LONDON: RC365 Holding plc (LSE: RCGH), an established payment solutions and fintech company, announced the divestiture of its Hong Kong incorporated RCPAY Limited subsidiary (RCPAY HK) for a cash consideration of HK$400,000.
The Group will continue to provide remittance and payment services, including foreign exchange and payment card solutions, via its RCPAY Limited subsidiary that is incorporated in the UK (“RCPAY UK”), supported by services provided by other Group entities. Accordingly, the divestiture of RCPAY HK provides an opportunity to realise value from the restructuring of the RCPAY business while not impacting the Group’s ability to continue to service its customers and execute on its partnership agreements.
Chi Kit (Michael) LAW, Chief Executive Officer of RC365, said: “We are pleased to have completed this cash-generative transaction. Through our UK licence, we can continue to provide our customers with the same payment services and, with RCPAY UK along with our other Group entities, the divestiture of RCPAY HK will have no impact on our ability to deliver our growth strategy.”