Peak Fintech Group has announced that its Cubeler Lending Hub and Gold River platforms are now linked to the China UnionPay network through direct API links.
This will allow the Company to process payments, settle transactions and transfer funds between lending institutions, banks and the businesses that are part of its Lending Hub ecosystem.
China UnionPay is a State-owned entity and China’s largest POS electronic funds transfer network. It’s also the only interbank network in China that links all the automatic teller machines (ATMs) of all banks throughout the country.
During the month of June 2021, 117 Lending Hub registered businesses created virtual bank accounts within the ecosystem. Over that same period, the Company processed more than 1,200 fund transfer and payment settlement transactions in and out of those virtual bank accounts for an approximate amount of CAD$300,000,000. While part of those funds were transferred to real bank accounts held outside of the Company’s ecosystem, the majority of the funds were still held in virtual bank accounts within the Lending Hub ecosystem at the end of the month.
