SUNRISE, FL, Aug 25, 2022 – (ACN Newswire) – NextPlay Technologies, Inc. (Nasdaq: NXTP), an electronic native ecosystem for finance, digital advertisers, and video gamers, announced today that NextBank International, Inc. (“NextBank”), the international banking unit of NextPlay’s fintech division, has structured and signed a Collaboration Agreement with Alphabit Consulting Pte. Ltd. (“Alphabit”), formally launching the procedure of bringing deposit accounts and payment cards to members of Alphabit’s ABCC cryptocurrency exchange (“ABCC”).
The signed agreement creates a chance for thousands of ABCC customers to open NextBank accounts and represents the initial partner onboarding since NextBank revamped its os’s to support this kind of scalability. Once implemented, ABCC Exchange customers can convert cryptocurrencies to, and use NextBank accounts to transact in, fiat currencies, and in addition use NextBank prepaid cards that may allow ABCC Exchange customers to transact in fiat currencies utilizing their crypto assets. Later on, at the mercy of NextBank’s and ABCC’s receipt of necessary regulatory approvals, the parties plan to offer an additional chance for ABCC customers to use for payment cards under which approved customers can realize your desire to borrow money from NextBank, which borrowings should be secured by cryptocurrencies held by the client in another account at ABCC.
Alphabit has generated an easy global user base with ABCC. As a Singapore-based cryptocurrency exchange operator, Alphabit has submitted a license application beneath the Payment Service Act 2019 to supply account issuance services and digital payment token services since it continues to use under a license exemption.
Todd Bonner, chairman of the board of directors of NextPlay Technologies and head of the business’s fintech division, stated: “Last month we implemented improvements in NextBank’s core operating infrastructure, significantly expanding the capabilities of our Fintech division, including for mobile and online banking. We plan to continue that improvement by seeking regulatory approval to include insurance products and block chained assets to your banking services. With the ABCC relationship, we’ve the potential to expand NextBank’s deposit base and depositor count to numerous multiples of these current level. The partnership with ABCC is likely to provide us with the chance to provide credit to the emerging class of high-net-worth crypto investors. Soon, we be prepared to offer unique insurance products and well-underwritten and currently not easy to get at real life alternative asset classes. We have been very thankful to Calvin and his excellent team for offering us an opportunity to grow with ABCC.”
ABCC president, Calvin Ng, stated: “We started discussions with NextBank earlier this season seeking their financial services because of their architectural design, international online banking capabilities, and their positioning in the international online banking marketplace. We think that this type of cooperation between ABCC and NextBank will mark the start of a fresh paradigm in digital assets and banking, providing a fresh type of seamless services into the future. ABCC is quite pleased to secure this cooperation and encourages crypto exchanges globally to check out this type of path.”
About Alphabit and ABCC
Located in Singapore, Alphabit Consulting Pte. Ltd. operates the ABCC cryptocurrency exchange. ABCC is really a leading crypto exchange that’s exploring the near future development of cryptocurrency projects for global users. It really is working to develop 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 provide RegTech solutions that induce a safe platform because of its ABCC members. For more information, visit abcc.com.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is really a technology solutions company offering games, in-game advertising, and crypto-banking services to consumers and corporations inside a growing worldwide digital ecosystem. NextPlay’s engaging services and products utilize innovative AdTech, Artificial Intelligence and Fintech answers to leverage the strengths and channels of its existing and acquired technologies. To learn more about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.
This news release includes “forward-looking statements” within this is of, and within the safe harbor supplied 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 through forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of another foregoing statements could be deemed forward-looking statements. Even though Company believes that the expectations reflected such forward-looking statements are reasonable, these statements involve risks and uncertainties that could cause actual future activities and leads to be materially not the same as those suggested or described in this news release. Factors that could cause this type of difference include risks and uncertainties including, rather than limited by, our dependence on additional capital which might not be accessible on commercially acceptable terms, if, which raises questions about our capability to continue as a going concern; current regulation governing digital currency activity is frequently unclear and is evolving; our and ABCC’s capability to secure all necessary regulatory approvals to expand the partnership to its fullest, and intended, potential; the near future development and growth of digital currencies are at the mercy of a number of factors which are difficult to predict and evaluate, a lot of which are out of our control; the worthiness of digital currency is volatile; amounts owed to us by third parties which might not be paid timely, if; certain amounts we owe under outstanding indebtedness, which are secured by substantially our assets and penalties we might incur in connection therewith; the truth that we’ve significant indebtedness, that could adversely affect our business and financial condition; uncertainty and illiquidity in credit and capital markets which might impair our capability to obtain credit and financing on acceptable terms and could adversely affect the financial strength of our business partners; the officers and directors of the business be capable of exercise significant influence on the Company; stockholders could be diluted significantly through our efforts to acquire financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we have been unable to adjust to changes in technology, our business could possibly be harmed; if we usually do not adequately protect our intellectual property, our capability to compete could possibly be impaired; our business is vunerable to risks connected with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving Internet and e-commerce industries, that could harm our operating results; risks linked to the operations of, the business enterprise of, and the regulation of, Longroot and NextBank International (formerly IFEB); the marketplace where we participate being highly competitive, and due to that we could be struggling to compete successfully with this current or future competitors; our potential inability to adjust to changes in technology, that could harm our business; the volatility of our stock price; and that people have incurred significant losses up to now and require additional capital, which might not be accessible on commercially acceptable terms, if. More information concerning the risks and uncertainties faced by NextPlay are detailed every once in awhile in NextPlay’s periodic reports filed with the SEC, including its latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, beneath the headings “Risk Factors”. These reports can be found at www.sec.gov. Other unknown or unpredictable factors also may have material undesireable effects on the business’s future results and/or might lead to 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 aren’t guarantees of future performance and actual results or developments varies materially from those projected. The forward-looking statements in this news release are created only by the date hereof. THE BUSINESS takes no obligation to update or correct its forward-looking statements, except as required for legal reasons, or those made by fourth parties that aren’t covered by the business. If we update a number of forward-looking statements, no inference ought to be drawn that people can make additional updates regarding those or other forward-looking statements.
NextPlay Technologies, Inc.
Director of Corporate Development
Tel: (954) 888-9779
Alphabit Consulting Pte. Ltd
SOURCE: NextPlay Technologies, Inc.
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