Business Telegraph

.
The Times Real Estate

.

Completion of the Attainment of Controlling Stake in Ant Bank (Macao), Expanding Digital Financial Services in Macau and Globally

  • Written by Telegraph Magazine

HONG KONG SAR - EQS Newswire- 3 September 2024 - AGTech Holdings Limited (HKEx stock code: 8279, hereinafter referred to as "AGTech") is pleased to announce that it has officially completed the attainment of the controlling stake in Ant Bank (Macao) Limited ("Ant Bank (Macao)") on September 2, 2024.

The Transaction was completed for MOP 243 million through the acquisition of existing shares and the subscription of new shares of Ant Bank (Macao). Upon completion of the Transaction, AGTech holds approximately 51.5% of the issued share capital of Ant Bank (Macao), making Ant Bank (Macao) an indirect non-wholly owned subsidiary of AGTech.

AGTech is an integrated technology and services company that is dedicated to providing electronic payment, lottery and local consumer services, with a focus on Chinese Mainland and Macau. In recent years, AGTech has been strengthening its infrastructure and platforms to support the digital transformation of financial services in Macau and globally. As a licensed bank in Macau, Ant Bank (Macao) utilizes its leading technology and innovative solutions to provide the market with safe, inclusive, and convenient digital financial services.

The completion of the Transaction will enhance synergy between AGTech's electronic payment services in Macau and Ant Bank (Macao)'s digital banking services. By integrating "payment plus inclusive finance" services with business scenarios and resources of the ecosystem, it will meet the diversified financial needs of the market, and foster the digital transformation of financial services in Macau. Through the synergies with AGTech's various business units in life services, cultural entertainment and e-commerce, coupled with Macau's leisure and tourism features, AGTech aims to create distinctive cross-border financial services to attract more cross-border tourists (who are eligible to receive such services) to visit Macau, thus supporting the economic development and growth of Macau.

According to the 2024 Policy Address by the Macau SAR Government, 2024 marks the first year of the implementation of the "1+4" moderate and diversified economic development strategy, with the modern financial services sector identified as a pivotal focus. The Government is committed to driving innovation in financial technology, using technology to bolster the financial sector's development. It actively supports financial institutions to offer wide-range and accessible financial services for micro, small and medium-sized enterprises in Macau. AGTech's attainment of the controlling stake in Ant Bank (Macao) represents a proactive alignment with this strategic direction.

Mr. Sun Ho, Chairman and CEO of AGTech, stated, "This acquisition is a milestone for AGTech. It reflects our commitment for the financial service sector of Macau and the broader digital economy, expanding our reach into the digital financial sector. Furthermore, it aligns with the Macau SAR government's '1+4' planning and drives innovation of the modern finance, injecting new vitality into financial technology innovation and economic diversification in Macau and globally." By completing the Transaction, AGTech's business scope will expand from digital payment services and digital local consumer services to digital financial services.

Hashtag: #AGTech

The issuer is solely responsible for the content of this announcement.

Entrepreneurs & Leaders

Authenticity in Marketing: Why It Matters More Than Ever for Businesses

(featured image) Marketing has always been connecting with people, but let’s be honest—consumers are more sceptical tha...

Crypto Expert John Fenga asks: Can Green Cryptocurrencies Make a Difference?

Cryptocurrencies have transformed financial systems, enabling decentralised, borderless transactions. However, their ...

How to Choose the Best Web Design for Your Website in Melbourne?

Today, your website serves as a crucial touchpoint for potential customers. It's often the first interaction someone h...

Unlock the Benefits of Certified SQL Server Consultants for Your Business Needs

With the increasing cyberspace changes, companies can use databases in which to save, organize, and retrieve relevant ...

Increase Business Efficiency: Selecting the Best Employee Management Software for Enhanced Productivity

Boost your business with the perfect employee management software! Get tips on choosing the most efficient tool for top-...

Top 5 Reliable Guest Posting Services in Ohio for 2025

Promoting any company online through guest blogging is a fantastic strategy. Businesses can share ideas and connect with...

Top Five Plumbing Emergencies That Need Immediate Attention

Whether it’s a burst pipe in the middle of the night or a blocked drain just before guests arrive, knowing when to call ...

Exploring the Durability of Stainless Steel Piping in Industrial Settings

Over the years, businesses across various sectors in the construction industry have turned to stainless steel due to i...

Function Meets Form: 5 Ways Architects Balance Beauty with Practicality

Photo: Sajad Nori / Unsplash Architecture has always walked a tightrope between artistry and utility. While some buildi...