RC365 has announced its acquisition of a Money Lenders Licence, as the new certificate will advance the strategy of expanding into the virtual banking market. Following this announcement, the payment solutions and fintech company RC365 Holding gained the Money Lenders Licence ("MLL") in Hong Kong.

This certificate is expected to allow the financial institution to provide money-lending solutions to its customers for the first time, while also representing progress on its strategy of expanding its offering into virtual banking. In addition, the company will continue to focus on meeting the needs, preferences, and demands of its clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Throughout this licence, RC365 Holding intends to provide digital lending tools through its RCPAY subsidiaries to new and existing customers and users.

In addition, the firm expects to launch the tool as an app-based product by the end of the current calendar year. RC365 has also gained the Money Lenders Licence (MLL) via the acquisition, through a wholly-owned subsidiary of the Company, of the entire issued share capital of HC Capital Group, the licence holder. This process took place for a cash consideration of approximately USD 29.460 (HKD 230.000).

HC Capital Group was licenced and regulated in the region of Hong Kong under the Money Lenders Ordinance (Chapter 163). The acquisition will also broaden the financial institution’s portfolio for attracting new customers and users, as well as represent a value-added tool for already existing users. This will also focus on particularly small and medium-sized enterprise (SME) merchants who often face multiple challenges and difficulties in the procedure of securing credit with paper-intensive processes of traditional banks and financial institutions.

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