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Fintech Ecosystem Development Corp. (NASDAQ: FEXD) Committed to Helping Implement Cashless Society via Global Financial Services Ecosystem
May 5, 2023

Fintech Ecosystem Development Corp. (NASDAQ: FEXD) Committed to Helping Implement Cashless Society via Global Financial Services Ecosystem

  • The company aims to build a global network of services, products, technologies and applications that will make it easy and affordable for consumers to move money almost anywhere in the world, and in any currency
  • FEXD is working to complete a merger, which will enable the company to strengthen its competitive position and provide neobanking services to unbanked consumers in several developing and industrialized markets around the world
  • FEXD is targeting consumers and businesses in multiple international markets, including South and East Asia, Africa, Latin America, Europe, and the United States
  • The number of cashless payments is set to almost triple by 2030, with the fastest growth expected in emerging markets targeted by FEXD
  • The transaction value of digital payments worldwide is anticipated to reach $14.7 trillion by 2027

As the financial services sector is undergoing a significant transformation, with digital payments continuing to expand in both number and transactional value, there is a rapidly growing opportunity for more diversified platforms and innovation driven by financial technology companies such as Fintech Ecosystem Development (NASDAQ: FEXD). A Delaware special purpose acquisition company, FEXD was formed with the purpose of helping implement a cashless society through a global financial services ecosystem that addresses unmet mobile money needs.

The cashless society is quickly becoming the default system for making payments, with digital payments worldwide expected to reach $9.46 trillion in transaction value this year, and to continue expanding at an annual growth grate of 11.8% to reach $14.7 trillion by 2027 (https://ibn.fm/mUZtD). According to a PwC survey, the number of cashless payment transactions is set to increase by more than 80% from 2020 to 2025 and then almost triple by 2030, with the fastest growth expected in the Asia-Pacific region, followed by Africa, Europe, Latin America, the United States, and Canada (https://ibn.fm/pgJPU).

FEXD is targeting consumers and businesses in multiple international markets, including South and East Asia, Africa, Latin America, Europe, and the United States. The company’s vision is to build a global network of technologies, applications, mobile money platforms, products and services, that will make it easier and affordable to consumers to conduct cashless transactions and move money “like thoughts” across borders, virtually any place in the world, in any currency. FEXD’s key goals include:

  • Allowing people in underserved financial service markets who need faster and cheaper ways to transfer money access to USD online accounts that are insured by the Federal Deposit Insurance Corporation;
  • Reducing costs of international fees for cross-border transactions as a result of using advanced digital payment technologies;
  • Supporting the progress of developing markets and countries, where mobile phones are widespread but mobile money services are not available
  • Helping reduce poverty, improving the lives of unbanked populations, offering financial options and security to migrant workers, and overall ensuring that humanity can leave behind the current unhygienic cash system.

To achieve these goals, FEXD is seeking to merge and acquire high-growth global financial technology pioneers, while also continuing the development of proprietary applications and technologies. FEXD has already signed a definitive agreement for business combinations with Mobitech International LLC (“Afinoz”), an AI-enabled digital lending platform based in the United Arab Emirates, with the merger expected to be completed later this year. Afinoz’s digital lending platform is used by leading financial institutions, as well as fintech loan providers, non-banking financial companies, and more than two million consumers in India.

“We aim to use emerging technologies such as blockchain, Web 3.0, Metaverse, and artificial intelligence to reduce costs and accelerate the processing of money transfers, loans, and other lifestyle services, which will benefit consumers and businesses in many countries” FEXD CEO, President and Founder Dr. Saiful Khandaker stated (https://ibn.fm/tTu3m).

For more information, visit the company’s website at www.FintechEcoSys.com.

NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD

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