TechFinancials completes establishment of binary options JV in Hong Kong

Binary platform provider and operator TechFinancials Inc (LON:TECH) today updated on the formation of its binary options joint venture in Hong Kong.

TechFinancials said that it has completed the formation of the JV with the owners of Optionfortune Trade Limited, a company registered in Hong Kong to operate a B2C binary options trading platform focused on the Asia Pacific region. Optionfortune has now transferred its trading platform activity and all other intangible assets related to its operation to the JV.

Under the terms of the agreement a new business entity is established. It is owned 51% by TechFinancials and 49% by Optionfortune. The new entity has been formed on the back of a two year partnership, whereby Optionfortune Trade established a binary options brand in 2013, using TechFinancials’ B2B software.

In November 2015, TechFinancials’ shareholders approved all of the proposals regarding the establishment and financing of the JV.

To view the update from TechFinancials, click here.

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