FinTech Chain Limited (ASX: FTC), a financial technology services provider based in China derives its income from two of its flagship products including Financial Electronic Authentication (“FEA”) and T-Linx. FEA deals in providing solution for clearing and settlement for multi-parties while T-Linx renders a smart cloud-supported point of sale solution. The company that provides online as well as offline transaction authentications got officially listed on ASX on 27th November 2012.
FinTech Chain Limited announced today that T-Linx is now being used by Tianshan Rural Credit Bank of Xinjiang Autonomous Region (TRCB).
A pilot run test was undertaken for three months in a selected tourist attraction in Xinjiang Province. The results of the pilot run test turned out to be favourable that resulted in a formal approval from the local government to conduct the test run in another eighty famous tourist sites within Xinjiang Autonomous Region.
The T-Linx/tourist attraction program with TRCB is an exclusive program that will provide a monthly service fee of RMB30,000 based on past transactions. This fee income is expected to increase with a rise in transaction value and volume.
TRCB rollout of T-Linx will gain further traction if new merchants from other industries also join, believes FTC management.
Xinjiang province contains more than 80 rural credit banks, and FTC is ready to assist them in any further rollout exercise. FTC takes the responsibility to ensure updating of share market in case it receives any feedback relating to the T-Linx trials.
FTC Chairman, Mr Xiong praises the special award program with TRCB. According to him, this program contributes towards a solid foundation for the use of T-Linx system in the travel and entertainment industry and indicates the company’s active relationship with Rural Credit Bank and its affiliates.
Recently, a contract was signed between FTC and Hunan Xingsha Rural Commercial Bank (XRCB) following the successful results of T-Linx system’s trial. This was another achievement of FTC contributing to the success of the T-Linx rollout program.
On 16th April 2019, FTC updated that it has successfully handled the China Merchants Bank or CMB’s T-Linx trial program since July 2018.
In early April, FTC won a tender for a project of Shaanxi Longwill Tendering Co., Ltd. The project was Shaanxi Xinhe Integrated Payment System which is FTC’s patented T-Linx payment service. FinTech Chain Limited aims to cover more Rural Credit Cooperative Unions at provincial/city-level and become the top-most nationwide integrated payment service provider.
Late in February, a “Clearing Services” Agreement was signed by FTC with Rural Credit Bank’s Funds Clearing Centre in China (RCBFCC). The contract enabled FTC to provide its integrated payment service to RCBFCC.
FTC’s stock closed today at a market price of AUD 0.2015 (at 5:39 PM AEST on 24th April 2019), up by 20.588% than the previous day’s close price. The market capitalisation of the company was recorded at AUD 110.63m with 52-week high and low value being AUD 0.237 and AUD 0.035 respectively.