UK paytech RC365 acquires Money Lenders Licence to provide digital lending services in Hong Kong
UK-based payment solutions provider RC365 has acquired a Money Lenders Licence (MLL) in Hong Kong to extend its reach into the virtual banking market. This was made possible through the paytech’s purchase of private investment and advisory firm HC Capital Group for HK 230,000 ($29,500).
RC365 acquires MLL in Hong Kong
RC365 says the licence will open up digital money lending services for its clients in the region for the first time.
Chi Kit Law, CEO of RC365, comments that the acquisition “broadens our portfolio for attracting new customers” while also being particularly beneficial to its SME merchant clients, 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,” Law adds.
These digital money lending services are to be headed by the holding company’s subsidiary, RCPAY, and provided through an app-based product, which is scheduled to launch by the end of this year.
This will add to the subsidiary’s current remit of FX and remittance services, and Mastercard-issued card solutions. With regard to virtual banking, RCPAY’s website says the incoming service with span Hong Kong, Singapore, Europe and the UK.
Founded in 2013 and quoted on the London Stock Exchange, RC365 operates three businesses: Regal Crown Technology in Hong Kong and Singapore, RCPAY in Hong Kong and the UK, and RC365 Solutions in Malaysia.
