Midpoint Launches Malaysian Ringgit and Promotes Hertz Zhang to Operations Director

LONDON, Nov. 29, 2019 (GLOBE NEWSWIRE) -- Midpoint Holdings Limited (TSXV: MPT) (“Midpoint” or the “Company”) is pleased to announce that the Company has launched Malaysian ringgit (MYR) local payments.  Further, the Company provides a progress update, including achieving key milestones in operations turnover, progression in technological development in preparation of offering virtual bank accounts, and appointing an operations Director to the operating company.

Midpoint launches Malaysian ringgit

Midpoint has launched Malaysian ringgit (MYR) local payments.  The ringgit is the 24^th currency that the platform offers.  “Adding MYR to our currency offerings affords the Company greater foothold in one of Southeast Asia’s most vibrant economies.  We now have a competitive product in the Malaysian homeward remittance space,” commented David Wong, CEO of Midpoint. “We would be looking to offer up to 40 currencies in the coming quarters and would welcome feedback and client suggestions on their preference,” Wong added.

Transaction volume milestone

As of writing, Midpoint has surpassed $550 million in client transaction volume since it began operations.  “Our recent, rapid iterative approach to development cycles has delivered significant improvements in operational processing efficiency. We would like to thank our loyal customers who continue to use our platform. Having processed over half a billion dollars in client transactions, of which $280 million occurred in the past 24 months, with limited marketing spend and relying purely on word of mouth and referrals is a testament to the Midpoint platform and our customer loyalty,” David Wong noted.

Virtual accounts and banking

Midpoint is finalizing its review of its operation processes over key areas required in offering virtual bank accounts, including virtual IBANs.  Key areas include client funds safeguarding, sensitive-data handling upgrade, capital adequacy, governance and internal controls, and business continuity planning. 

“We are in the final stages in iterating our operational control upgrades over major areas.  In parallel, major engineering resources were allocated to developing automated, proprietary technology needed to provide the Midpoint platform’s virtual account related services. We would expect our gross margin to be impacted in the early stages of launching this new product but contribute to significantly lower transaction costs in the long run.  If successful, these products should result in a significant rerate of the business,” David Wong added.

Heqian Zhang appointed Operations Director

In addition, the Company has appointed Heqian (Hertz) Zhang as a Director of the subsidiary operating company.  “At 23 years old, Hertz Zhang would be one of the youngest operations directors of an Financial Conduct Authority (FCA) regulated firm.  Hertz joined the firm as an intern and has demonstrated unwavering commitment to the business,” said David Wong.

“I am grateful for this opportunity and am looking forward to embracing a new set of challenges and learning from this role. I am pleased to be part of the Midpoint team where we cultivate a culture of meritocracy, autonomy and transparency,” said Hertz Zhang. 

About Midpoint

Headquartered in London, UK, Midpoint is an FCA authorized payments institutions specializing in cross-border payments and foreign exchange.  SMEs, overseas professionals, property owners, foreign students, individuals, and anyone involved in international payments use Midpoint’s US patent-protected platform for transparent, multi-party, multi-currency services.

Midpoint currently handles transactions in 24 currencies with the ability to collect and transfer across over 200 countries.  This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate, therefore removing the spread as well as hidden costs and fees.

Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.

For information on Midpoint, please visit: https://www.midpoint.com.

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Forward-looking information

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint’s Management’s Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

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