via NewMediaWire --
NextPlay Technologies, Inc.
(Nasdaq: NXTP), announced that NextBank
International, the international banking unit of its fintech
division, has signed a Memorandum of Understanding (‘MOU’) with
Alphabit Consulting Pte. Ltd., to provide deposit accounts and
payment cards for members of its ABCC cryptocurrency
exchange.
The NextBank accounts will maintain ABCC users’
fiat (government issued) cash balances, permitting them to trade
between fiat currency and cryptocurrency on ABCC exchange. Account
holders will also be able to apply for payment cards that would
allow them to make payments secured by their cryptocurrency
balances.
Alphabit has built a broad global user base with
ABCC. As a Singapore-based cryptocurrency exchange operator,
Alphabit has submitted a license application under the Payment
Service Act 2019 to provide account issuance services and
digital payment token services as it continues to operate under a
license exemption.
“ABCC is an exceptionally well-managed and
fast-growing crypto exchange, making them the perfect partner to
launch payment cards with,” stated Todd Bonner, chairman of
NextPlay Technologies and head of the company’s fintech division.
“We expect the regulatory licenses will further support trader and
investor confidence, and further accelerate the growth of the ABCC
platform. This new partnership also advances our efforts to expand
the capabilities of our fintech division through the offering of
products and services that appeal to companies within the digital
asset industry.”
According to ABCC president, Calvin Ng: “We have
teamed with NextBank to provide these financial services due to
their highly experienced and capable management, as well as their
positioning in the international online banking marketplace. We see
this as just the beginning of a long-term partnership, as we
together deliver increasing value and convenience to our ABCC
members.”
The new joint offering from ABCC and NextBank is
expected to benefit from the rapidly growing global financial
technology market, which is projected to grow at a compound annual
growth rate of 25% from 2022 to approximately US$324 billion by
2026, according to a Market Data Forecast.
About Alphabit and ABCC
Based in Singapore, Alphabit Consulting Pte.
Ltd. operates the ABCC cryptocurrency exchange. ABCC is a leading
crypto exchange that is exploring the future development of
cryptocurrency projects for global users. It is working to create a
world where cryptocurrency co-exists with traditional financial
markets through robust Know-Your-Customers (KYC) processes. By
engaging with reputable vendors, it seeks to deliver RegTech
solutions that create a safe platform for its ABCC members. To
learn more, visit abcc.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,” “intends,” “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; current regulation
governing digital currency activity is often unclear and is
evolving; the future development and growth of digital currencies
are subject to a variety of factors that are difficult to predict
and evaluate, many of which are out of our control; the value of
digital currency is volatile; 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:
NextPlay Technologies, Inc.
Richard Marshall
Director of Corporate Development
Tel: (954) 888-9779
Email: richard.marshall@nextplaytechnologies.com
Alphabit Consulting Pte. Ltd
Alan Li
Chief Executive Officer
Email: alan.li@abcc.global
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