Toronto, Ontario - (April 13, 2022) - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK:PKKFF) ("Tenet" or the "Company"), an innovative AI service provider and operator of the Business Hubs™, today announced that it has signed a partnership agreement with the Industrial Bank Co. Ltd. ("CIB") to allow members of Tenet's Chinese Business Hub™ to open bank accounts at CIB linked to their Business Hub™ accounts.
Thereal bank accounts at CIB will provide Business Hub™ clients with analternative to Tenet's offering of virtual bank accounts on the China UnionPaynetwork. The CIB accounts are meant to accommodate larger clients, such ascommodities traders, that have been relying on the Hub's services to financetheir purchase orders, alleviate their cash flow issues and also have cashsettlement needs that are not available through the virtual bank accounts. Justlike with the virtual bank accounts, Tenet will earn service fees and haveadministrative oversight of the CIB accounts, which should provide anadditional layer of comfort to Business Hub™ partnering financial institutions,including CIB, when it comes to extending credit to Hub members that have suchbank accounts.
Withover 2,000 branches and outlets across China, more than 50,000 employees andtotal assets in excess of USD$975B, CIB (https://www.cib.com.cn/en/) is the 8th largest bankin China and ranks 31st among the largest banks in the worldaccording to Wikipedia.
"Ourapproach of being constantly attentive to the needs of our clients has been amajor factor in how quickly we've been able to grow in China and directly ledto the agreement announced today," said Tenet China CEO Liang Qiu."As soon as we became aware that our virtual bank account offerings hadcertain limitations, which meant that they were not suitable for all ourexisting and prospective clients, we went to work on an alternative offering.We couldn't be happier to have been able to partner with one of China's mostreputable banks. We commend CIB for recognizing our value proposition and forits collaboration on the integration needed to link our Business Hub™ to theirsystem, which was no small feat. This partnership is yet another way for us tocontinue to gradually bring our service offerings into the mainstream of B2Bactivity in China".
AboutTenet Fintech Group Inc.:
TenetFintech Group Inc. is the parent company of a group of innovative financialtechnology (Fintech) and artificial intelligence companies. Tenet'ssubsidiaries provide various analytics and AI-based services to financialinstitutions and businesses through the Business Hub™, an ecosystem where dataanalysis and artificial intelligence are used to facilitate transactions amongits members. For more information: http://www.tenetfintech.com
Formore information, please contact:
Cathy Hume, CEO
416-868-1079 ext.: 251
MZGroup - MZ North America
Mark Schwalenberg, CFA
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