Peak Subsidiary ASDS Signs Cubeler Platform Lender Partnership
Montreal, Quebec (Newsfile Corp. - June 19, 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 its first lender partnership agreement with small business lender Jiu Dong (www.chinajiudong.com).
Jiu Dong will register as a lender on the Cubeler platform when the platform is launched later on this year and will provide loans to the platform's registered businesses who meet Jiu Dong's lending criteria.
Jiu Dong is a non-bank financial institution specializing in consumer and small business loans that are secured by the consumer or the small business owner's vehicle. This is a type of collateralized loan that has exploded in popularity in China over the past few years. On average, the company extends about 4,000 loans annually, 90% of which are to small and micro-businesses. The average size of Jiu Dong's loans is approximately CA$20,000, the interest rates vary from 1.25% to 2.00% per month and loans are offered for 6, 12 and 18 month terms. Over 90% of the company's funding for its lending activities comes from low interest credit facilities from local banks in the cities of Shanghai, Wuxi and Changzhou where Jiu Dong's offices are located.
'Cubeler is an amazing concept with nothing but upside for both lenders and businesses,' commented Mr. Kelong Cheng, Chairman and CEO of Jiu Dong. 'We immediately saw the benefits of being part of the platform when approached by ASDS. The analytics capabilities will automate the process of finding our ideal loan candidates and reduce our overall marketing costs. We should also be able to leverage being on Cubeler to lower our own borrowing costs,' concluded Mr. Cheng.
'We want Cubeler to be known as 'the' platform where small businesses and microbusinesses of all shapes and sizes can register to find lenders that will lend to them,' said Mr. Liang Qiu, CEO of ASDS. 'For that to happen we need to have as many different types of lenders on the platform as possible, including a specialty lender like Jiu Dong with a proven track record of success and a growing client base. Jiu Dong was the first lender that we approached to be registered on Cubeler. Judging by how that encounter went, there is reason to be optimistic about our goal to have a wide variety of lenders on the platform in a relatively short time frame,' Mr. Qiu went on to say.
This agreement is the first of many of its kind expected to be signed by ASDS as it looks to continually add more lenders on Cubeler, prior to launch and after the launch of the platform, and thus continually increase the platform's lending capacity.
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.
Cathy HumeCEOCHF Investor RelationsPhone: 416-868-1079 ext.: 231Email: email@example.com
Johnson JosephPresident and CEOPeak Positioning Technologies Inc.Phone: 514-340-7775 ext.: 501Email: firstname.lastname@example.org
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Company: Peak Positioning Technologies Inc.
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