Midpoint Secures Banking Services in Hong Kong and Joins Cyberport Incubation Program

Toronto, Ontario, CANADA

LONDON, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Midpoint Holdings Ltd. (TSXV: MPT) (“Midpoint” or the “Company”) is pleased to announce that the Company has secured a banking relationship with DBS Bank, Hong Kong.

“After many months of a due diligence process, we are very encouraged that DBS has elected to work with us. We would like to thank and commend the team at DBS for their diligence and patience” during this process, said David Wong CEO of Midpoint.

“There is wide-spread de-risking amongst banks globally resulting in money services businesses (“MSBs”) losing access to banking services. This may in part result from concerns about regulatory scrutiny, the perceived risks presented by money services business accounts, and the costs and burdens associated with monitoring such accounts. Our MSB banking relationship with DBS, Hong Kong is a testament to our robust compliance and AML process. This also opens the possibility of local payout and deposits for our Hong Kong and China-based clients.” Wong added.  

The Company is also pleased to announce it has applied for and subsequently been accepted into the Cyberport Incubation Program. The government initiative provides up to HKD 500,000 in financial help over 24 months to accelerate the growth of participating businesses.  

About Cyberport
Cyberport is an innovative digital community with over 1,000 digital tech companies. Managed by Hong Kong Cyberport Management Company Limited, which is owned by the Hong Kong SAR Government. With the vision to become a major force in developing the digital tech industry as a key economic driver of Hong Kong, Cyberport is committed to nurturing and incentivising youth, start-ups and entrepreneurs to grow in the digital industry by connecting them to strategic partners and investors. This drives collaboration with local and international business partners to create new opportunities, whilst increasing digital adoption amongst corporates and SME’s.

Cyberport focuses on building key clusters of digital technology, namely FinTech, eCommerce, IoT/Wearables and Big Data/AI to foster the development of Hong Kong as a “Smart City. With a committed team of professionals providing all rounded value-added services to support our digital community and an array of state-of-the-art tech facilities, Cyberport is the flagship for Hong Kong’s digital tech industry. Midpoint’s Hong Kong office is based in Cyberport.

For more information on Cyberport, please visit: https://www.cyberport.hk

About Midpoint
Headquartered in London, Midpoint is an FCA authorized payments institution with the world’s first authentic peer-to-peer (‘P2P’) foreign exchange marketplace. SMEs, overseas professionals, property owners, foreign students, individuals and anyone involved in international payments, use Midpoint’s US patent protected platform for transparent, multi-party, multi-currency services.

Midpoint is currently handling transactions in 23 currencies with the ability to collect and transfer across 200 countries.  This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate therefore removing the spread as well as hidden costs and fees.

Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.

For more information on Midpoint, please visit: https://www.midpoint.com

For further information, please contact:

David Wong, CEO on +44 20 7448 3082, or by email at info@midpoint.com.

Neither the TSX Venture Exchange (the “TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this news release.

Forward-looking information

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint’s Management’s Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

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