Supporting Inclusive Finance and Ecosystem Development CDIB Capital Innovation Fund Takes the Lead by Doubling Investments in XREX

Aug 24, 2021
Press Release

Since the establishment of CDIB Capital Innovation Fund, which is a subsidiary of CDIB Capital Group, in 2017, it has invested in the cloud computing, IoT, mobile internet, and next generation e-commerce. The company is optimistic about the future of blockchain technology applications in the cloud, and thus invested in the FinTech company XREX in 2019. CDIB Capital Innovation Fund participated in a new series of funding for XREX, not only taking the lead, but also doubling its investment!

XREX yesterday (8/23) announced that it had completed its Series Pre-A funding of NT$470 million (US$17 million), which was twice the amount of its original goal. Ryan Kuo, Head of CDIB Capital Innovation Fund, said that he witnessed the company's rapid revenue growth as an early investor of XREX. Everyone has seen how the strongly the company insists on compliance, so they decided to double their investment in this series. Ryan Kuo further analyzed: XREX uses blockchain technology to provide cryptocurrency and fiat money conversion services for inclusive finance in emerging markets. This series of funding will help XREX integrate fiat money channels in each country, more quickly obtain international financial licenses, interface with financial institutions around the world, and build strategic partnerships with e-wallet service providers.

XREX co-founder CEO Wayne Huang said that CDIB Capital Group led the investment for its new series of funding, which was supported by banks, venture capital, and FinTech investors in the US, Canada, Germany, Estonia, Singapore, Japan, Hong Kong, and Taiwan, some of which are public companies, showing that XREX's compliance performance has been recognized. Wayne Huang stressed that many members of XREX's team lived and worked in developing countries, and have personally experienced the pain points in emerging markets. They have seen local cross-border payment service providers struggle without safe channels for obtaining USD. Hence, they believe that the best application of blockchain technology is for global financial inclusion. This is the vision and mission of XREX. Ryan Kuo said that inclusive finance is China Development Financial Holding Corporation's key direction for ESG, and CDIB Capital Innovation Fund has thus become even more determined to support XREX.

CDIB Capital Innovation Fund led the investment in XREX because it is optimistic about the company's world class information security team that is experienced in the international market. The company has excellent technical abilities and experience as a successful international startup. Ryan Kuo pointed out that XREX is actively developing a complete ecosystem to meet the demand of emerging markets on cross-border payment, which also coincides with the philosophy of CDIB Capital Innovation Fund. Ryan Kuo stressed that CDIB Capital Innovation Fund will actively work with different sectors to assist startups, and aims to become the number one investment platform for startups. It will also develop an innovation accelerator to serve as a startup incubator, and will continue to provide mentors and industry resources and services needed by startups.

[About XREX]

XREX was founded in August 2018 and is headquartered in Taipei. It is a FinTech company that aims to promote financial inclusion in emerging markets, and uses blockchain technology to provide cryptocurrency and fiat money services. The team is formed by the world's leading experts on information security, compliance, cryptocurrency, blockchain, FinTech, and cross-border payment, and develops innovation solutions for cross-border payment, helping small and medium enterprises expand into the international market with an opportunity for fair competition. For the latest information on XREX, please visit the company's Twitter, Facebook, Medium, and LinkedIn.