (M) Sdn Bhd, which provides products and system solutions for professionally designed security alarm and fire protection systems for industrial, commercial, government and residential complexes.