Palayan Resources, Inc., a publicly traded company, announced today the Company is moving forward with our Due Diligence on the Fin-Tech merger. The preliminary valuation of the transaction is $80 million USD. The Fin-Tech operations will become subsidiaries of PLYN and file consolidated financial statements.
The transaction is subject to customary due diligence and the audit of the Fin-Tech company.
As part of the transaction PLYN/Fin-Tech will seek financing to expand operations in the primary business sector Multi-Corridor Multilateral Remittance (Hub), Multi-Currency Digital Remittance Solutions, Blockchain Remittance Solutions and Remittance as a Service for institutions. The Fin-Tech company has country-centric network partners in 62 countries.
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The Fin-Tech company has a simple, fast and secure way of transferring funds globally. They offer lowest transfer fee and competitive exchange rate without any hidden costs. They have collecting agents at convenient locations and for the disbursement, they have a large number of world-wide network partners for “just-in-time” delivery.
The target company has been in business for 10 years and has developed a robust and scalable global infrastructure network as the underpinning for growth.
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The Market
World Bank data, the global money transfer market in 2020 was worth over $700 billion. In turn, Allied Market Research forecasts that this market should reach a value of over $930 billion in 2026, with a compound annual growth rate (CAGR) of 3.9 per cent. The digital remittance industry alone has growth prospects at a rate of 13.3 per cent annually to reach over $42 billion in 2028 (Grand View Research). The economic situation should be driven partially by economic migrants who leave their homelands to find better-paid jobs and want to financially support their families back home.
According to the World Bank, the countries that received the most remittances last year were India (USD 83 billion), China (60), Mexico (43), the Philippines (35) and Egypt (30). Looking at the statistics of individual regions in the world, remittances grew in Latin America, South Asia, the Middle East and North Africa. Weaker performance was recorded in East and Central Asia, the Pacific region, Europe and sub-Saharan Africa. (Source: The Fintech Times).
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