Midpoint Holdings (MPT) is pleased to announce the appointment of Mr. Derek Ivany as President and CEO.
This posting is in addition to his recent appointment to the company’s board of directors.
Mr. Ivany’s mandate will be to advance Midpoint’s core business in addition to strategically positioning the company within the rapidly growing fintech and cryptocurrency verticals.
As a result, Midpoint Holdings has commenced an internal assessment of various potential corporate development initiatives with a view towards unlocking further value from the Midpoint payments platform.
Midpoint’s current core business is built on a technological platform that facilitates cross-border payments and foreign exchange transactions.
As a testament to the functionality of the platform, the company:
- Has processed over C$650 million of matched currency transactions on the Midpoint platform since inception in 2013 of which CDN $87 Million has been matched in the previous 12 months;
- Boasts an average transaction size of C$43,000;
- Supports 26 currencies with the ability to collect and transfer across over 200 countries globally;
- Is registered and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.
“Midpoint has built its core business within the highly regulated cross-border payments and foreign exchange marketplace where adherence to AML (anti-money laundering) and KYC (know your client) rules are of utmost importance,” stated Mr. Ivany.
“In emerging sectors, such as has been witnessed with cryptocurrency for example, currently loose regulatory guidelines can be a factor in the uptake rate of adoption. As such, we believe that the Midpoint platform along with the Company’s core operational personnel who possess experience in rigorous regulatory environments will lend themselves well to strategic positioning within various additional segments of the financial technology space. We look forward to providing further updates as we capitalize on opportunities and progress along our path in this exciting sector.”
In order to accommodate the managerial transition, Mr. David Wong will be stepping down as President and CEO of the Company but will remain the Chair of the Board of Directors. Mr. Wong will continue in his role as the CEO of Midpoint’s subsidiaries and operating companies headquartered in the United Kingdom.
“I look forward to supporting Derek as the new CEO of the Group. I believe his leadership and vision will chart a new path and deliver tremendous shareholder value for the Company”, Mr. Wong added.
Midpoint Holdings Ltd is a web-based enterprise engaged in the peer to peer (P2P) foreign exchange business in Canada.
SMEs, overseas professionals, property owners, foreign students, individuals, and anyone involved in international payments use Midpoint’s US patent-protected platform for transparent, multi-party, multi-currency services.
Midpoint currently handles transactions in 26 currencies with the ability to collect and transfer across over 200 countries. This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate, therefore removing the spread as well as hidden costs and fees.
Midpoint Holdings (MPT) is unchanged, trading at C$0.33 per share at 11:15 am ET.