In order to obtain a Canadian Money Services Business (MSB) license, SOLOWIN HOLDINGS (NASDAQ: AXG) (“AXG” or the “Company”), a prominent financial technology company that bridges traditional and digital assets, announced today that it intends to acquire Gello Finance Ltd. through its wholly owned subsidiary AlloyX (Hong Kong) Limited (“AlloyX”). A crucial component of the company's global expansion strategy, the completion of this movement would provide it with completely compliant access to North American markets.
The MSB license would enable AXG to lawfully carry out a wide range of financial services in the area, such as payment processing, cross-border remittances, virtual currency services, and foreign exchange transactions, all of which are registered under the Financial Transactions and Reports Analysis Centre of Canada's (FINTRAC) regulatory framework. With the license, AXG would formally join the regulated mainstream financial and digital asset ecosystems in North America.
“Securing this registration would demonstrate AXG's dedication to fulfilling the strict compliance requirements of significant international economies, including Organization for Economic Co-operation and Development (OECD) nations” , said Dr. Thomas Zhu, Director of AXG and CEO of AlloyX. “For our North American clients, this strategic foothold will offer the necessary legal framework to enable smooth fiat and cryptocurrency conversions. In the context of the global digital banking scene, it will greatly improve our service capabilities and increase our market potential.”
#Regarding SOLOWIN HOLDINGS
A top financial technology company in the world, SOLOWIN HOLDINGS (NASDAQ: AXG) specializes in asset tokenization and digital currency payments. Since its founding in 2016, it has worked to bridge the gap between traditional and decentralized finance by creating a safe, effective, and legal financial infrastructure that offers integrated digital asset solutions to institutions and investors throughout the world. Using Solomon JFZ (Asia) Holdings Limited, a subsidiary licensed by the Hong Kong Securities and Futures Commission (SFC), and other important subsidiaries like AlloyX Group and AX Coin, the company has created a multi-jurisdictional, vertically integrated, enterprise-grade new financial platform that includes tokenization as a service, corporate treasury and private wealth management, and global stablecoin payments. Leading global institutional investors support the company's management of transparent, compliant digital assets with strong ties to the real economy. By promoting the smooth integration of traditional banking and the digital assets ecosystem, the company is dedicated to become a preeminent worldwide digital asset financial platform.