Tech: FinTech Chain has expanded to regional China
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Many ASX listed companies entering China target the major cities as the country continues to urbanise.
But FinTech Chain (ASX: FTC) has gone beyond the cities and is now active in China’s most rural province – Heilongjiang. FinTech Chain’s latest agreement is with Huanan Rural Credit Union to deploy its T-Linx system.
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T-Linx is a payment at point-of-sale system. It’s linked to customer bank accounts, and can accept cryptocurrencies.
FinTech Chain now counts over 400 banks within China as clients and it is indirectly serving over 4 million merchants. It has no shortage of larger clients, including Ping An and China Merchants Bank but you won’t find many other small caps entering Heilongjiang.
FinTech Chain president Quincent Leung was proud to announce the deal noting Huanan RCU was a popular rural bank and it shared similar innovation values.
“The agreement will enable FTC to further illustrate how reliable and secured the banking payments solutions by deployment of T-Linx in the banking network can put Huanan RCU ahead of their [sic] peers and provide significant efficiencies,” he said.
FinTech jumped another 4 per cent this morning and the stock gained 261 per cent in 2019.
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