• Peak Positioning Technologies (CSE:PKK) software will allocate relief funds to Chinese businesses affected by the coronavirus
  • The company’s Cubeler Lending Hub will allocate funds to small and medium sized businesses in Jiangyin, China
  • Businesses will receive funds in the form of low-interest loans, at 18 local and national banks in Jiangyin
  • The company will program the government’s criteria for loan eligibility into the Lending Hub platform
  • Peak’s share price is up 14.29 per cent, and is currently trading at $0.04 per share.

Peak Positioning Technologies (CSE:PKK) software will allocate government relief funds to Chinese businesses impacted by the coronavirus.

The company’s Cubeler Lending Hub platform will assign funds to small and medium sized businesses in Jiangyin, China. 

The Jiangyin Municipal Government and Jiangyin Federation of Industry and Commerce will provide funds in the form of low-interest loans.

Eighteen local and national banks in Jiangyin will distribute the loans. Banks involved include the Jiangyin Rural Bank, the Bank of Jiangsu, Shanghai Pudong Bank, and the Bank of Communications.

The government will establish specific criteria in order to determine which businesses are eligible for the loan. Peak will then program those criteria into the company’s Lending Hub platform.

Peak China CEO, Liang Qu, welcomed the opportunity to help. 

“We’re very pleased that our Lending Hub platform was selected by the Jiangyin government to play a role in helping some of city’s businesses get back on track,” he said.

“We’re happy to do anything we can to help the local economy and are very grateful to have an opportunity to work with the government and so many of the city’s banks.”

In the coming days, the local government will launch a public awareness campaign about the program. Participating banks have also started contacting small and medium sized business clients to discuss their eligibility. 

Peak will issue a release, discussing the financial implications for Asia Synergy Data Solutions, the subsidiary managing the Lending Hub.

Peak’s share price is up 14.29 per cent, and is currently trading at $0.04 per share at 10:35am EST.

More From The Market Online

Bragg Gaming continues global expansion, teams with Kingsbet

Bragg Gaming Group (TSX:BRAG) launches its full turnkey solution with Czech land-based casino operator Kings Entertainment A.S.

Bitfarms announces next Bitcoin mine amid spat with Riot Platforms

Bitfarms (TSX:BITF), a global and vertically integrated Bitcoin miner, will develop a new up-to-120-MW facility in Sharon, Pennsylvania.

Riot’s attempted takeover of Bitfarms is an exercise in speculation

Riot Platforms (RIOT:NDAQ) is on a quest to acquire Bitfarms (TSX:BITF) to create the world's largest publicly listed Bitcoin miner.