Toronto, Ontario--(Newsfile Corp. - November 10, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider and owner and operator of the Cubeler® Business Hub, today released selected statistics related to overall activity on the Cubeler® Business Hub in China as the Company's Tenoris3 data science subsidiary, which will leverage and transform data coming from the Cubeler® Business Hub into unique AI and analytics-based product offerings, prepares to officially launch its website.
Since it was first launched in China in 2018, through the end of October 2023, the Cubeler® Business Hub has helped facilitate loans and credit worth over CAD$ 3.5 billion for over 100,000 Chinese SMEs. Retail businesses, particularly those operating online stores and benefiting from the Company's program dedicated to retail shops on the JD.com platform, garnered most of the credit awarded on the platform with approximately CAD$ 1.7 billion or 47.9% of the total amount. Businesses operating in the oil and gas sector accounted for the second largest amount with a little over CAD$ 1.1 billion or 30.9%, followed by manufacturing businesses at about CAD$ 691 million or 19.73% to round out the top three sectors. While companies operating in those three industrial sectors had the largest appetites for the platform's financing services, businesses operating in a wide variety of other industries, including technology, professional services, construction, shipping and transportation, hospitality services, restaurants, and entertainment services, also benefited from the Cubeler® Business Hub's ability to bring them pre-qualified credit offers in exchange for access to their businesses' operations data.
"While it started as a credit facilitating platform, using analytics and AI to match financial institution lenders and SMEs operating along the supply-chain in China, today, the Cubeler® Business Hub is so much more than that," said Liang Qiu, CEO of Tenet's Chinese operations. "Today's Business Hub is an ecosystem with transaction processing capabilities, the ability to open virtual and real-world bank accounts specifically created to be used within the ecosystem and six sub-platforms, Gold River for supply-chain and consumer products, Link Steel for the steel and select metal products, Lending Pro for credit management, i3060 for clean energy, Heartbeat for insurance and Yun Fleet for shipping and warehousing. All of this not only allows us to meet the specific needs of businesses operating in certain industries, but more importantly, it allows us to have a footprint and gives us the ability to gather valuable data in a wide range of industries in China, including data that would not be available to us through the accounting software of our Cubeler® Business Hub clients," concluded Mr. Qiu.
Tenet has been putting a lot of emphasis over the past 18 to 24 months on its ability to gather data from businesses operating in various industries and regions in China as opposed to the revenue the Company has been generating from the transactions the Cubeler® Business Hub has helped facilitate. As the expected launch of the Tenoris3 website, which will highlight how Tenoris3 will monetize data from the Cubeler® Business Hub, is fast approaching, the Company released today's statistics to allow its shareholders to more easily make the connection between what they will observe on the Tenoris3 website and the start of Tenet's transition from a transaction-fee based revenue model to a predominantly recurring-subscription-fee based revenue model.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries provide analytics and AI-based services to businesses and financial institutions through the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
Certain statements included in this press release constitute "forward-looking statements" under Canadian securities law, including statements in respect to the future operations and investments of and in the Company and any statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its plans and assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-Looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words. Forward-Looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; global financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of the Company's MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.
Forward-Looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
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