Montreal, Quebec–(Newsfile Corp. – July 7, 2017) – Peak Positioning Technologies Inc. (CSE: PKK) (“Peak” or the “Company”) today announced that its subsidiary, Asia Synergy Data Solutions (“ASDS”), which operates the Cubeler fintech commercial lending platform in China, has signed a memorandum of understanding (MOU) with Balang Technology Ltd. (“Balang”) that would bring over 40,000 small and medium sized enterprise (SME) loan candidates to the Cubeler platform.
Balang (balangtechnology.com) has an exclusive agreement with the Industrial and Commercial Bank of China (“ICBC”) to provide ICBC’s business clients with software that enables ICBC financial services. The software in question is used primarily by ICBC’s large manufacturing and product distribution clients. It links to their ERP systems and allows their SME clients to purchase products from them through a web interface, while ICBC provides financial settlement services of the transactions as well as a host of other financial services to both manufacturers/distributors and SMEs. The system requires the SMEs to create online accounts with the ICBC manufacturer/distributor clients. By doing so, the SMEs also agree to give access to their order history and other important financial data to ICBC to be eligible for certain financial products and services, including credit/loans from ICBC. The data is captured through the web-based application, which runs on ICBC’s servers, and which Balang has a right to access. There are currently over 40,000 such SMEs using the system and their needs for credit/loans, for the most part, are not being met by ICBC because they don’t fit ICBC’s lending criteria. By virtue of its agreement with ICBC, Balang has the right to use and share the financial data coming from those SMEs for its own commercial use. With the MOU announced today, Balang has agreed to share this data with ASDS for the purposes of having those SMEs become eligible for credit/loans on the Cubeler platform.
Under the terms of MOU, ASDS will hire and pay Balang to develop an interface to allow SME financial data coming from Balang’s servers to be transferred to Cubeler’s servers. There will be no distinction between SME data coming from Balang’s servers and data from other sources, in the sense that all SMEs will be eligible to receive and accept credit/loan offers from all Cubeler platform lenders. The MOU also calls for ASDS to have the option to acquire a majority stake in Balang after a certain period of cooperation between the parties. Balang and ASDS expect to reach a definitive agreement shortly and begin the development of the interface.
“We believe that using analytics to match the right lenders with the right businesses the way Cubeler does is the future of commercial lending in China”, commented Yuhong Zhai, CEO of Balang. “We want to be a part of that future. So we’re very pleased with today’s announcement and look forward to working with ASDS and the Peak group of companies”, Mr. Zhai added.
About the Industrial and Commercial Bank of China:
The Industrial and Commercial Bank of China (“ICBC”) is a Chinese multinational banking company. It is the largest bank in the world with US$3.6 trillion in total assets as of June 2015, and the most valuable bank in the world by market capitalization as of February 2017. It is one of China’s “Big Four” state-owned commercial banks. As of the end of 2016, ICBC had 5.8M business clients and 530M personal clients. ICBC ranks number 1 in The Banker’s Top 1000 World Banks ranking, and first on the Forbes Global 2000 list of the world’s biggest public companies. For more information: http://www.icbc.com.cn
About the Cubeler Platform:
Cubeler is a commercial lending platform that matches any business looking for credit with a variety of lenders. Cubeler periodically reads financial data coming from the registered businesses’ accounting software, analyses several data points and calculates a series of financial ratios to determine how well the business is performing. Those data points and ratios are then compared to Cubeler’s registered lenders’ lending criterial and the resulting matches are shown to the lenders and the businesses, much like the way a dating website would show its members their compatible matches.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of high-growth-potential companies and assets in some of the fastest growing tech sectors in China, including Fintech, e-commerce and cloud-computing. Peak provides its shareholders with exceptional growth potential by giving them access to the fastest growing sectors of the world’s fastest growing economy. For more information: http://ift.tt/1byd5XT
CHF Investor Relations
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Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth, using words including “anticipate”, “believe”, “could”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “will”, “would” and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
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