Money Swap Exchange, a wholly-owned subsidiary of Asia-focused prepaid card and online payment services provider MoneySwap, issued convertible loan notes totalling 1.1m dollars, according to an announcement made by the company on Friday morning.
The funds received from the loan notes will be used to invest in the group's IT and payment systems as well as to continue to develop the group's new lines of business in co-operation with China UnionPay. Any remaining funds will be used for general working capital purposes.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Zohran Mamdani, "Trump's worst nightmare", wows New YorkZohran Mamdani, 33, has won the Democratic candidacy to be mayor of New York. That has energised his supporters and enemies alike – and terrified the rich
-
What's behind the big shift in Japanese government bonds?Rising long-term Japanese government bond yields point to growing nervousness about the future – and not just inflation
