Midpoint Realigns Corporate Strategy Within Burgeoning Financial Technology Space
LONDON, May 10, 2021 (GLOBE NEWSWIRE) -- Midpoint Holdings Limited (TSXV: MPT) (Frankfurt: 8MH1) (“Midpoint” or the “Company”) is pleased to announce the appointment of Mr. Derek Ivany as President and CEO. This posting compliments his recent appointment to the Company’s board of directors. In his capacity as President and CEO, Mr. Ivany’s mandate will be to advance Midpoint’s core business in addition to strategically positioning the Company within the rapidly growing fintech and cryptocurrency verticals. As a result, the Company has commenced internal assessment of various potential corporate development initiatives with a view towards unlocking further value from the Midpoint payments platform.
Midpoint’s current core business is built upon a robust technological platform that facilitates cross-border payments and foreign exchange transactions. As a testament to the nature and functionality of the platform, the Company:
- Has processed over CDN $650 Million of matched currency transactions on the Midpoint platform since inception in 2013 of which CDN $87 Million has been matched in the previous 12 months;
- Boasts an average transaction size of CDN $43,000;
- Supports 26 currencies with the ability to collect and transfer across over 200 countries globally;
- Is registered and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom.
“Midpoint has built its core business within the highly regulated cross-border payments and foreign exchange marketplace where adherence to AML (anti-money laundering) and KYC (know your client) rules are of utmost importance,” stated Mr. Ivany. “In emerging sectors, such as has been witnessed with cryptocurrency for example, currently loose regulatory guidelines can be a factor in the uptake rate of adoption. As such, we believe that the Midpoint platform along with the Company’s core operational personnel who possess experience in rigorous regulatory environments will lend themselves well to strategic positioning within various additional segments of the financial technology space. We look forward to providing further updates as we capitalize on opportunities and progress along our path in this exciting sector.”
In order to accommodate the managerial transition, Mr. David Wong will be stepping down as President and CEO of the Company but will remain the Chair of the Board of Directors. Mr Wong will continue in his vital role as the CEO of Midpoint’s subsidiaries and operating companies headquartered in the United Kingdom.
“I look forward to supporting Derek as the new CEO of the Group. I believe his leadership and vision will chart a new path and deliver tremendous shareholder value for the Company”, Mr. Wong added.
About Midpoint
Headquartered in London, UK, Midpoint is an FCA authorized payments institution specializing in cross-border payments and foreign exchange. 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 currently handles transactions in 26 currencies with the ability to collect and transfer across over 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 information on Midpoint, please visit: https://www.midpoint.com.
For further information, please contact:
| Corbin Comishin, CFO | David Wong, Chairman |
| Midpoint Holdings Limited, | 22-25 Portman Close, Marylebone, |
| 505 Kootenay Street, Nelson, | London W1H 6BS, United Kingdom |
| British Columbia V1L 1K9, Canada | Tel: 0044 20 7448 3082 |
| Tel: 001 250 352 7667 | Email: 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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