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BBMSL & China Rongzhong Announces Strategic Joint Venture and Financing Initiative

2024-02-26 09:13 1338

Partnership sets to enhance commercial credit management services and expand SME financing solutions 

HONG KONG, Feb. 26, 2024 /PRNewswire/ -- BBMSL Limited ("BBMSL") is pleased to announce a significant development in its strategic growth initiatives. In collaboration with China Rongzhong Financial Holdings Company Limited ("China Rongzhong") (03963.HK), BBMSL  has formalized the establishment of a joint venture. This partnership focuses on the joint development of commercial credit management services, with the collaborative efforts in the realm of small and medium-sized business merchant loans and merchant cash advance services, with BBMSL holding a 49% equity stake.

China Rongzhong, an experienced player in the financing and leasing services sector, brings a wealth of experience and expertise to the table. BBMSL, on the other hand, possesses a substantial client base within the small business segment, making it an ideal partner for this strategic alliance. Together, the aim is to capitalize on their respective strengths, fostering synergies that will drive expansion and enhance market presence within the small and medium-sized business loan market.

BBMSL Limited ("BBMSL"), established in 2017 in Hong Kong, has positioned payment technology at the core of its operations. Initially operating as a wholly-owned subsidiary of the BBPOS Group (bbpos.com), BBMSL serves as a trusted electronic payment service provider for Visa, Mastercard, UnionPay, and other major payment networks, and acts as an acquirer for American Express, Alipay, and WeChat Pay. Their integration capabilities extend to payment methods including Apple Pay, Google Pay, Samsung Pay, BOC Pay, Huawei Pay, and Octopus. BBMSL provides a comprehensive suite of services encompassing offline-to-online payment system integration, transaction processing, collection management, settlement services, and tailored small and medium-sized business loan solutions. Currently, BBMSL serves an extensive portfolio of over 14,000 small and medium-sized business merchants in Hong Kong. To ensure the security and privacy standard, their electronic payment technologies are certified to comply with the industry PCI DSS standards. In 2023, BBMSL has also fostered the collaboration with another Hong Kong Listed Company, Hong Kong Broadband Network Limited ("HKBN") (01310.HK) to enrich their BBHub ecosystem for small and medium-sized business merchants.

China Rongzhong Financial Holdings Limited ("China Rongzhong") stands as a prominent Hong Kong-based investment holding company, specializing in the provision of financing and leasing services. The core offerings encompass a wide spectrum of financing and leasing services, underpinned by a commitment to delivering exceptional value to leasing clients. The comprehensive suite of services includes direct leasing, sale and leaseback transactions, meticulous due diligence, debt collection, and meticulous credit investigation services.

**Press Contact Information**:
Joey Leung
Chief Strategy Officer
Corporate Communications Department
BBMSL Limited
5726 6413 / 3910 5519
Joey.leung@bbmsl.com

Source: BBMSL Limited
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