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International Business Settlement (00147) European layout breaks through again: Obtained the permission of the European Union to pass electronic money

Date:Sat Apr,2017

        International Business Settlement Holdings Ltd. (hereinafter referred to as IBS, 00147.HK) issued an announcement saying that obtaining an electronic money agency license (hereinafter referred to as EMI license) in Europe can provide electronic currency issuance, exchange and payment services to all European countries. In Europe, the financial product service system has been further improved, becoming another major breakthrough in its European layout.
      On March 29, 2017, UAB “IBS Lithuania” (IBS European official website: www.ibsettle.com), a wholly-owned subsidiary of IBS, obtained the EMI license issued by the Lithuanian Central Bank. (Electronic Money Institution). This is the first time a Chinese company has obtained this permit in Lithuania.
      It is understood that the permit is valid throughout the EU and is valid indefinitely. Therefore, IBS can open multi-currency accounts and provide cross-border electronic money services such as deposits, withdrawals, transfers, and exchanges for the entire Europe; issue IBAN payment cards, provide prepayment, debit, credit and other services; and provide services for European electronic Business payment channels.  In the future, IBS can also integrate existing payment channel service providers in Europe and jointly provide financial products and services that are timely payment, efficient and safe for the ultimate merchants.
     Adhering to the vision of promoting more inclusive, mutually beneficial and fair global development, IBS provides global customers with point-to-point, multi-currency, 7*24 hours, safe and efficient through the Next Generation Settlement Network (abbreviation: NGSN) Real-time fund settlement service.
      It is understood that in October 2016, the NGSN network has completed the docking with the SEPA system of the European Central Bank, and opened the next-generation clearing settlement network platform in the EU region, covering 31 countries and regions. 
      The acquisition of the EMI permit allows IBS to not only serve financial institutions such as banks and third-party payment service providers, but also directly provide financial payment services including payment, exchange, deposit, and payment card issuance for enterprises and individuals. Further improving the financial product service system has become another major breakthrough in its European layout.

Important joint of China-Europe financial network
      As the two largest economies, China and Europe has closed trading system. According to latest report released by Eurostat, China-EU trade volume reached 515 billion euros in 2016. Based on the next-generation clearing and settlement network established by IBS, it is expected to effectively reduce the cost of bilateral trade settlement and help improve the financial infrastructure of countries along the “Belt and Road”.
      Lithuania is a member of the European Union and is an important node of the “Belt and Road” initiative. Its Baltic Sea region is an important waterway in Northern Europe and an important water area between coastal countries and the North Sea and North Atlantic.
      Mr. Luo Feng, Executive Director and Chairman of IBS, said, "We are very pleased that the Group has successfully obtained the EMI license issued by the Lithuanian Central Bank, which fully demonstrates that the Group's next-generation clearing and settlement network has been more widely recognized by the international community. The clearing settlement network business has developed rapidly, and it has successively signed cooperation agreements with banking institutions in many Southeast Asian and African countries such as Laos, Djibouti and Thailand. This cooperation with Lithuanian Banks will help the Group further expand its global business scope."
      He also said that in the future, he will adhere to the relevant laws and regulations of the European Central Bank and fully support the Group’s business expansion in Europe. Based on innovative fintech technology, it will provide payment and financial services to European enterprises and consumer markets, and promote bilateral trade between China and Europe. The convenience of payment and settlement of multilateral trade in Europe has become an important link between China and European financial networks.