Global financial technology and social trading group ayondo Ltd has just entered into a non-binding strategic alliance terms with Chinese Social Investing company iMaibo.
iMaibo offers a cost-efficient social investing platform for Asian, European and other global CFDs to facilitate investment-related business, via its network of social media influencers and key opinion leaders (KOLs), followers of such KOLs, and third party service and product providers. iMaibo provides free content to its users via its platform.
ayondo and iMaibo plan to grow a Social Trading business in China by leveraging on iMaibo’s client base and KOLs and ayondo’s execution infrastructure, product suite, and its Top Trader community on its Social Trading platform WeTrade.
iMaibo will also provide or procure a third party to provide a loan of US$1 million to ayondo.
Mark Street, Interim-CEO of ayondo, said:
Going forward, ayondo will primarily focus on its core Social Trading business, while continuing to develop B2B business with existing and new Asia based partners.
While strengthening the financial base and the current European B2C-Social Trading-business with fresh funding from iMaibo, the strategic partnership with the community-based financial platform will support further expansion into Asia – particularly China. We are certain that the new strategy will provide an excellent foundation for ayondo’s future development, and increase its agility as a technology focused FinTech company.
iMaibo Founder, Water Cheung commented:
This is a great strategic opportunity for both parties to grow an even stronger and robust Social Trading business in China for domestic and international clients as well as the rest of Asia. We believe that both iMaibo and ayondo have strong synergies to build a very successful joint business.