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Payfare Announces Third Quarter 2024 Financial Results

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Payfare generated net income of $4.5 million, and Adjusted net income per share1 of $0.17 in Q3 2024

TORONTO, Nov. 6, 2024 /PRNewswire/ – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending September 30, 2024. A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A, which is filed on SEDAR+ under Payfare’s profile and can be found at www.sedarplus.ca.

Q3 2024 Highlights:

Increased revenue to $59.0 million for the three months ended September 30, 2024, representing an $11.8 million (+25%) increase compared to the same period in 2023.Ended Q3 2024 with 1,502,028 active users1, up by 290,753 (+24%) compared to the active users1 count as at the end of Q3 2023.Total gross dollar value (Total GDV)1 in Q3 2024 was $3.8 billion, up by $0.8 billion (+29%) over Q3 2023.Gross Profit1 of $16.0 million for the three months ended September 30, 2024, up by $3.8 million (+31%) over the same period in 2023.Net income of $4.5 million, or $0.09 per share, for the three months ended September 30, 2024, compared to $4.8 million in the same period in 2023.Adjusted net income1 of $8.1 million, or $0.17 per share, for the three months ended September 30, 2024, representing an increase of $0.6 million (+8%) over the same period in 2023.Adjusted EBITDA1 of $7.8 million for the three months ended September 30, 2024, reflecting a $1.5 million increase (+24%) compared to the same period in 2023.Free cash flow1 of $5.4 million for the three months ended September 30, 2024, up by $1.7 million (+44%) compared to the same period in 2023.As at September 30, 2024, Payfare has over $100 million in cash, cash equivalents and guaranteed investment certificates and is well capitalized to fund its new strategic initiatives. Payfare continues to see high growth with its other client programs that were recently renewed to long-term extensions. In addition, the Company is working on securing new, large-scale EWA programs in both the gig economy and employee verticals.On July 16, 2024, the Company announced the formation of a Strategic Advisory Board led by a new seasoned strategy and corporate development executive to guide the Company’s international expansion opportunities (including EWA platform) and achieve global scale efficiently and effectively.On July 25, 2024, the Company announced the long-term extension of its agreement with Lyft Inc. in respect to the Lyft Direct Program, which Payfare currently powers. The extension means drivers on the Lyft program will continue to benefit from free instant pay, a feature rich digital banking platform and a rich cashback rewards program that is offered through Lyft’s partnership with Payfare.On August 27, 2024, the Company launched an upgraded version of the Lyft Direct debit card and banking app with a range of features that include: (a) Lyft Direct Savings – a high-yield savings account, (b) Balance Protection – which provides qualifying cardholders up to US$200 to cover unforeseen costs, (c) New Cashback Rewards for elite drivers, (d) Wellness Perks by Avibra, which provides access to a comprehensive suite of health and financial wellness tools, (e) Spend Insights – which helps with enhanced financial decision making and provides control of personal budgets, and (f) Cash ATM Deposits at participating ATM locations.On September 26, 2024, Payfare announced that its core services agreements related to the DoorDash DasherDirect card program will not be renewed beyond the current term in early 2025. A transition and wind-down plan for the program has not yet been agreed to with DoorDash and it is currently unknown when the financial impact, including on revenue, net income, key performance indicators and certain non-GAAP measures utilized by the Company will be experienced by Payfare from the non-renewal.On September 29, 2024, the Board of Directors initiated a strategic review process to explore and evaluate a broad range of potential options for the Company to enhance value, support conversion of potential new opportunities and alleviate concentration risks.Subsequent to quarter-end, Payfare successfully launched a pilot EWA product with Automatic Data Processing Inc. (“ADP”), a leading global provider of Human Capital Management solutions, to offer EWA to the Canadian market.

Conference Call

Management will be hosting a conference call on Wednesday, November 6, 2024, at 6:30 PM ET to discuss the Company’s financial results for the third quarter of 2024. A short presentation in connection with the conference call will be made available ahead of time on the Company’s website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.

To access the conference call, please dial (289) 514-5100 or 1-800-717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until December 6, 2024. To listen to the recording, call (289) 819-1325 or 1-888-660-6264 and enter passcode 70127#.

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access (“EWA”) company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

1Non-IFRS and Supplementary Financial Measures

This press release contains references to “active users”, “Total gross dollar value (“Total GDV”), “adjusted net income”, “adjusted net income per share”, “EBITDA”, “Adjusted EBITDA”, “free cash flow” and “gross profit”, which are not measures prescribed by IFRS Accounting Standards (“IFRS”). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management’s perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions.

Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.

The Company determines the number of users to its services based on active users. “Active users” represent users who have loaded earnings and direct deposits on their card in the period.

Total gross dollar value (“Total GDV”) is defined as the aggregate dollar amount of active user earnings and direct deposits loaded on their payment card during the period.

“EBITDA” means net income (loss) before amortization and depreciation expenses, foreign exchange gain (loss), amortization of deferred income, finance and interest income/ costs, current tax expense and change in fair value of derivative liability.

“Adjusted EBITDA” adjusts EBITDA for share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.

The table below reconciles net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Net income

$   4,463,222

$  4,810,360

$ 14,467,608

$  8,212,761

Add:

Current tax expense

34,629

20,874

84,230

66,242

Finance income

(875,557)

(795,305)

(2,291,157)

(1,565,277)

Other income

(9,397)

Foreign exchange (gain) loss

528,569

(445,690)

(447,081)

(20,009)

Amortization of intangible assets

1,487,379

942,531

4,153,641

2,227,776

Depreciation of building, property and equipment

25,734

17,812

79,733

87,615

EBITDA

5,663,976

4,549,952

16,046,974

8,999,711

Adjustments:

Restructuring expense/other

514,924

706,185

1,563,513

2,009,504

Share based compensation

1,596,831

1,040,863

2,766,769

3,078,369

Adjusted EBITDA

$  7,775,731

$ 6,297,000

$  20,377,256

$ 14,087,584

“Adjusted net income” adjusts net income (loss) for amortization of intangible assets, depreciation of building, property & equipment, share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.

The table below reconciles net income to Adjusted net income for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Net income

$   4,463,222

$  4,810,360

$ 14,467,608

$  8,212,761

Add:

Amortization of intangible assets

1,487,379

942,531

4,153,641

2,227,776

Depreciation of building, property  and equipment

25,734

17,182

79,733

87,615

Restructuring expense/other

514,924

706,185

1,563,513

2,009,504

Share based compensation

1,596,831

1,040,863

2,766,769

3,078,369

Adjusted net income

$  8,088,090

$  7,517,121

$  23,031,264

$  15,616,025

“Adjusted net income per share” is calculated as Adjusted net income divided by the basic weighted average number of shares outstanding during the period.

The Company defines its “free cash flow” as cash from operating activities less cash used in purchase of building, property and equipment and additions to intangible assets.

The table below reconciles cash from operating activities to free cash flow for the three and nine ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Cash from operating activities

$ 7,327,321

$5,300,226

$  26,431,141

$  14,603,936

Less: Cash used in investing activities

Purchase of building, property and equipment

(15,495)

(41,252)

(19,708)

Additions to intangible assets

(1,896,269)

(1,506,530)

(5,497,115)

(4,067,629)

Free cash flow

$ 5,431,052

$ 3,778,201

$  20,892,774

$ 10,516,599

The Company defines “gross profit” as revenue less cost of services.

Additional information on these measures may be found under the heading “Definitions – IFRS, Additional GAAP and Non-GAAP Measures” in the interim MD&A for the three and nine months ended September 30, 2024 which is available under Payfare’s profile on SEDAR+ at www.sedarplus.ca and is incorporated by reference to this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release also contains forward-looking information within the meaning of applicable securities legislation, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding the Company’s future financial conditions, results of operations, plans, objectives, performance or business developments and includes statements on rapid international expansion opportunities and achieving global scale efficiently and effectively, achieving profitability, expansion into the earned wage access vertical for hourly paid employees, the actual timing for the non-renewal and eventual termination of the Company’s services agreement with DoorDash and the anticipated material impact on future revenues, earnings, key performance indicators and Non-GAAP measures, potential new EWA programs in both the gig economy and employee verticals and aggregate potential new GDV opportunities being able to mitigate the impact of the non-renewal of the agreement with DoorDash, and the strategic review process to explore and evaluate potential options for the Company to enhance value, support conversion of potential new opportunities and alleviate concentration risks. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the “Risk Factors” section in Payfare’s MD&A for the year ended December 31, 2023 and factors discussed from time to time in Payfare’s filings with the Canadian Securities Authorities, copies of which can be found under Payfare’s profile on the SEDAR+ website at www.sedarplus.ca. Other factors that could cause actual results or events to differ materially include the inability of Payfare to launch its new programs or platforms including for earned wage access in a timely manner, the lack of experience or resources to enter into the EWA vertical, the regulatory uncertainty and constraints around EWA services, the economic viability of new programs and platforms, the inability to scale Payfare’s operations to manage the increased volume of new cardholder sign-ups, active users or transactions, loss or termination of existing service agreements with one of its large gig platform clients, the impact of an inflationary recession and rising costs of goods and services on Payfare’s business model, Payfare’s ability to finance and support new programs and platforms, a general decline in the credit markets or gig economy in North America, cybersecurity incidents or data breaches impacting the Company’s operations, reputation, or subjecting the Company to regulatory or legal action, the availability of talent and the retention of employees to support Payfare’s plans, industry competitors who may have superior technology or are quicker to take advantage of certain market opportunities, the non-renewal of the agreement with DoorDash being either expedited or delayed in comparison to current expectations, new client opportunities taking longer to execute and therefore delaying the mitigation impacts sought by the Company, and implications from any decisions or outcome from the Company’s current strategic review process. Accordingly, readers should not place undue reliance on forward-looking information.

View original content:https://www.prnewswire.com/news-releases/payfare-announces-third-quarter-2024-financial-results-302298000.html

SOURCE Payfare Inc.

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Green Cubes Technology Unveils Revolutionary Swappable Power Platform for Mobile Workstations

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Innovative Swappable Power Platform is designed for mobile medical and industrial workstations

KOKOMO, Ind., Nov. 6, 2024 /PRNewswire-PRWeb/ — Green Cubes Technology, a leader in providing cutting-edge power solutions, today announced the launch of its innovative Swappable Power Platform designed for mobile medical and industrial workstations. This breakthrough AC platform aims to streamline the power system design process for manufacturers, providing a cost-effective and time-saving solution for powering mobile workstations.

The Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes, “making the conversion to power as simple as design in and go.”

The Swappable Power Platform is a complete pre-engineered energy storage solution that includes three essential components:

1. Battery Assembly:

Utilizes LiFePO4 technologyOffers 290Whr at 19.2 volts nominalDelivers a continuous power output of up to 300WCompliant with IEC 62133 standards

2. Cart Power Module:

Supports one or two batteries with 300 Watt continuous power outputAvailable models with 120VAC @ 60 Hz and 230VAC @ 50 Hz outputFeatures universal input from 100VAC to 230VAC @ 50Hz to 60 HzIncludes 2 minutes of integrated battery backup for hot swap operationCharges both internal integrated and external swap batteriesMeets IEC 60601 standardsOptional remote LCD display available

3. Charger:

Capable of charging two or four batteries simultaneouslyUniversal input from 100VAC to 230VAC @ 50Hz to 60 HzCompliant with IEC 60601 standardsOptional remote LCD display available

“Designed with the OEM in mind, the Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes. “This makes the conversion to power as simple as design in and go.”

Exceeding the highest performance for equipment manufacturers, the Green Cubes swappable battery platform offers a highly accurate state-of-charge display with a five-stage LED indicator. Its advanced technology, featuring cell balancing, ensures maximum cycle life and runtime.

About Green Cubes Technology
Green Cubes Technology develops and manufactures safe and reliable electrification solutions that enable its OEM and enterprise customers to transition from Lead Acid and Internal Combustion Engine (ICE) power to Lithium-ion battery power. Green Cubes utilizes proven hardware and software platforms to build the most reliable Lithium power solutions in its industries. With over 300 employees across six countries, Green Cubes has been producing innovative, high-performance and high-quality power solutions since 1986. For more information about Green Cubes Technology and its innovative power solutions, please visit http://www.greencubes.com.

Media Contact

Hayley Luz, Green Cubes Technology, 425-918-2742, hluz@greencubes.com, www.greencubes.com

View original content to download multimedia:https://www.prweb.com/releases/green-cubes-technology-unveils-revolutionary-swappable-power-platform-for-mobile-workstations-302298109.html

SOURCE Green Cubes Technology

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Big wins await retailers that focus on the first and final hours of seasonal sales

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Criteo research finds that online sales in the opening and closing hours of Singles Day capture over 300% increase in transaction volume across Southeast Asia

SINGAPORE, Nov. 7, 2024 /PRNewswire/ — Criteo (NASDAQ: CRTO), the commerce media company, today unveiled key insights from the 2023 Singles’ Day sales across Southeast Asia (SEA) and Greater China.

Singles’ Day (11/11) presents an enormous opportunity for retailers in these regions to connect with consumers at crucial decision-making moments, build brand loyalty and stand out from the competition. In 2023, online retail transactions in SEA surged 140% compared to the first week of October, and the average basket size increased by 16% compared to the same baseline. In Greater China, online retail transactions grew 237% while the average basket size saw a 6% uptick.

“As the year-end sales season draws near, it’s timely to glean past insights to better seize the opportunities that lie ahead,” said Taranjeet Singh, Managing Director, Venture Markets, APAC at Criteo. “One thing is clear: such e-commerce events hold tremendous potential and impact for brands and retailers to capitalise on the moment. In providing these datasets, we hope to empower our brand and retail partners to maximise sales opportunities and enhance customer experiences as Singles’ Day draws around once more.”

Key findings: 

1.    Singles’ Day is the largest seasonal sales opportunity for retailers

Across the board, all sales metrics perform higher on Singles’ Day – be it online retail transactions, unit sales, and average basket sizes. This marks consumers’ willingness to spend during this period, which is widely known for its festive deals, loyalty promotions, and immersive e-commerce experiences.

In Southeast Asia:

Online retail transactions surged by 140% compared to the first week of October 2023.In comparison, sales on Black Friday 2023 increased 101% from the first four weeks of October 2023.Unit sales, which denotes the number of individual items sold, skyrocketed by 178%, compared to 139% in 2022.During Cyber 6 (Black Friday to Cyber Wednesday 2023), sales increased 4% compared to the same period in 2022.The average basket size, which indicates the quantity of products purchased per transaction, also saw a notable uptick of 16%, compared to the first week of October 2023.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise Baby & Toddler (+407%), Health & Beauty (+352%) and Furniture (+277%). 

In Greater China:

Online retail transactions surged by 237% compared to the first week of October.In comparison, sales on Black Friday 2023 rose 58% from the first four weeks of October 2023.Unit sales saw a 257% increase, compared to 248% in 2022.Sales during Cyber 6 (Black Friday to Cyber Wednesday 2023) increase 2% compared to the same period in 2022.The average basket size saw an uptick of 6%, compared to the first week of October.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise: Health & Beauty (417%), Home & Garden (326%), Luggage & Bags (311%) and Toys & Games (311%).Online transactions saw a 9% Year-on-Year growth on Singles’ Day.Interestingly, average order values showed an increase of 14%, with the average unit price going up by 7%.

2.     Shoppers are prepared to spend the most during the first and last hours of Singles’ Day

Shopper activity tends to spike in the first (12AM – 1AM) and last hours (11PM – 12AM) of the day. Early bird shoppers are a segment of shoppers who tend to prepare their shopping baskets ahead of time in anticipation of discounts and offers. These early bird shoppers represent a crucial segment for brands to capitalise on by offering flash discounts or loyalty promotions. Meanwhile, last-minute shoppers tend to seize deals available at the day’s final hours – marking a final opportunity to convert buyers who hold out until the very end for a good deal. Savvy retailers that take note of this pattern will leverage their retail media platforms to drive and serve ads in the lead-up to and prior to the closing of these sales events.

The first hour of Singles’ Day (12AM – 1AM) sees the greatest spike in SEA online transactions (+325%) and unit sales (+370%), compared to baseline sales at the start of October.This trend is reversed in Greater China, with online transactions (+345%) and unit sales (363%) spiking in the final hour of Singles’ Day (11PM – 12AM).

3.      ‘Tis the season to convert new buyers: conversion rates are exceptionally high during Singles’ Day

In the past few years, Singles’ Day has consistently recorded substantial spikes in new purchases by new buyers. While the number of new buyers fell in 2023, there is still a clear opportunity to convert new customers and establish lasting customer relationships during this period. Retailers who can build on this momentum of first-time buyers during Singles’ Day will also see the chance to ensure continued patronage as the holiday season progresses.

Singles’ Day 2023 saw a whopping 63% increase in new shoppers in SEA compared to the month of October.

Taking action:

Sales events such as Singles’ Day are becoming more important for consumers today and represent a growing opportunity for retailers and brands. To realise the true potential of such events, retailers and brands should follow these key learnings for sales season:

1.     Starting Early Matters: with sales events recording much higher-than-average transaction figures, ensuring the relevant media collateral and sales logistics are ready in advance will be helpful to signpost and facilitate consumer purchases. Shoppers tend to plan their purchases in advance, and 47% of consumers globally[1] tend to start their search at retailers rather than search engines, when they know the general type of item they want to buy. As retail media continues to grow with new formats such as offsite and in-store, using retail media allows brands and retailers to engage shoppers further up the funnel, to aid product discovery and boost brand awareness.  Kicking off new campaigns early also ensures campaigns are optimised as shoppers start researching. Brands can also gain a sales boost by expanding their retailer sets to small or medium-size retailers.

2.     Go Full-Funnel: Retail media can help drive positive outcomes during sales events and build lasting customer relationships. Layering sponsored products and offsite campaigns push the needle in capturing new and returning customers during such events and keeping the brand or retail platform top of mind. Keeping in mind that shoppers tend to view several brands before deciding, these tactics also build brand appeal and create a strong impression with shoppers in each stage of their shopping journey.

3.     Be Diligent with Speed: There is increased shopper activity in the first and final hours of these sales events. Savvy retailers and brands drive additional sales by leveraging the data to plan budget accordingly and positioning key advertisements in front of these shoppers in those critical moments.

Methodology

Criteo captures organic data from 20 countries, 600 product categories and over 19,000 advertiser clients. Indexed sales are monitored on retailers who partner with Criteo Marketing Solutions and Criteo Retail Media. Criteo data includes only product categories represented by at least 5 retailers at the most granular level. Organic data means that all events from our clients, including those not attributed to Criteo, are leveraged. This allows us to produce insights regarding the market rather than Criteo campaigns.

About Criteo 

Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.

[1] Criteo shopper survey, Q3 2024, Global (N=7120)

Criteo 2023 Holiday Shopping Season Country-Specific Findings 

In Singapore:

Singles’ Day remains the largest seasonal sales opportunity for retailers in Singapore, with online sales skyrocketing +159% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 104%, compared to the first four weeks of October 2023.

In Indonesia

Singles’ Day remains the largest seasonal sales opportunity for retailers in Indonesia, with online sales skyrocketing +194% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 56%, compared to the first four weeks of October 2023.

 

View original content:https://www.prnewswire.com/apac/news-releases/big-wins-await-retailers-that-focus-on-the-first-and-final-hours-of-seasonal-sales-302298185.html

SOURCE Criteo

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CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT

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SINGAPORE, Nov. 7, 2024 /PRNewswire/ — On November 1st, UBS Asset Management announced the launch of its first tokenised investment, UBS USD Money Market Investment Fund Token (uMINT).  CapBridge, a digital investment platform and a member of FOMO Group, has been selected as an authorised distribution partner of uMINT, offering this innovative investment product to its corporate and institutional clients.

Built on the Ethereum blockchain, the launch of uMINT forms part of the broader expansion of UBS’s tokenisation services through UBS Tokenize. Tokenholders can now access UBS Asset Management’s institutional grade cash management solutions underpinned by high quality money market instruments based on a conservative, risk-managed framework. UBS’s tokenisation services seek to address growing investor demand for tokenised financial assets across asset classes.

Johnson Chen, Founder and CEO of CapBridge, said, “At CapBridge, we are always committed to bridging the gap between digital and traditional assets. The launch of UBS’s first tokenised money market fund highlights the synergy between traditional banking and digital asset innovation. CapBridge is delighted to be an authorised distribution partner of uMINT, contributing to the greater mission of making digital finance products more accessible to a wider range of investors and moving towards the seamless integration of traditional and digital finance.”

Earlier in May this year, CapBridge was also selected to be the international partner for Hong Kong’s virtual asset ETFs, namely spot virtual asset ETF products issued by Bosera Asset Management, China Asset Management, and Harvest Global Investment listed on the Hong Kong Stock Exchange.

Looking ahead, CapBridge remains dedicated to serving as a one-stop platform for investors looking to invest in both traditional and digital asset funds.  

About CapBridge
CapBridge, a member of FOMO Group, is a leading digital investment platform headquartered in Singapore. As a Capital Markets Services licensee, CapBridge is regulated by the Monetary Authority of Singapore (MAS) to deal in capital markets products, including securities and collective investment schemes, and to provide custodial services. It is also an exempt financial adviser licensed to issue or promulgate analyses and reports on investment products.

CapBridge enables HNWIs and institutional clients to invest in traditional and digital assets via its one-stop digital investment platform, providing highly curated, top-quality, and institutional-grade opportunities to meet clients’ diverse asset allocation needs. Through CapBridge’s associated company, FOMO Pay Pte Ltd, a regulated MAS Payment Services Act (PSA) Digital Payment Token (DPT) entity, qualified clients can also invest into CapBridge curated products using DPTs, providing a seamless bridge between Traditional Finance (TradFi) and Web3 Finance.

For more information, please visit www.capbridge.sg. For media inquiries, please contact media@capbridge.sg

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SOURCE Capbridge

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