Lynx Global's Bank Announces Partnership with China's UnionPay
Lynx Global's Bank Announces Partnership
with China's UnionPay
Vancouver, British Columbia--(Newsfile Corp. - August 4, 2021) - Lynx Global Digital Finance
Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") today
announces that its subsidiary Bank ("BRB"), has officially engaged in a worldwide card issuing
partnership with UnionPay, a global payment brand with the planet's largest cardholder base.
The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 61
million merchants and 2.9 million ATMs. Outside the Chinese Mainland, UnionPay is accepted at over
32 million merchants and 1.7 million ATMs. To date, UnionPay cards are issued in 70 countries and
regions, among which over 150 million are issued outside mainland China.
Mr. Huiming Cai, General Manager, UnionPay International Southeast Asia said, "We are pleased to
partner with BRB to make money remittance easy, secure and convenient to BRB customers and
UnionPay Cardholders. With this collaboration, BRB customers will now be able to receive funds and
soon send money at competitive rates without additional service charges to any UnionPay Cardholders
globally, who can then spend directly using the UnionPay Card. This project is also in line with the country
Central Bank and its vision to boost financial inclusion and accelerate its country towards a cashless
society."
"The partnership between BRB and UnionPay International represents a significant strategic milestone
for BRB as we strive to boost consumer adoption and merchant acceptance of our innovative banking
products and solutions. BRB's
card issuance pipeline is expected to provide a solid foundation from
which BRB can then offer services to more cardholders which will
grow our merchant processing
volumes," said Mr. Raymond Sparkes, Chairman of the BRB Board of Directors.
Current and Future Product Benefits
BRB customers may enjoy the ease and convenience of making online purchases. They may also
receive funds coming from UnionPay network across the globe as the initial phase of the
implementation, but the feature of the card will soon be enhanced so that BRB customers will also be
able to remit funds to any UnionPay card issued anywhere in the world, by using cross-border remittance
rails provided directly to BRB through the Lynx Pan-Global network infrastructure.
UnionPay cross-border remittance has three major advantages over traditional remittance products:
Firstly, it is cheaper. Senders can lock in the exchange rate, and the funds are then directly
transferred to the receiving UnionPay accounts for immediate availability without additional service
charges.
Secondly, it is faster.
Finally, it is safe and convenient. The senders can make cross-border remittance online without
visiting their banks, especially consumers are encouraged to practice social distancing during the
pandemic.
"By working with UnionPay, BRB will be able to offer clients a streamlined and simplified card
management program with all processes consolidated to a single system, allowing BRB and its clients
to gain more control while generating significant cost savings at the same time. With this UnionPay
partnership, BRB is able to provide end-to-end issuing, processing and onboarding services in a shorter
time and offer to clients the ability for real-time funds transfers to both physical and virtual cards, enabling
secure digital payments through tokenization for in-stores, online payments and at ATM points and an
overall simple payment experience for global businesses and consumers alike through multi-currency
cards with multi-pocket/wallet spend management features," stated Michael Penner, CEO, Lynx Global.
Li Guangzi, Director of the Banking Research Office at the Institute of Finance and Banking, Chinese
Academy of Social Sciences, recently said publicly that "the payment system, as one of the most
important financial infrastructures, plays a crucial role in facilitating the internal and external circulations.
UnionPay's progress made in overseas card issuance provides solid financial support to China's
exchanges with other countries and sets a good example in enhancing the service capabilities of
Chinese financial systems in overseas markets."
ABOUT UNIONPAY INTERNATIONAL
UnionPay International (UPI) focuses on the growth and support of UnionPay's global business. In
partnership with more than 2400 institutions worldwide, UPI has enabled card acceptance in 180
countries and regions with issuance in 70 countries and regions. UPI provides high quality, cost effective
and secure cross-border payment services to the world's largest cardholder base, and ensures
convenient local services to a growing number of global UnionPay cardholders and merchants.
ABOUT LYNX DIGITAL GLOBAL FINANCE
Lynx seeks to become a leader in financial technology, solutions, and services for large-scale
merchants, financial institutions and other B2B industry partners by way of integration to the Lynx digital
payment platform. The Company's payment solutions are powered by a broad suite of payment
technologies and services. The Company has targeted banking and fintech relationships in ASEAN and
Oceania, a region with a population approaching 700 million, that can provide Lynx a financial network
hub location to service and operate a global traditional and digital financial infrastructure. By working
with selected banking and/or licensed EMI partners, the Company will be able to offer a digital payment
platform with a full suite of payment solutions, which may include merchant acquiring solutions; card
issuing; remittance and forex; and custodial digital asset services, including digital wallet services. The
Company seeks organic growth while investigating potential strategic acquisitions that may contribute
critical technology applications, additional services, and revenue streams, and that can complement or
enhance existing offerings and potentially increase or expedite the path to future profitability. While Lynx
believes that significant near-term opportunities exist for the Company's strategic initiatives, there can
be no assurance that goals and objectives will be reached or that any such underlying efforts or
agreements will provide successful or positive outcomes should they be implemented.
For more information, please contact:
Michael Penner, CEO
(604) 396-9974
www.lynxglobal.io
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES
PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-
looking information" under Canadian securities legislation, including the described initiatives of BRB
and the goals and objectives of Lynx.
The economic materiality of the agreement with UnionPay
International is unknown due to the contingent nature of results that may be generated. At this point in
time, Lynx considers the UnionPay partnership is unlikely to yield a substantial short-term economic
benefit for Lynx or BRB, however, Lynx and BRB considers that the UnionPay partnership supports
the organizations strategic growth plans.
Generally, forward-looking information can be identified by the
use of forward-looking terminology such as, "will be", or variations of such words and phrases or
statements that certain actions, events, or results "will" occur. Forward-looking statements are based on
the Company's estimates and are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance, or achievements of Lynx to be materially
different from those expressed or implied by such forward-looking statements or forward-looking
information, including capital expenditures, other costs, or implied future forecasts. The Company further
again cautions that all forward-looking statements are inherently uncertain, and that actual performance
may be affected by a number of material factors, many of which are beyond the Company's control. Such
factors include, among other things: risks and uncertainties relating to the Company's limited operating
history and the need to comply with environmental and governmental regulations. There can be no
assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements and information. Lynx will not update any forward-looking
statements or forward-looking information that are incorporated by reference herein, except as required
by applicable securities laws.
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https://www.newsfilecorp.com/release/92008