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 BankCo. Ltd. ("CIB") to allow members of Tenet's Chinese Business Hub™ to open bank accounts at CIB linked to their Business Hub™ accounts.
The real bank accounts at CIB will provide Business Hub™ clients with an alternative to Tenet's offering of virtual bank accounts on the China UnionPay network. The CIB accounts are meant to accommodate larger clients, such as commodities traders, that have been relying on the Hub's services to finance their purchase orders, alleviate their cash flow issues and also have cash settlement needs that are not available through the virtual bank accounts. Just like with the virtual bank accounts, Tenet will earn service fees and have administrative 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 such bank accounts.
With over 2,000 branches and outlets across China, more than 50,000 employees and total 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 world according to Wikipedia.
"Our approach of being constantly attentive to the needs of our clients has been a major factor in how quickly we've been able to grow in China and directly led to the agreement announced today," said Tenet China CEO Liang Qiu."As soon as we became aware that our virtual bank account offerings had certain limitations, which meant that they were not suitable for all our existing 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 most reputable banks. We commend CIB for recognizing our value proposition and for its collaboration on the integration needed to link our Business Hub™ to their system, which was no small feat. This partnership is yet another way for us to continue to gradually bring our service offerings into the mainstream of B2Bactivity in China".
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence companies. Tenet's subsidiaries provide various analytics and AI-based services to financial institutions and businesses through the Business Hub™, an ecosystem where data analysis and artificial intelligence are used to facilitate transactions among its members. For more information: http://www.tenetfintech.com
For more information, please contact:
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
MZGroup - MZ North America
Mark Schwalenberg, CFA
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