FEXD) Leverage the team’s extensive Fintech experience to identify combination targets

by James · May 11, 2023

PRESS RELEASE

Published May 11, 2023

FinTech Ecosystem Development Corp. is a SPAC whose objective is to identify and engage in business combinations with businesses that have developed or are developing technology that enables communities and companies to store and transfer money
The company targets developing countries, especially those in South Asia, a region where large parts of the population are underbanked or unbanked.
85FEXD plans to leverage management’s experience in the Fintech sector to identify high-growth targets primarily operating in South Asia with high customer volume and growing demand
Experts believe that Asia is a ripe market for financial innovation, given that it is home to the world’s youngest workforce and consumer groups with high adoption rates of mobile and digital technology

More than seventy percent of the adult population in Southeast (“SE”) Asia is either unbanked or underbanked, according to consulting firm Bain (with the World Bank separately reporting that South Asia accounts for over twenty percent of all unbanked adults in the world (But as Tzu-Chung Liang, a Southeast Asia financial services strategy and transaction leader at consultancy EY, tells the Financial Times, there is a silver lining: “Asia has one of the world’s youngest workforces and consumer groups, with a high adoption rate of mobile and digital technologies, so it’s a ripe market for financial innovation” (https://ibn.fm/hgA10).

This potential has piqued the interest of Fintech Ecosystem Development (NASDAQ: FEXD ), a special purpose acquisition company (“SPAC”) formed to develop a global financial technology system. FEXD’s objective is to identify and engage in a merger, capital exchange, asset acquisition, share purchase