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MoneyMax Makes Foray into China

MoneyMax Makes Foray into China 

Singapore, 18 October 2016 

jointventure

Mr. Ho Chee Hon, Group CEO of AP Oil International (3rd from left), Mr. Huang Pei Guo, Director and Group Manager of Zongshen (4th from left), Mr. Kenneth Teo Teck Leong, Regional Director of West China Region (China Group) from International Enterprise Singapore (5th from left), Ms. Zhang Li, Deputy Director General of China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administrative Bureau, (6th from left), Dato Sri Dr. Lim Yong Guan, Executive Chairman and CEO of MoneyMax (6th from right) and Mr. Xiao Zhong Ping, Deputy General Manager of Free Trade Port Co (2nd from right) who are accompanied by key management from the JV parties 


18 October 2016, Singapore – MoneyMax Financial Services Ltd. (“MoneyMax” or the “Company”) announced today it has entered into a joint venture agreement with SGX-listed AP Oil International Limited (“AP Oil International”), 重庆宗申动力机械股份有限公司 (“Zongshen”) and 重庆保税港区开发管理集团有限公司 (“Free Trade Port Co”) to provide financial leasing services in Chongqing, China.

China is the second largest financial services leasing market in the world, with financial leasing set to be an important tool in equipment investment and technology upgrades by 2020. China has a relatively low penetration rate of 3.1% of leasing activities, as compared to penetration rates of nearly 20.0% in more developed markets, indicating its great growth potential.

Commenting on the joint venture, Dato’ Sri Dr. Lim Yong Guan, Executive Chairman and Chief Executive Officer of MoneyMax, said “The entry into China marks a significant milestone for our Company. We are very excited to enter China through this consortium, which is made up of three listed companies and a government-linked company, and to tap into the huge potential of this mammoth financial services market.

This joint venture will be able to provide companies with a convenient and efficient solution to invest in productive and logistic equipment by facilitating the process for users financing or purchasing equipment. In addition, this is also in line with our Company’s strategy as we remain on the lookout for more overseas opportunities to expand our service offerings and innovative ways to provide financial services.

Leveraging on our strong brand credibility as a competitive edge, we believe that the JV offers the Company a good opportunity to invest in the growing financial services industry in China, and a stepping stone to expand our business into the China market.”