TechFinancials gets $867,000 payout from Asia Binary Options JV

TechFinancials converts loan into Footies

Binary options turned blockchain technology company TechFinancials Inc (LON:TECH) has announced that it will receive in early December an $867,000 dividend payout from its 51% owned joined venture company DragonFinancials.

DragonFinancials operates binary options broker websites in China and the Far East, one of the few regions where binary options are still being offered to retail traders. Binary options have been banned in Europe since July.

The payout is TechFinancials’ first of 2018 from DragonFinancials, and indicates a significant slowdown in DragonFinancials’ binary options business this year. In 2017 TechFinancials received a total of $2.14 million in dividends from DragonFinancials.

The full announcement made today by TechFinancials on the matter reads as follows:

13 November 2018

Dividend pay-out by Company subsidiary, DragonFinancials

TechFinancials to receive US$867,000

TechFinancials (AIM: TECH) (the “Company” or the “Group”), a fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, announces that DragonFinancials, the Company’s 51% owned subsidiary and operator of its B2C trading platform focused on the Asia Pacific Region, has declared a final dividend pay-out of US$1,700,000, payable by 9 December 2018, in respect of 2017. This dividend is in addition to the two dividends declared by DragonFinancials in 2017 amounting to US$4,200,000, of which TechFinancials received US$ 2,142,000.

Out of the total final dividend payout of US$1,700,000, TechFinancials is expected to receive US$867,000 in line with its 51% holding in the subsidiary.

Read Also: