- FinTech Ecosystem Development Corp. is a SPAC whose goal is to identify and engage in business combinations with businesses that have developed or are developing technology that enables communities and companies to store and transfer money
- The company is targeting developing countries, particularly those in South Asia, a region where vast sections of the population are underbanked or unbanked
- 85FEXD plans to leverage its management’s experience in the Fintech sector to identify high-growth targets primarily operating in South Asia with a high volume of customers and growing demand
- Experts believe that Asia is a ripe market for financial innovation, given that it is home to the world’s youngest workforce and consumer groups with a high adoption rate of mobile and digital technologies
More than seventy percent of the adult population in South-East (“SE”) Asia is either unbanked or underbanked, according to consultancy firm Bain (https://ibn.fm/w4Ulu), with the World Bank separately reporting that South Asia accounts for over twenty percent of all unbanked adults in the world (https://ibn.fm/X6Zao). But as Tzu-Chung Liang, a South-East Asia financial services strategy and transaction leader at consultancy firm EY, tells the Financial Times, there is a silver lining: “Asia has one of the world’s youngest workforce and consumer groups, with a high adoption rate of mobile and digital technologies, so it’s a ripe market for financial innovation” (https://ibn.fm/hgA10).
This potential has sparked the interest of Fintech Ecosystem Development (NASDAQ: FEXD), a special-purpose acquisition company (“SPAC”) formed to develop a global financial technology system. FEXD’s goal is to identify and engage in a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with a business – or more – that has developed or is developing technology that enables communities and companies to store and transfer money within developing countries and across international borders.
To achieve this, the company, led by CEO and Founder Dr. Saiful Khandaker, plans to leverage its management team’s experience in the Fintech sector to identify high-growth targets primarily operating in South Asia with a high volume of customers and growing demand. Dr. Khandaker, himself an industry veteran with more than three decades of experience, is the founder of FAMA Holdings Inc., a US-based global developer of Fintech platforms, applications, and services with offices in the UK, India, Bangladesh, and Zambia (https://ibn.fm/sTweN).
Dr. Khandaker also led the development of the FAMACASH(TM) network, a global Fintech ecosystem that integrates blockchain, artificial intelligence, and cloud computing technologies to provide fast, affordable mobile money services in underserved countries. He also led the development of software solutions for Fortune 100 companies and startups and designed the architecture and managed networks used by Delta Airlines, cellular billing applications for AT&T (NYSE: T) and BellSouth, and network management software for Cox Communications.
Collectively and while working for previous employers, the company’s management team helped develop platforms, applications, and services for cross-border payment, digital banking products, bill payments, mobile lifestyle products, online payment gateways, and interchangeable and multicurrency systems. FEXD hopes this team’s significant operating and transaction experience, a broad network of contacts around the world, and relationships with companies will help it identify – and potentially close – a number of business combination targets.
So far, these factors have led to the identification and entry into a definitive agreement with Mobitech International LLC (dba Afinoz), a limited liability company organized in the United Arab Emirates. FEXD announced September last year that it would purchase Afinoz, with the transaction, once closed, expected to make Afinoz a wholly owned subsidiary of the company. (However, the business combination is yet to be consummated.) Commenting on the planned acquisition, Dr. Khandaker said it would give the company “a solid competitive position in the emerging Fintech 3.0 global markets and allow us to provide neobanking services” in multiple markets, with opportunities to “expand our services to other countries in South and East Asia and Latin America” (https://ibn.fm/BThCb).
Beyond identifying the potential targets, FEXD also aims to leverage emerging technologies to reduce costs and processing times, improve the money delivery process, and create real-time settlements. Some of the technologies on the company’s radar include artificial intelligence (“AI”), machine learning, deep learning, cloud computing, blockchain, cryptocurrencies, and decentralized finance. Moreover, FEXD hopes to capitalize on its team’s experience in the design and development of digital payment products, payment gateways, Automated Clearing House (“ACH”) systems, cybersecurity, scalable architecture, blockchain, and AI to deliver on its objectives.
For more information, visit the company’s website at www.FintechEcoSys.com.
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD
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