- Peak Fintech Group (CSE:PKK) has announced that its Cubeler Lending Hub and Gold River platforms have now been linked to the China UnionPay Network
- This will allow the company to process payments, settle transactions and transfer funds between institutions
- In June, over 110 lending hub registered businesses created virtual bank accounts within the ecosystem
- Through this, the company processed over 1,200 fund transfers and payment settlements for these virtual bank accounts for a total of C$300 million
- Shares of Peak Fintech Group are up 6.38 per cent to C$2 as of 12:22 p.m. EDT
Peak Fintech (PKK) has announced that its Cubeler Lending Hub and Gold River platforms are now officially linked to the China UnionPay network.
This will now enable the company to process payments, settle transactions and transfer funds between lenders, banks and businesses within the Lending Hub ecosystem.
Last month, 117 Lending Hub registered businesses created virtual bank accounts with the ecosystem and, over the course of June, over 1,200 transfers and settlement transactions between those bank accounts totalled over C$300 million.
Some of the funds were transferred to real bank accounts, but most of the transfers were made within the company’s Lending Hub ecosystem.
Additionally, Peak Fintech also announced it granted over 1.65 million incentive stock options to certain employees of the company as a way of acknowledging their efforts in China and Canada.
Peak Fintech is the parent company of six fintech subsidiaries that operate in China’s commercial lending industry.
Through those subsidiaries, Peak Fintech uses technology, analytics and artificial intelligence to develop an ecosystem of lenders and borrowers for China’s commercial lending space.
Shares of Peak Fintech Group are up 6.38 per cent to C$2 as of 12:22 p.m. EDT.