FTC Inked a Pact with Rural Credit Bank's Fund Clearing Centre

FinTech Chain Ltd (ASX: FTC), through its subsidiaries, specialises in software and hardware integration. FinTech Chain provides information technology, electronic promotion information, and electronic messaging information services. FinTech Chain also offers various electronic financial authentication solutions. FinTech Chain serves financial institutions and online and offline enterprises in China.

The company has recently stated that it has signed a contract with Rural Credit Bank’s Funds Clearing Centre in China (RCBFCC), which allows for the provision and support of clearing services for real-time electronic fund transfers, bank drafts and interbank deposits and withdrawals for China’s rural credit cooperatives, rural commercial banks, rural cooperative banks and other local financial institutions.

The successful execution of the contract means the company will now be able to provide its integrated payment service using the patented T-Linx products to RCBFCC. These services will enable RCBFCC to clear funds in a more efficient and controlled manner and further promotes RCBFCC’s interbank operations in China.

As per the agreement, FTC will receive transaction fees of 0.02% of the gross RMB value of transactions processed through the T-Link platform.

FTC’s Chairman Mr Xiong said today that the company’s partnership with RCBFCC signifies the further expansion of its banking portfolio and continued widening of its revenue net. Also, he reiterated that the management is looking forward to building a stronger relationship with RCBFCC in the upcoming years.

In 2016 FTC commenced its blockchain technology research and development and is now ranked in China’s top 10 operators in terms of blockchain invention patent number holdings.

FTC’s stream of income is derived from the client system service fees, the technology research that they undertake and various development fees, commission income as well as the transaction switching fee income relating to each payment transaction. Currently, the number of daily transactions processed by the company’s systems is in excess of 1 million.

FTC continues to innovate through the application of blockchain technologies to payment transaction switching businesses in conjunction with providing overall blockchain technology solutions to its co-operation partners. Adhering to strict ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) policies, FTC accommodates the circulation and transaction processing of various blockchain credits and digital tokens, significantly improving the efficiency of transaction completion cost-effectively.

Now, let’s have a glance at the FinTech Chain Ltd’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.040, up by 14.286% during the day’s trade with a market capitalisation of ~$22.78 Million as on 27 February 2019 (AEST 1:47 PM). The counter opened the day at $ 0.036, which was also the day’s high with a daily volume of ~666,417. The stock has provided a Year Till Date return of -32.96% & also posted returns of -54.55%, -31.37% & -5.41% over the past six months, three & one-months period respectively. It had a 52-week high price of $ 0.220 and touched 52 weeks low of $ 0.035, with an average volume of 80,398 approximately.

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