CM Financial and eToro going big on blockchain technology in China

CM Financial forms strategic cooperation partnership with world-leading investment platform eToro to build an investment bank that can engage in financial services with blockchain technology

China Minsheng Financial Holding Corporation Limited (“CM Financial”, SEHK stock code: 00245) signed a strategic cooperation agreement with eToro today, establishing a strategic partnership between the two companies. As a strategic platform of CMIG Asia Asset Management co., Ltd. (“CMIG Asia”), CM Financial will closely cooperate with eToro to strengthen its online platform and expand business together, so as to implement CM Financial’s global investment strategy, further develop its innovative fin-tech business and build an investment bank that can engage in financial services with blockchain technology.

According to the strategic cooperation agreement signed between the two parties, CM Financial will lead the investment of eToro’s E-round financing and invest in eToro’s preferred stock equity of US$50 million through the independent investment portfolio CM Equities SP of CM SPC, a wholly-owned subsidiary of CM Financial.

The proceeds raised from this round of financing is to expand its global business, research on and develop thoroughly the blockchain technology and deploy it. Such move can enable eToro to enhance the foundational technology with the aim of adding impetus to its growth on the back of a solid foundation.

In the future, eToro will continue to maintain the current growth pace in European market and accelerate the expansion in Asian market, and gradually enter North American market.

CM Financial hopes to jointly expand its business with eToro in the future, further strengthen customer acquisition and cross-selling, help eToro to expand its presence in China as well as Asian market, and seize the future development opportunities in the capital market. Leveraging its rich resources in the China market, CM Financial can help eToro to apply its technology to financial, property and new energy sectors and the trade in bulk commodities.

CM Financial expects to bring technology and product innovation to both parties through cooperation with eToro, and the increased business flow brought by market expansion will bring considerable growth for the Group’s future business.

Founded in 2007 in Israel, eToro is a world-leading asset trading platform, as well as one of the first financial technology companies to apply the copy trading technology. As of March 2018, eToro had over 9 million global users, covering over 140 countries and regions.

In 2012, 2015 and 2017, eToro was awarded with the highest honor, “Best Display Award” at Finovate, the most authoritative academic conference of the financial technology industry. Using artificial intelligence technologies of the Microsoft R Server and Azure Machine Learning, eToro has developed numerous CopyFunds offerings. eToro has become a cradle of development of a new generation of diverse traders and investors.

Leveraging on the strong backing from CMIG Asia, CM Financial takes full advantage of both the domestic and overseas markets and their resources to assist its business partners to invest in domestic market and expand internationally.

With the twin growth drivers of “Investment + Investment Bank”, CM Financial enables effective cooperation between the financial sector and different industries, provides comprehensive financial services for both the Chinese and overseas companies, and strives to develop a comprehensive platform for innovative financial services.

The strategic cooperation with eToro marks the first foray of CM Financial into the fintech field, and will certainly accelerate the Group’s goal of developing into an international comprehensive financial services platform.

CM Financial will continue to assist various industries in technological innovation, enable cooperation between the financial sector and different industries, and build an investment bank that can engage in financial services with blockchain technology.

The strategic cooperation between CM Financial and eToro is a win-win combination, it is also a step to show CMIG Asia and CM Financial’s support to the development of “The Belt and Road Initiative”, and to promote industrial upgrading and the development of real economy.

CM Financial has been developing and implementing its twin growth drivers strategy of “Investment + Investment Banking”, with emphasis on building up asset management and securities businesses, to serve the high-end customer base both in China and abroad.

The Group strives to develop an international platform and to become the “financial partner of choice” that assists the leading domestic Chinese enterprises as they expand overseas, assists the business partners to access advantageous resources and advanced technology overseas, and helps international investors to seize the opportunities in China.

In the past, backed by CMIG Asia, CM Financial has also established close relationships with many leading enterprises. CM Financial thoroughly understands the requirements of enterprises in various stages of development and creates custom-made funding solution for their development. Looking ahead, CM Financial will focus on building up scale for each of its vertical businesses and continue to tap the potential for the synergy across various resources and platforms in securities, investment, investment banking and asset management, to provide better service to customers.

Furthermore, CM Financial will also seek opportunities for strategic mergers and acquisitions to further expand the scale of all its platforms. It will also participate in a new, emerging type of financial sector such as fintech, and will explore other promising and pioneering business models in the financial sector.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<