Montreal, Quebec--(Newsfile Corp. - August 4, 2017) - Peak Positioning Technologies Inc. (CSE: PKK) ("Peak" or the "Company") today announced that its subsidiary, Asia Synergy Data Solutions ("ASDS"), which operates the Cubeler fintech commercial lending platform in China, has signed a definitive agreement with Balang Technology Ltd. ("Balang") that would bring over 40,000 small and medium sized enterprise (SME) loan candidates to the Cubeler platform.
This agreement follows the memorandum of understanding announced on July 7, 2017 between ASDS and Balang (balangtechnology.com). Balang has an exclusive agreement with the Industrial and Commercial Bank of China ("ICBC": http://www.icbc.com.cn) whereby over 40,000 ICBC SME clients give access to their financial information to ICBC through software provided by Balang. Under the terms of the agreement between Balang and ASDS, Balang will develop an interface between its servers and the Cubeler platform that will allow Cubeler to pull registration and financial data on these ICBC SME clients, with their consent, from Balang's servers to make them eligible to receive financing offers from Cubeler's registered lender partners.
"With the signing of this agreement, we believe we're now part of what will be a new era for commercial lending in China", commented Yuhong Zhai, CEO of Balang. "There is no doubt that Cubeler will make commercial lending much more efficient than what we're accustomed to. We're very excited to work with ASDS on this project and look forward to leveraging our relationship with ICBC to help spread this novel concept across China to the benefit of lenders and SMEs alike", concluded Mr. Zhai.
In addition to its cooperative nature, the agreement also provides ASDS with an option to acquire a majority stake in Balang after a certain period of cooperation between the parties.
About the Cubeler Platform:
Cubeler is a commercial lending platform that matches any business looking for credit with a variety of lenders. Cubeler periodically reads financial data coming from the registered businesses' accounting software, analyses several data points and calculates a series of financial ratios to determine how well the business is performing. Those data points and ratios are then compared to Cubeler's registered lenders' lending criterial and the resulting matches are shown to the lenders and the businesses, much like the way a dating website would show its members their compatible matches.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of high-growth-potential companies and assets in some of the fastest growing tech sectors in China, including Fintech, e-commerce and cloud-computing. Peak provides its shareholders with exceptional growth potential by giving them access to the fastest growing sectors of the world's fastest growing economy. For more information: http://www.peakpositioning.com
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Forward-Looking Statements / Information:
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