Newland Expands Globally with US MSB License for Cryptocurrency Transactions

Newland, a prominent financial services company, has announced the establishment of an overseas subsidiary, NovaPay US Inc., and the acquisition of a US Money Services Business (MSB) license. This strategic initiative is designed to bolster the company's global presence and enhance its capabilities in the digital asset landscape, with a particular focus on cryptocurrency transactions.

The newly established subsidiary, NovaPay US Inc., is a wholly-owned entity of Hong Kong Xingyi Payment Co., Ltd., which is itself a wholly-owned subsidiary of Newland. With a registered capital of 1 US dollar, NovaPay US Inc. is authorized to engage in a range of financial services, including currency exchange, international remittance, and digital currency transactions. The acquisition of the US MSB license is a critical step in providing a legal framework for conducting cross-border fund business, ensuring compliance with anti-money laundering (AML) and know your customer (KYC) regulations.

This move is part of Newland's broader strategy to become a leading digital business enterprise. By obtaining the US MSB license, the company aims to provide infrastructure for connecting with global mainstream financial institutions. This will lay the foundation for the development of cross-border payment-related business and assist in achieving the company's global strategic layout. The license will enable NovaPay US Inc. to facilitate a wide range of financial services, including cryptocurrency transactions, money transfers, and currency exchanges, thereby tapping into new markets and attracting a broader customer base.

The focus on cryptocurrency transactions is a strategic response to the growing demand for digital currencies. Cryptocurrencies offer several advantages, including faster transaction times, lower fees, and enhanced security. By integrating cryptocurrency services into its portfolio, Newland aims to provide customers with more flexible and efficient financial solutions. This move is particularly significant given the increasing global interest in cryptocurrencies and digital assets.

The establishment of the overseas subsidiary and the acquisition of the US MSB license are testament to Newland's commitment to regulatory compliance and transparency. The MSB license requires stringent adherence to AML and KYC regulations, ensuring that the company operates within the legal boundaries set by US authorities. This move will not only enhance the company's credibility but also build trust among its customers and partners.

In summary, Newland's decision to establish an overseas subsidiary and obtain a US MSB license is a significant step towards expanding its global presence and enhancing its capabilities in the digital asset landscape. This move underscores the company's commitment to regulatory compliance, innovation, and customer satisfaction, positioning it as a key player in the rapidly evolving financial services industry.