China Brilliant Global Forms Virtual Banking Joint Venture
China Brilliant Global Limited (CBG) announced it has entered into a non-binding MOU to establish a joint venture focused on digital banking and financial services. This move aims to diversify and strengthen the company's business portfolio.
Hong Kong, Oct 9, 2019 – China Brilliant Global Limited (CBG), listed on the Hong Kong stock exchange (HKEx: 8026.HK), has signed a Memorandum of Understanding (MOU) with an independent third party to form a joint venture in the digital banking and financial services sector. The venture is intended to diversify and enhance CBG’s business portfolio and support its transformation.
The joint venture partner provides a full suite of digital banking services, including online account opening, deposit taking, lending, global transfers, payments, and a trading platform. This partner currently operates under a digital banking sandbox license from the Astana Financial Services Authority (AFSA) in Kazakhstan.
Mr. Zhang Chunhua, Chairman and Executive Director of CBG, stated that the company is enthusiastic about entering the digital banking space, viewing it as an extension of its existing lending business. The goal is to expand services for corporate clients across Asia and Europe, with a focus on trade and supply chain financing, and the 'Belt and Road' initiative.
The joint venture’s products and services are projected to launch by mid-2020. CBG has previously diversified into jewelry trading and retail, lending, and pharmaceutical and healthcare products. This new venture is expected to leverage financial technology (Fintech) to create new revenue streams and bolster its market position.