NextPlay’s NextFin Division Receives Conditional License Approval for Insurance and Re-insurance Offerings
November 30 2021 - 11:45AM
via NewMediaWire --
NextPlay Technologies, Inc.
(NASDAQ: NXTP), a digital business ecosystem for digital
advertisers, consumers, video gamers and travelers, announced that
its NextFin Division has received conditional approval of its
general insurance and re-insurance license application from
the Labuan Financial Services Authority (Labuan FSA), a
growing jurisdiction of choice by insurers and insurance
intermediaries around the world.
The licensing enables NextPlay’s fintech division
to establish primary insurance operations, NextShield LTD, that
looks to initially offer products in the form of block-chained
parametric comprehensive travel insurance and bank deposit
insurance. These products can be offered directly to businesses
globally, as well as further enhance the offerings of NextPlay’s
other operating units, such as NextBank International, where it
could help attract more sizeable deposits due to the licensed
insurance coverage.
The re-insurance license enables the company to
establish re-insurance operations, NextShield Re, which can offer
to investors tokenized fully compliant insurance-linked
securities (ILS). The company is expected to begin selling
insurance policies in 2022.
Todd Bonner, head of NextPlay’s fintech division,
will be leading the new insurance initiatives. He brings to the
program significant experience in the insurance industry, including
co-founding Pacific Century Insurance with Richard Li in Hong Kong
which eventually exited in a $888 million transaction.
According to Bonner: “We are grateful to the
Labuan FSA for working through the application process with us in a
constructive manner and giving NextPlay the opportunity to push the
boundaries of insurance and re-insurance innovation with a product
portfolio that will be unique to the industry. We believe our
initial products will offer clients a much-needed continuum of
protection which has yet been unavailable to them under one policy.
Of equal importance, we will offer easy and efficient onboarding.
We are crypto-friendly, and NextBank and NextShield welcome
partners globally.”
For partnership inquiries,
contact todd.bonner@nextplaytechnologies.com.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a
technology solutions company offering games, in-game advertising,
crypto-banking, connected TV and travel booking services to
consumers and corporations within a growing worldwide digital
ecosystem. NextPlay’s engaging products and services utilize
innovative AdTech, Artificial Intelligence and Fintech solutions to
leverage the strengths and channels of its existing and acquired
technologies. For more information about NextPlay Technologies,
visit www.nextplaytechnologies.com and follow us
on Twitter @NextPlayTech and LinkedIn.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of, and within the safe harbor
provided by the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements give our current
expectations, opinions, belief or forecasts of future events and
performance. A statement identified by the use of forward-looking
words including “will,” “may,” “expects,” “projects,”
“anticipates,” “plans,” “believes,” “estimate,” “should,” and
certain of the other foregoing statements may be deemed
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this news release.
Factors that may cause such a difference include risks and
uncertainties including, and not limited to, our need for
additional capital which may not be available on commercially
acceptable terms, if at all, which raises questions about our
ability to continue as a going concern; the fact that the COVID-19
pandemic has had, and is expected to continue to have, a
significant material adverse impact on the travel industry and our
business, operating results and liquidity; amounts owed to us by
third parties which may not be paid timely, if at all; certain
amounts we owe under outstanding indebtedness which are secured by
substantially all of our assets and penalties we may incur in
connection therewith; the fact that we have significant
indebtedness, which could adversely affect our business and
financial condition; our revenues and results of operations being
subject to the ability of our distributors and partners to
integrate our alternative lodging rental (ALR) properties with
their websites, and the timing of such integrations; uncertainty
and illiquidity in credit and capital markets which may impair our
ability to obtain credit and financing on acceptable terms and may
adversely affect the financial strength of our business partners;
the officers and directors of the Company have the ability to
exercise significant influence over the Company; stockholders may
be diluted significantly through our efforts to obtain financing,
satisfy obligations and complete acquisitions through the issuance
of additional shares of our common or preferred stock; if we are
unable to adapt to changes in technology, our business could be
harmed; our travel business depends substantially on property
owners and managers renewing their listings; if we do not
adequately protect our intellectual property, our ability to
compete could be impaired; our long-term success depends, in part,
on our ability to expand our property owner, manager and traveler
bases outside of the United States and, as a result, our business
is susceptible to risks associated with international operations;
unfavorable changes in, or interpretations of, government
regulations or taxation of the evolving ALR, Internet and
e-commerce industries which could harm our operating results; risks
associated with the operations of, the business of, and the
regulation of, Longroot and NextBank International (formerly IFEB);
the market in which we participate being highly competitive, and
because of that we may be unable to compete successfully with our
current or future competitors; our potential inability to adapt to
changes in technology, which could harm our business; the
volatility of our stock price; the fact that we may be subject to
liability for the activities of our property owners and managers,
which could harm our reputation and increase our operating costs;
and that we have incurred significant losses to date and require
additional capital which may not be available on commercially
acceptable terms, if at all. More information about the risks and
uncertainties faced by NextPlay are detailed from time to time in
NextPlay’s periodic reports filed with the SEC, including its most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, under the headings “Risk Factors”. These reports are
available at www.sec.gov. Other unknown or unpredictable
factors also could have material adverse effects on the Company’s
future results and/or could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected. The forward-looking statements in this press release are
made only as of the date hereof. The Company takes no obligation to
update or correct its own forward-looking statements, except as
required by law, or those prepared by third parties that are not
paid for by the Company. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
SOURCE: NextPlay Technologies, Inc.
Company Contacts:
Richard Marshall
Director of Corporate Development
NextPlay Technologies, Inc.
Tel (954) 888-9779
Email: richard.marshall@nextplaytechnologies.com
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