RC365 Holding PLC (LSE:RCGH) has acquired a money lenders licence in Hong Kong, allowing the fintech solutions provider to provide money-lending services to its client base for the first time.
It marks a new milestone in RC365’s ambition to expand into the virtual banking sphere. The group secured the licence following the acquisition of HC Capital Group Ltd for 230,000 Hong Kong dollars (£22,800).
RC365 intends to offer digital lending services through its RCPAY subsidiaries to new and existing customers.
A launch date is expected by the end of the current financial year.
Chi Kit (Michael) LAW, chief executive of RC365, said: "This broadens our portfolio for attracting new customers as well as being an excellent value-added service for our existing customers, particularly for SME merchants who often face challenges in securing credit with the paper-intensive processes of traditional banks.
“A key element of our growth strategy is the expansion into virtual banking, and this licence represents important progress towards achieving that goal."