Tingo Group Signs Agreement with Governmental Body in Pakistan for Implementation and Rollout of Tingo’s Businesses Throughout the Country
25 10월 2023 - 12:30AM
Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech, agri-fintech, food and
commodity trading company, today announced that it has executed a
Memorandum of Understanding (“MOU”) with the Khyber Pakhtunkhwa
Information Technology Board (“KPITB”) to launch and roll out the
Company’s business and service offerings into Pakistan. KPITB is a
governmental body established in the Province of the Khyber
Pakhtunkhwa, Pakistan, for the promotion of information technology
for the public and private sector.
The MOU, which was signed in Peshawar by
representatives of each of the parties, defines how KPITB intends
to assist Tingo to revolutionize Pakistan’s agriculture sector,
empower farmers, improve food production levels, increase food
processing capacity, and enhance food security in Pakistan.
Under the terms of the MOU, KPITB has agreed to
assist Tingo by facilitating various initiatives in the Khyber
Pakhtunkhwa province as well as throughout Pakistan, including the
following:
- Implementation
of Tingo’s technology applications and platforms in the
agricultural sector with the goal of increasing crop yields and
reducing post-harvest losses;
- Utilization of
Tingo’s platforms to improve farmers’ access to agricultural
finance, farming knowledge, techniques and know-how, and farming
inputs such as high-quality seeds and fertilizers;
- Promotion of
sustainable farming practices and resource conservation, as well as
collaboration with educational institutions to build a stronger
agricultural ecosystem;
- Introduction
and promotion of Tingo’s online agri-marketplace platform to enable
farmers to more easily sell their products directly to end
customers and consumers to help reduce reliance on intermediaries
and improve farmers’ profit margins;
- Facilitate the
construction and operation of food processing facilities to process
locally-grown produce, increase domestic food processing
capabilities, and connect the country’s farmers to broader
international markets; and
- The designation
of Special Agricultural Processing Zones (SAPZ) in partnership with
provincial governments and the national government, to be located
in proximity to railways and major ports and facilitate more
efficient in-flow and out-flow of raw and processed produce
throughout the country and for export.
The non-binding MOU establishes the framework
upon which Tingo and KPITB are expected to develop a binding
definitive agreement in the coming weeks consistent with the terms
described above.
Dozy Mmobuosi, Interim Co-Chief
Executive Officer of Tingo Group, Inc. commented: “As we
look to introduce and replicate our successful business model in
new geographical markets and accelerate growth, we are delighted to
have this opportunity to establish a dominant position in the fifth
most populous country in the world and one of the largest
agricultural markets. Moreover, we are honored to have the KPITB
and Government of Pakistan as a strategic partner in this
remarkable opportunity.
“The MOU allows us to roll out all of the main
areas of our existing ecosystem in Pakistan including our fintech,
agri-fintech and marketplace platforms such as Nwassa and TingoPay,
as well as our food processing business and commodity trading and
export business. Similar to Nigeria when we launched Nwassa there
in 2020, Pakistan’s productivity levels in agriculture are
relatively low and post-harvest losses are high despite the large
percentage of its sizeable population being employed in the sector.
These conditions, combined with the superior communications and
logistics infrastructures compared to Nigeria, provide us with
considerable scope to further deliver upon our mission goals and
objectives of increasing food production levels and tackling the
world’s food security crisis.
“The launch of Tingo’s business into Asia is
another major milestone for the Company. Furthermore, our
partnership with the KPITB and the Government of Pakistan is
additional testament to our strong credentials and reputation in
the agricultural and agri-fintech space. This gives us great hope
as we increase our focus on the markets that welcome us as we
continue to take decisive action to improve shareholder value and
address the ever apparent disconnect between our share price and
the Company’s true value.”
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global
Fintech, Agri-Fintech, food processing and commodity trading group
of companies with operations in Africa, Southeast Asia and the
Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile,
is a leading Agri-Fintech company operating in Africa, with a
comprehensive portfolio of innovative products, including a ‘device
as a service’ smartphone and a value-added service platform, the
cornerstone of which is the Nwassa ‘seed-to-sale’ marketplace
platform, as well as insurance, micro-finance, and mobile phone and
data top-up. Tingo Group’s other Tingo business verticals include:
TingoPay, a SuperApp in partnership with Visa, offering a wide
range of B2C and B2B services including payment services, an
e-wallet, foreign exchange and merchant services; Tingo Foods, a
food processing business that processes raw foods into finished
products such as rice, groundnut oil, nut products, wheat, millet
and maize; and Tingo DMCC, a commodity trading platform and
agricultural commodities export business based out of the Dubai
Multi Commodities Center. In addition to its Tingo business
verticals, Tingo Group also holds and operates an insurance
brokerage platform business in China; and Magpie Securities, a
regulated finance services Fintech business operating out of Hong
Kong and Singapore, which, as relatively small businesses within
the Company, are currently in the process of being reviewed and
re-positioned. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the
Company’s board of director’s view of future events, expectations,
plans and prospects that constitute forward looking statements.
These statements are based upon assumptions that are subject to
significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the actual
results, expectations, achievements or performance may differ
materially from those anticipated and indicated by these
forward-looking statements. Any number of factors could cause
actual results to differ materially from these forward-looking
statements as well as future results. Although the Company believes
that the expectations reflected in forward looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in public
filings made with the SEC by the Company and: (i) the results of
the independent review; (ii) the risk of restatement of the
Company’s previously reported financial statements or the
identification of one or more material weaknesses in internal
control over financial reporting; (iii) costs relating to the
independent review, which are likely to be material; (iv) the
outcome of any legal proceedings that may be instituted against the
Company, including as may result from the independent review and
(v) the ability to meet stock exchange continued listing standards.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward-looking statements or otherwise.
Investor Relations
Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
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