- FinTech Ecosystem Development Corp. is a SPAC whose goal is to identify and engage in business combinations with businesses that have developed or are developing technology that enables communities and companies to store and transfer money
- The company is targeting developing countries, particularly those in South Asia, a region where vast sections of the population are underbanked or unbanked
- 85FEXD plans to leverage its management’s experience in the Fintech sector to identify high-growth targets primarily operating in South Asia with a high volume of customers and growing demand
- Experts believe that Asia is a ripe market for financial innovation, given that it is home to the world’s youngest workforce and consumer groups with a high adoption rate of mobile and digital technologies
More than seventy percent of the adult population in South-East (“SE”) Asia is either unbanked or underbanked, according to consultancy firm Bain (https://ibn.fm/w4Ulu), with the World Bank separately reporting that South Asia accounts for over twenty percent of all unbanked adults in the world (https://ibn.fm/X6Zao). But as Tzu-Chung Liang, a South-East Asia financial services strategy and transaction leader at consultancy firm EY, tells the Financial Times, there is a silver lining: “Asia has one of the world’s youngest workforce and consumer groups, with a high adoption rate of mobile and digital technologies, so it’s a ripe market for financial innovation” (https://ibn.fm/hgA10).
This potential has sparked the interest of Fintech Ecosystem Development (NASDAQ: FEXD), a special-purpose acquisition company (“SPAC”) formed to develop a global financial technology system. FEXD’s goal is to identify and engage in a merger, capital stock exchange, asset acquisition, stock purchase…
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD
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