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HONG KONG, Mar 24, 2022 - (ACN Newswire) - AGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.
Since granted the financial license by the Macau SAR Government in 2006, Macau Pass has been propelling the development of a more convenient local electronic payment and promoting its popularity in Macau. Macau Pass, being the leading payment service provider in Macau, issued the first and the most commonly used contactless smart card for payments in Macau, Macau Pass Card ("MP Card"). While initially used in bus fare payment system, its usage has later been expanded into a wide range of payments such as those for other public transports, car parks, government services, retail consumptions, and food and beverage services. There are currently more than three million MP Cards in issue.

The first mobile payment platform in Macau, Macau e-wallet ("MPay"), was subsequently issued by Macau Pass, it was an innovated product which led Macau into the development of e-payment. The major functions of MPay cover on-line and off-line payments, transfers, utility payments like telephone, water, electricity and gas bills and public transports. Currently over 90% of Macau residents are registered MPay users. Its cross-border operation between Hong Kong and Mainland China has been approved by the People's Bank of China and the Monetary Authority of Macao ("AMCM") in 2019, the first financial institution having offshore headquarters to be granted the right to use its offshore e-wallet across the border in Mainland China. The completion of the acquisition will create tremendous synergies to AGTech's existing businesses and broaden the revenue base of the Group through integrations along the value chain.

"As a local business, Macau Pass's years-long investment in the community and economy of Macau has borne fruitful results, and is fully recognized and highly appreciated by AGTech." praised Mr. Sun Ho, Chairman and CEO of AGTech. "Over the years, Macau Pass has been actively involving in local fintech industry, expanding its e-payment applications to different levels of Macau people's daily lives. AGTech shares Macau Pass's ideology of livelihood services-oriented. While enabling a stable transition of Macau Pass, we will cooperate with the local government to turn Macau into a smart city of the 21st century. Through innovation, we will strive to facilitate the integration of Macau Pass, and will invest more resources into integrated payment scenarios that combine on-line and off-line payments, as well as to create a hybrid platform that integrates mobile payment, e-commerce and local services for users and merchants. We will expand mobile payment services to support merchants and SMEs to leverage its advantages in order to speed up services and the development of digitization and intelligence management to meet the increasing consumer demand in the Greater Bay Area. This can provide users with stable, secure and efficient mobile payment experiences, while giving Macau our support in its next new phase of digital economy."

According to AMCM's figures published in February this year, the number of mobile payment transactions in Macau has increased from approximately 65.5 million in 2020 to approximately 193 million in 2021, representing a year-on-year increase of 194%; the total transaction value has increased from approximately MOP 6.3 billion in 2020 to approximately MOP 18.5 billion in 2021, representing a year-on-year increase of 192%. These figures showcase increasing trends in both the frequency and the transaction value of mobile payments in Macau.

"The completion of Macau Pass acquisition marks an important milestone for AGTech. It lays a solid foundation for the Group's future strategic expansion into payment business and financial services ecosystem. Under the policy of "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area", we believe that Macau Pass will become the leader of local fintech innovation to propel the appropriate diversification of Macau's economy and the growth of local fintech industry. At the same time, it can also deepen the interconnection of mobile financial infrastructure of Macau, Greater Bay Area, Guangdong-Macao In-Depth Cooperation Zone and Mainland China. From here, we are preparing ourselves to tap into a market with 1.4 billion potential users and to jointly explore overseas opportunities and facilitate international grand economic cycle." added Mr. Sun Ho.

About AGTech Holdings Limited

AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). As a member of the Alibaba Group, AGTech is the exclusive lottery platform of Alibaba Group and Ant Group.

For more information, please visit www.agtech.com


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.

ANZ said the coins were transferred between the family office and the fund manager before it was later redeemed back into fiat.

The post ANZ Becomes First Bank to Mint Australian Digital Dollar appeared first on Blockworks.

Singapore-based major payment institution FOMO Pay has entered into a strategic agreement to collaborate with Circle Internet Financial, a global financial technology firm and sole issuer of USD Coin (USDC).

The post FOMO Pay Partners With Circle to Integrate USD Coin Into Its Services appeared first on Fintech Singapore.

Bitcoin trends higher in the last few days as it approaches the mid area around its current levels. The benchmark crypto has seen some relief in the past days but seems unlikely to fully reclaim its previous bullish momentum. Related Reading | Data: Bitcoin Long-Term Holder Supply Has Stagnated Since October High At the time of writing, Bitcoin trades at $42,500 with a 4% profit in the last day and a 12% profit over the last two weeks. As NewsBTC has been reporting, Bitcoin seems to be reacting to the U.S. Federal Reserve (FED) shift in monetary policy and the armed conflict between Russia and Ukraine. The financial institution announced a rate hike of 25 basic points (bps) for the coming months. This increment meets market expectations. No major announcement is expected from the FED in the short term. As for the armed conflict, attempts to reach a diplomatic solution have failed, with no clear winner on the battlefield. The parties seem to be at a stalemate. This tense calm has moved to the market and the uncertainty could lead Bitcoin into further consolidation between its current levels, and the high area around $30,000. In support of this thesis, Arcane Research records no major movements in Open Interest (OI) for the BTC-based derivatives sector. This metric has remained stable at around 360,000 BTC and 380,000 BTC since the start of 2022. As seen below, the OI for BTC futures has been moving sideways along the price of Bitcoin, as it registers a decrease in volatility. In other words, the BTC market could be experiencing a period of low activity which suggests no important trends in either direction. The Last Time Bitcoin Open Interest Hinted At Consolidation The 30-day volatility for Bitcoin OI futures, as Arcane Research reported, saw a 1% low in March, and has trended a bit higher in the last two weeks. The metric currently stands at 1.5%. The research firm claims current trading activity has been lower than during a similar period of consolidation in 2021. Arcane Research added: Overall, the BTC denominated open interest remains relatively lofty at 370,000 BTC. We’ve rarely seen open interest being maintained at such levels for such a long duration without any major squeeze setbacks such as those experienced during the spring and fall bull markets and bitcoin’s short squeeze in July. Additional data provided by Santiment indicates Bitcoin’s supply on exchanges has been trending down as the price of BTC consolidates. In June 2021, this metric saw a 6-month low as the market recovered from bearish price action. As BTC’s price moved further up, the supply followed, but the cryptocurrency managed to score a new all-time high near $70,000. Related Reading | Ethereum Classic Gains 60% In One Week, Why The Merge Could Push Its Price Higher The chart below could be hinting at a similar trend as supply on exchanges decreases, and the price consolidates.

Banking giant Goldman Sachs has become the first major financial institution in the United States to trade crypto assets over the counter (OTC). First reported by CNBC, Goldman traded a Bitcoin-backed non-deliverable option issued by crypto merchant bank Galaxy Digital. The two firms told CNBC that Goldman will essentially be taking on more risk with […]

The post Goldman Sachs Becomes First Major Bank to Execute OTC Crypto Trade appeared first on Coin Bureau.

On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it has conducted an over-the-counter (OTC) crypto transaction with the digital currency firm Galaxy Digital. Following the OTC settlement, the head of digital assets for Goldman Sachs’ Asia Pacific unit, Max Minton, said the firm was pleased to have executed the bank’s […]

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