MICT Inc. recently announced the change of its name and ticker symbol to Tingo Group Inc. (NASDAQ: TIO), effective Feb. 27, 2023. In conjunction with the name and ticker change, the company launched a new Investor Relations website at www.TingoGroup.com, which will be complemented by a corporate website in the near future. “The Tingo brand is extremely important to the business, not only as Africa’s leading agri-fintech solution, but also as a Pan-Africa fintech partner to Visa, through TingoPay, and in connection with the recently launched businesses of Tingo Foods and the Tingo DMCC commodities platform and export business,” said the company’s CEO Darren Mercer. “The company’s change of name reflects this and also provides improved clarity to our external stakeholders, including current and prospective partners, customers and investors. The company is in the process of pivoting its insurance and financial services businesses to compliment the Tingo brand and leverage Tingo’s fast growing customer base through the addition of new products with significant new income streams. Taking this into account, together with the expected considerable growth in consolidated group revenues and profitability in 2023 and beyond, we believe it is important to unify the company through a single corporate identity reflected through a single global brand.”
To view the full press release, visit https://ibn.fm/AbBjJ
About Tingo Group Inc.
Tingo is a global fintech and agri-fintech group of companies with operations in Africa, Southeast Asia and the Middle East. The company’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. The company’s other business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to these business verticals, the company also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information about the company, visit www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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