As previously disclosed, on December 27, 2023, the Company received a written notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that since the Company has not yet filed its Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires the Company to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). In accordance with Nasdaq Listing Rule IM-5810-1(c)(2)(A)(v), the Company submitted a plan to regain compliance with the Rule (the “Plan”).
On May 20, 2024, the Company received a written notice (the “Notice”) indicating that the Staff determined to delist the Company’s securities from Nasdaq, unless the Company timely requests a hearing before a Hearings Panel (the “Panel”), based on the Staff’s determination that the Staff only has discretion to grant an extension until May 20, 2024. The Staff noted that, in addition to the Company’s Form 10-Q for the period ended September 30, 2023, its Form 10-K for the period ended December 31, 2023 and its Form 10-Q for the period ended March 31, 2024 were also delinquent pursuant to the Rule.
Accordingly, the Company intends to timely request (the “Request”) a hearing before the Panel. The hearing request will stay the suspension of the Company’s securities with Nasdaq only for a period of 15 days pursuant to Nasdaq Listing Rule 5815(a)(1)(B) (the “Stay Rule”). The Company, pursuant to the Stay Rule, intends to include in its Request a stay of the suspension pending the hearing. Nasdaq’s notice has no immediate effect on the listing of the Company’s common stock, units or warrants on Nasdaq. The time and place of any hearing before the Panel will be determined by the Panel. There can be no assurance that the Panel will grant the Company’s request for continued stay or continued listing.
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Current Report on Form 8-K are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations of these words or similar expressions (or the negative versions of such words or expressions), as they relate to the Company or its management team, are intended to identify forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including the Company’s ability to successfully request a further stay, successfully appeal a delisting determination, the Company’s ability to resolve the deficiency under the Rule and regain compliance with the Rule. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s final prospectus for its initial public offering filed with the SEC on October 18, 2021, and other documents of the Company filed, or to be filed, with the SEC, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. The Company undertakes no obligation to update or revise any forward-looking statements for revisions or changes after the date of this press release, except as required by law.
Contacts:
For Media Kirti Naik Email: kirti.kirk@fintechecosys.com
For Fintech Ecosystem Development Corp. Dr. Saiful Khandaker saiful@fintechecosys.com
Fintech Ecosystem Development Corp Saiful Khandaker 770-402-6735 www.fintechecosys.com
The 2nd edition of Dubai FinTech Summit (DFS) organised by Dubai International Financial Centre (DIFC), under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, concluded with resounding success. The 3rd edition of the Dubai FinTech Summit will be held on 7-8 May 2025, also under the directives of His Highness Sheikh Maktoum.
Highlights: – The 3rd edition of the Dubai FinTech Summit to be held on 7-8 May 2025, under the directives of His Highness Sheikh Maktoum. – The 2nd edition of Dubai FinTech Summit attracted over 8,000 visitors from 118 countries around the world. – Over 50 Memorandum of Understandings (MoUs) were signed during the Summit with global financial leaders. – More than 20 top investment management firms with investments in 12,000 companies participated in the Summit. – Nik Storonsky, Founder and CEO of Revolut inked expansion plans in the MEASA region, marking a significant step towards fostering financial inclusion through cutting-edge technology. – State Street Global Advisors’ President and Chief Executive Officer, Yie-Hsin Hung confirmed the reopening of its Dubai offices. – Dyna.Ai, the Singapore headquartered firm launched operations across Asia, the Middle East, Africa, Europe, North America and Latin America, with offices planned in the UAE, Saudi Arabia, and Nigeria.
From government officials and policy makers to start-up founders, the two-day Summit, held at Madinat Jumeirah, brought together an unprecedented gathering of more than 8,000 decision-makers from 118 countries around the world. These included over 300 thought leaders participating in 125 discussions across five stages and over 200 exhibitors showcasing cutting-edge technologies. Over 20 government dignitaries were also in attendance, including the Mayor of Seoul, Central Bank Governors, and Deputy Governors.
His Excellency, Essa Kazim, Governor of DIFC, commented: “The Dubai FinTech Summit is not just a gathering, it is a platform for transformative discussions and collective action. The Dubai FinTech Summit stands as a beacon of impact, progress, and collaboration, creating unprecedented opportunities for growth and innovation. Dubai is at the forefront of shaping the future of finance and will continue to strengthen its position as a leading global hub for FinTech firms.”
Arif Amiri, Chief Executive Officer at DIFC Authority, opened day two of the Summit, followed by two fireside chats with His Excellency Helal Saeed Al Marri, Director General, Department of Economy and Tourism, and Yie-Hsin Hung, President and Chief Executive Officer at State Street Global Advisors.
During his opening remarks, Arif Amiri, Chief Executive Officer at DIFC Authority, said: “Today, we are experiencing an extraordinary period of technological transformation where FinTech defines how we transact, how we save, and how we manage our financial lives. FinTech is also defining how traditional financial services companies operate. In recent years, we have seen FinTech revenues grow globally six-fold. We have also seen growing mainstream acceptance of cryptocurrencies, which is allowing for its market capitalisation to exceed USD 3trn. This year, FinTech is again expected to garner and secure an additional 5 per cent of global financial service revenues. In the next two years, digital payments are expected to increase over 10trn dollars, and by 2030, north of 25 per cent of banking valuations are expected to be driven by FinTech.
Dubai FinTech Summit offers a unique platform to explore the opportunities ahead of us, which is why, at DIFC, our strategy is firmly focused on being at the heart of this FinTech revolution. During our 20 years of operations, we have always embraced innovation. It is part of our X factor. We do not simply talk about it but engage with it; with the talent, with the investors and the regulators to execute it. Our visionary leadership has always enabled Dubai and DIFC to take a leading role in driving the future of finance and innovation. For this reason, we have built the region’s most comprehensive proposition that enables our clients to do and achieve great things in a place that integrates FinTech firmly into its DNA. In a place that attracts talented entrepreneurs, encourages collaboration, and provides global connectivity: a gateway between the east and the west, and a true nexus point for the global markets.”
Over 50 international associations participated in the Summit this year, including Africa FinTech Network, Business France, FinTech Philippines Association, European Blockchain Association, Global FinTech Alliance (GFA), Hong Kong FinTech Industry Association, International Digital Economy Association, Invest Seoul, Luxembourg Institute of Financial Technology (LHOFT), Swiss Finance & Technology Association and Women in Web3 Association, among others.
This year’s Summit saw the participation of over 1,000 investors, including more than 10 top executives from some of the world’s biggest banks, managing over USD 7trn in assets under management (AUM). In addition, over 40 FinTech and blockchain unicorns, with a combined market capitalisation of over USD 400bn were also present.
During the two days, over 30 side events were hosted by local, regional, and international partners of the Summit.Panels on the second day included a deep dive into some of the most pressing topics within the financial technology landscape, ranging from High Interest Rates and Macroeconomic Volatility, Institutional Adoption and Regulatory Clarity – Crypto’s Path Forward, and D33 – A Decade of Economic Transformation, among others.
Dubai FinTech Summit also witnessed the signing of more than 50 Memorandum of Understandings (MoUs) with global financial leaders, as well as several key announcements from attending businesses.
Nik Storonsky, Founder and CEO of Revolut announced expansion plans in the MEASA region, marking a significant step towards fostering financial inclusion through cutting-edge technology. Revolut is a global neobank and financial technology company with headquarters in the UK that offers banking services for retail customers and businesses.
Recognising the potential of operating in the region’s largest financial ecosystem, State Street Global Advisors’ CEO, Yie-Hsin Hung, also announced that the firm is making a welcome return to DIFC. Based on the region’s expanding opportunities, coupled with DIFC’s 20-year track record as a leading hub for finance and growth, DIFC has continued to draw in an extensive list of banks, advisors, high-net-worth individuals, family offices, and sovereign wealth funds seeking exposure to the region’s fast-growth markets within a future-forward regulated environment.
Dyna.Ai, the Singapore-headquartered firm announced the launch of its operations across Asia, the Middle East, Africa, Europe, North America and Latin America, aiming to transform businesses with AI. The company offers a suite of solutions for digital banking, risk management, audience communication, and employee productivity to address current financial challenges. In the MEA region, offices will be opened in the UAE, Saudi Arabia, and Nigeria. Dyna Athena, a newly launched AI platform, will provide revolutionary communication and interaction between customers, which will include features such as text-to-speech, language and speech processing. Dyna Avatar, a brand-new humanoid customer assistant, capable of real-time voice-activated conversations in Arabic, English, Chinese, Japanese and Thai, was also launched at the Summit.
Among several notable presentations, Crypto Oasis provided an insightful update on the UAE’s dynamic and ever-evolving blockchain ecosystem. According to the presentation, active companies have surged by 13 per cent year-on-year, reaching 2,040 organisations, with a healthy mix of 71 per cent native and 29 per cent non-native blockchain companies contributing to the ecosystem. There has also been a marked increase in the industry workforce, with over 10,600 individuals working in the blockchain space. One of the key factors driving the crypto industry has been an increase in regulatory clarity, which has helped to attract global brands such as Bybit, Crypto.com, and OKX, which each received Virtual Asset Service Provider (VASP) licenses from VARA.
In line with the Dubai Economic Agenda (D33) to position Dubai as the top four global financial hubs by 2033, DFS is designed to encourage cross-border collaboration and innovation, central to transforming the global FinTech sector. The Summit presented a unique opportunity for attendees to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
The 2nd edition of the Dubai FinTech Summit was supported by over 150 global corporate partners. Visa as Founding Partner & Co-Host; Emirates NBD as Premium Banking Partner; e& life as Powered By sponsor; Commercial Bank of Dubai (CBD) as Strategic Banking Partner; Finvasia as Lead Sponsor; SC Ventures as Strategic Venture Partner; Dynatech AI as Powered By sponsor; and Mashreq as Diamond Sponsor, among others.
About Dubai FinTech Summit
Dubai FinTech Summit is an annual mega event organised by the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. The 2nd edition of the Dubai FinTech Summit will bring together over 8,000+ global industry leaders, 1,500+ investors and policy makers, signalling increased appetite for growth opportunities in the region.
Dubai FinTech Summit signals new wave of financial innovation, opportunity, transformation, and growth for the international financial services sector. As a rising FinTech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in FinTech projected to grow by 17.2 per cent CAGR to USD949 billion from 2022 to 2030. The Summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.
The expanded programme of Dubai FinTech Summit is set to exceed expectations by delving into key tracks, including the future of FinTech, embedded and Open Finance, climate finance, Web3 and digital assets. The summit stands as a thought leadership-driven platform, addressing industry challenges head-on and championing innovation.
Visit www.dubaiFinTechsummit.com
#Difc #DifcInnovationHub #DFS2024 #FinTech
For further enquiries, please contact: Samia Ahmad Assistant Manager Marketing at DIFC Innovation Hub E: samia.ahmad@difc.com Phone: +971 4 362 2657
The much-awaited Grand Finale of the FinTech World Cup (FWC) hosted by Trescon in partnership with Dubai FinTech Summit (DFS), VISA, Emirates NBD & Amazon Web Services (AWS), witnessed committed investments totalling worth over USD 9,250,000 (9.25 million) by various investors.
In an intense showdown, 15 qualified start-ups from around the world – Audax, Xaults Technologies, Monak E-Services, YABX, ALTPAYNET, APPRO, Libeara, Letbloom, Myzoi, Vault22, Lordsystem, MOIN, Alphastream.ai, Validus, and Namara – pitched at the FWC Grand Finale to a room full of global investors during the 2nd day of DFS.
While APPRO emerged as the Winner of FWC and secured on the spot investment commitment of USD 500,000, other startups like Finix196 received commitment of USD 5 million by Dhruv Management, Motive Partners committed USD 3 million to Alpha Stream and Validus got commitment of USD 750,000 by Aum Ventures.
Mohammed Saleem, Founder and Chairman of Trescon, stated, “We were thrilled to host the Grand Finale of our FinTech World Cup at the Dubai FinTech Summit. By joining forces, we created an unparalleled platform for FinTech innovation, providing participants with access to Trescon’s international reach, a regulatory environment that fosters growth and most importantly access to much needed capital. As an FWC Jury Member & a fellow investor, I commit to investing in some of these start-ups too to walk the talk, including the USD 500,000 for FWC Grand Finale Winner Appro.”
Naveen Bharadwaj, Group CEO of Trescon, said, “The FinTech World Cup is an opportunity to solve real-world challenges through collaboration and capital. In addition to the investments totalling worth USD 9.25 million that were announced, I’m happy to share that the winner & first two runner ups will also gain access to mentorship by the esteemed jury, Trescon Credits & Amazon credits – enhancing their resources for growth and development, global brand exposure, industry recognition and a path to success through strategic synergies and partnerships. We are committed to shaping an ecosystem that not only celebrates FinTech excellence but also propels the industry forward.”
The FWC jury was comprised of distinguished professionals from various sectors of the FinTech industry, including Nasir Zubairi, CEO at The LHoFT Foundation; Hugo Bongers, Partner at Motive Ventures; Sara Tabana, Senior Director of FinTech Innovation Strategy at Visa; Melissa Cannon Guzy, Co-Founder and Managing Partner at Arbor Ventures; Mohammed Saleem, Founder and Chairman of Trescon; Chetan Mehta, Founding Partner at AUM Ventures; Rana Abdel Latif, Partner at Speedinvest; Nacira Alioua, Head of FinTech Engagement at Emirates NBD; and Tunc Ozgul, Head of Startup and VC Ecosystem at Amazon Web Services.
The 2nd edition of the Dubai FinTech Summit was supported by global corporate partners, including Founding Partners VISA, Emirates NBD (ENBD), Etisalat & (E&) and Commercial Bank of Dubai (CBD).
About Dubai FinTech Summit
Dubai FinTech Summit is an annual mega event organised by the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. The 2nd edition of the Dubai FinTech Summit will bring together over 8,000+ global industry leaders, 1,500+ investors and policy makers, signalling increased appetite for growth opportunities in the region.
Dubai FinTech Summit signals new wave of financial innovation, opportunity, transformation, and growth for the international financial services sector. As a rising FinTech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in FinTech projected to grow by 17.2 per cent CAGR to USD949 billion from 2022 to 2030. The Summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.
The expanded programme of Dubai FinTech Summit is set to exceed expectations by delving into key tracks, including the future of FinTech, embedded and Open Finance, climate finance, Web3 and digital assets. The summit stands as a thought leadership-driven platform, addressing industry challenges head-on and championing innovation.
Resolve, a company dedicated to lowering medical bills on behalf of patients, today announced the addition of Brian Ramirez as Vice President of Growth and Marketing. The move marks a significant addition to the Resolve team, bringing a decade of experience in fintech and a strong track record of helping consumers navigate financial challenges.
Brian’s expertise lies in creating innovative solutions that lower accessibility hurdles for consumers, thereby promoting financial stability. His career includes pivotal roles in various fintech establishments, all of which shared the mission to assist underserved consumers. His most notable achievements include his transformation from the first employee to CEO at an early robo-advisor, WiseBanyan, which was later acquired. More recently, Brian was the CMO and Co-Founder of Retirable, a fintech platform dedicated to helping older adults generate retirement income with confidence.
“Brian embodies the values and mission of Resolve,” said Braden Pan, CEO of Resolve. “His extensive experience across consumer fintech in marketing, product, and strategy, combined with his passion for helping consumers overcome financial obstacles, makes him an ideal fit for this role. As we continue to grow and evolve, Brian’s expertise will be instrumental in expanding our reach and amplifying our impact.”
Brian graduated with a BA from Pomona College and later earned an MBA from The Tuck School of Business at Dartmouth.
As VP of Growth and Marketing at Resolve, Brian will play a key role in shaping the company’s growth strategies. He will focus on expanding the company’s market presence, enhancing customer experience, and broadening Resolve’s service offerings. With Brian at the helm of Growth and Marketing, Resolve is poised to further its mission of preventing everyday medical bills from bankrupting everyday Americans.
“I am thrilled to join the Resolve team and look forward to contributing to a mission that I am deeply passionate about,” said Brian Ramirez. “I’ve seen firsthand the stress and complexities that medical bills can bring. With Resolve, I see an opportunity to apply my fintech experience to a cause that can truly make a difference in people’s lives.”
Resolve prides itself on being a champion for consumers, dedicated to finding significant savings on medical bills and eliminating the associated stress. Brian’s appointment as VP of Growth and Marketing strengthens the Resolve team and aligns with the company’s commitment to delivering value to its users.
Resolve lowers medical bills on behalf of patients. They offer a stress-free solution to handling medical bills, allowing patients to focus on what truly matters. To date, Resolve has helped thousands of people save over $30M on their medical bills.
Fintech expert Angelo Babb unveils the worst-performing cryptocurrency of May 2023, providing valuable insights and emphasizing the need for research and risk management in the volatile cryptocurrency market.
San Jos, Costa Rica – WEBWIRE – Sunday, July 16, 2023
Angelo Babb, a highly esteemed fintech expert, and cryptocurrency analyst, reveals the worst-performing cryptocurrency of May 2023, providing valuable market insights and shedding light on the potential risks associated with digital assets. With his deep understanding of the evolving fintech landscape and extensive experience in the cryptocurrency market, Angelo Babb empowers investors and enthusiasts to make informed decisions in an ever-changing market environment.
The cryptocurrency market has been subject to significant volatility and price fluctuations, making it crucial for investors to stay informed about the performance and risks associated with various digital assets. Angelo Babbs analysis of the worst-performing crypto of May 2023 is a valuable resource for investors, highlighting potential pitfalls and cautionary tales.
While the cryptocurrency market has recently experienced notable growth and popularity, it is not immune to risks and downturns. Angelo Babbs unveiling of the worst-performing crypto of May 2023 serves as a reminder that investing in digital assets carries inherent risks and requires diligent research and risk management.
By shedding light on the worst-performing crypto, Angelo Babb emphasizes the importance of conducting thorough due diligence and understanding the fundamentals of a cryptocurrency before investing. He urges investors to assess factors such as the projects team, technology, adoption, and market demand to gauge its long-term potential and mitigate risks.
Additionally, Angelo Babb provides insights into the market conditions and trends that contributed to the underperformance of the identified cryptocurrency. These insights enable investors to gain a deeper understanding of the complex dynamics at play in the cryptocurrency market, helping them make more informed investment decisions.
Angelo Babbs analysis also highlights the importance of diversification in a cryptocurrency portfolio. By spreading investments across different digital assets, investors can minimize their exposure to the risks associated with any single crypto. Diversification can mitigate the impact of a poorly performing cryptocurrency on the overall portfolio and provide a more balanced investment strategy.
Furthermore, Angelo Babb emphasizes the significance of risk management strategies, such as setting clear investment goals, establishing stop-loss orders, and regularly reassessing investment positions. These risk management practices can help investors protect their capital and minimize potential losses in the face of market volatility.
It is worth noting that Angelo Babbs analysis not only focuses on the worst-performing crypto of May 2023 but also provides broader insights into the factors that influence the cryptocurrency market. By understanding these factors, investors can make more informed decisions, seize growth opportunities, and navigate the risks associated with digital assets.
Angelo Babbs expertise in fintech and cryptocurrencies has established him as a trusted authority. Through his analyses and insights, he helps investors and enthusiasts navigate the complexities of the cryptocurrency market and make informed decisions.
Understanding the risks and factors influencing the performance of cryptocurrencies is crucial for investors seeking to navigate the volatile market, says Angelo Babb. By examining the worst-performing crypto of May 2023, we gain valuable insights that can inform our investment strategies and risk management practices.
Angelo Babbs analysis is a valuable resource for investors, providing them with the knowledge and insights to navigate the cryptocurrency market responsibly. By staying informed and adopting a prudent approach, investors can capitalize on opportunities while managing the risks associated with digital assets.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets.
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