Fineqia International Inc. (the 'Company' or 'Fineqia') (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) is pleased to announce its U.K. subsidiary Fineqia Limited ('Fineqia Ltd') has successfully arranged for the issuance and subscription of a EUR2.94 million bond against assets of loan receivables.
Fineqia Ltd placed the bond issued by PremFina Ltd ('PremFina') and subscribed to by Rakuten Europe Bank S.A., a subsidiary of Rakuten, Inc. ('Rakuten'), a global leader in internet services headquartered in Tokyo. Rakuten Europe Bank is a fully licensed credit institution in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
PremFina has created and authorised the issue of an aggregate 4% Secured Loan Notes (the 'Instrument') with an aggregate nominal amount of EUR2.94 million The bond is issued in and subscribed to in Euros, backed by assets in the form of U.K. loan receivables from premium finance loans. This bond has a seven-month maturity term. 'The successful arrangement of this bond is an extraordinary opportunity for Fineqia Ltd,' said Chief Executive Officer (CEO) of Fineqia, Bundeep Singh Rangar. 'It allows Fineqia to arrange the issuance and subscriptions of high-quality debt instruments and offers PremFina new opportunities to finance its premium finance loans portfolio.' Fineqia owns a minority stake in PremFina, which it made to establish a strategic relationship with the debt originator. PremFina generates loans from the financing of insurance premiums in the U.K., making insurance more affordable for customers. Premium finance is considered high quality debt with U.K. industry loan losses at less than 0.30%. It involves paying the cost of an insurance premium to an insurance company upfront, on behalf of an insured company or person, who then repays the same amount on a monthly instalment basis, along with a finance fee. Founded in Japan in 1997 with the mission to contribute to society by creating value through innovation and entrepreneurship, Rakuten has grown to become one of the world's leading internet services companies. The company has a dynamic ecosystem of more than 70 services, spanning e-commerce, fintech, digital content, and communications, bringing the joy of discovery to more than 1.2 billion members across the world. Rakuten is the Main Global Partner and the first-ever Official Innovation & Entertainment Partner of the FC Barcelona and the first-ever jersey partner for the Golden State Warriors. The company is expanding globally and currently has operations throughout Asia, Europe, and the Americas.
About Fineqia International Inc.
Fineqia International Inc. is a listed entity in Canada (CSE: FNQ), US (OTC: FNQQF) and Europe (Frankfurt: FNQA). Fineqia International outlines the Company's corporate governance, culture, processes and relations by which the Company and its subsidiaries and investments are controlled, directed and governed. Fineqia International oversees and ensures the overall success, planning and growth of the Company and all of its subsidiaries.
Forward Looking Statements
Some statements in this release may contain forward-looking information (as defined under applicable Canadian securities laws) ('forward-looking statements'). All statements, other than of historical fact, that address activities, events or developments that Fineqia (the 'Company') believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words 'may', 'will', 'should', 'continue', 'expect', 'anticipate', 'estimate', 'believe', 'intend', 'plan' or 'project' or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement except to the extent required by applicable securities laws.
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