XOX and Wetek Inked RM1 Billion Micro-Financing


XOX and Wetek Inked RM1 Billion Micro-Financing | XOX Bhd was having its day when it was chosen by Wetek Technology (M) Sdn Bhd to micro-financed. XOX's subsidiary, XOX Media Sdn Bhd has inked a partnership agreement with Wetek Technology (M) Sdn Bhd to provide micro-financing to the tune of RM1 billion.

Wetek Technology M Sdn Bhd, XOX Bhd, micro financing, business, stock exchange, trading, Rawlins GLAM, Rawlins Lifestyle
XOX is one of the top e-wallet licence holders in Malaysia. XOX has a strong existing subscriber base of 2.2 million and this could exceed 3 or 4 million this year as the company is growing exponentially. A year ago XOX had proposed a rights issue with free warrants to raise up to RM66 million to fund its e-wallet and electronic SIM (e-SIM) businesses expansion. XOX allocated RM33 million of the proceeds raised from the rights issue to expand its e-wallet function by developing a new mobile application to support micro-payments, the issuance of Mastercards and peer-to-peer e-money transfers.
 
Some RM15 million was set aside for its e-SIM expansion as an alternative to the traditional SIM cards. After all, XOX's subscribers is growing on a day-to-day basis. While the company has not announced what the count is currently, the subscribers could have exceeded 2.5 million or even 2.8 million. 
Wetek Technology M Sdn Bhd, XOX Bhd, micro financing, business, stock exchange, trading, Rawlins GLAM, Rawlins Lifestyle
"This is a huge opportunity for Wetek to grow in this business. Globally, the microfinance industry had serviced 139.9 million borrowers in 2018, and 65% of microfinance borrowers live in rural areas where traditional banking and lending is difficult or impossible. According to Microfinance Barometer 2019, this industry has been growing at an annual rate of 11.5% over the past few years and projected to reach US$146.8 billion by 2021," Howard Leung Hao, Wetek's director  said. 

Today, the New Straits Times quotes XOX CEO Ng Kok Heng "The company is moving into this direction to provide entrepreneurs and small business owners access to capital and expand their business. The XOX's customer base is expected to double up by the end of this year and in fact has been growing steadily on a daily basis."
Wetek Technology M Sdn Bhd, XOX Bhd, micro financing, business, stock exchange, trading, Rawlins GLAM, Rawlins Lifestyle
The NST also reported that XOX and Wetek may issue a second tranche of financing, provided the initial RM1 billion funding is fully taken up. This is likely to happen given the current situation where entrepreneurs and small business owners are finding it difficult to obtain loans. There will be for sure a high percentage of the XOX subscribers who might take this chance to obtain micro-financing from XOX.

Leung Hao is the chairman and CEO of Brilliant (Hong Kong) Holdings Ltd and looks after the overall strategic and international business development for the company. He is said to have an eye of identifying market opportunities across the globe with experience managing a cross-cultural team of management. He is also a supporter of start-ups as he believes in the opportunity with young people and great ideas. Leung started his career in the 1990s in the IT and mobile internet industry and founded Beijing Ruidong Technology Co. Ltd in 2013. 
Wetek Technology M Sdn Bhd, XOX Bhd, micro financing, business, stock exchange, trading, Rawlins GLAM, Rawlins Lifestyle
Meanwhile, Liang Zeng is an internet entrepreneur and venture capitalist. He invests and incubates the companies in digital marketing, artificial intelligence and enterprise services. He has held senior positions as senior vice-president (VP) of Kingdee International Software Group, VP of Microsoft Greater China, and most recently, VP of Baidu Inc. and chief executive officer of Baidu Nuomi. He also serves as board director and strategic advisor for multiple digital marketing and technology companies.

So should you buy XOX tomorrow? 
Given all these good news, yes, one should. 
Furthermore, the stock rose in early morning trade to 12.5 sen today. At 5 p.m., it closed at 10.5 sen.

So, that's another piece of stock exchange and trading news for all of you. Again, trade with caution ok. But this news is certainly one good news for both Wetek and XOX.

#WetekTechnology #XOX #StockExchange #Business #Economy #Trading #MicroFinancing #RawlinsGLAM #RawlinsLifestyle




Post a Comment

17 Comments

  1. So this is like a stoke indicator? Let's see if it will really rise in the long term span. Thanks for sharing.

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  2. semua ni inisiatif untuk boost our economy. Dengan financing seterusnya ada trading juga buy and sales transaction.

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  3. saya tak pernah dengar tentang XOX dan WETEK ni. cuba baca dan hadam banyak kali dan agak sukar nak faham tentang bisnes yang dilakukan. maafkan saya

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  4. XOX memang telco yang bagus. Banyak produk mereka digunakan oleh rakyat Malaysia. No wonder la still standing. Tahniah XOX and Wetek.

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  5. Tak sangka xox maju spt ni. Apatah saham mrk.juga cukup memberangsangkan

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  6. So dia open stock market company to public ke? Hmm boleh usha2 ni. Thanks for the heads up

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  7. All the best to all traders, this good news usually makes the stock rise right and hopefully you can get it at the right time.

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  8. Jujurnya tak pernah lagi dengar nama telco ni, atau Sis terlepas pandang.. tapi takpe, moga gabungan keduanya akan menjadi lebih baik..tahniah..

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  9. Hhaaa...berita baik ni untuk siapa yang suka trading dan buat pelaburan stock exchange, ni la masanya..cepat cepat beli sekarang...but...trade on your own risk. hiks.

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  10. Ini pertama kal dengar mengenai XOX dan Wetek ni... nagus la untuk mereka yg rajin trading.

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  11. Baru tahu XOX ni pon ada buat ewallet. Semoga dapat membantu pulihkan ekonomi negara dengan bisnes yang ditawarkan

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  12. kenal XOX pun sebab telco. pasal-pasal lain tak tahu sangat puj tentang XOX ni

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  13. Ena da bertahun guna simkad XOX sbb suka xpayah topup setahun expired lama. Hehe. Baguslah makin berkembang dengan keluaran baru. Semoga makin success

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  14. semoga usaha sama ini berjaya hendaknya :) all the best

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  15. Wow good news untuk yang main saham, ada option untuk beli unit dekat sini pula.

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  16. XOX iena pernah dengar telco ni tapi Wetex baru first time dengar hehe
    ramai juga jana pendapatan dengan XOX kan, tengok dekat indtagram raai yang share pasal XOX

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  17. Ni ker post untu Trading ni hehehe kita pun nak kena belajar juga macam mana nak dapat ilmu berguna daripada Trading macam ni lepas ni Rawlins boleh bantu lah hehehehe

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