Peak Fintech Launches New Steel Trading Platform as Part of Business Hub Ecosystem

Rhea-AI Summary

Peak Fintech Group has launched a new platform, Link-Steel, designed specifically for the steel industry in China, part of its Cubeler Business Hub ecosystem. This platform facilitates transactions in various steel products and offers services such as financing and payment settlement. China, the largest steel producer globally, accounted for over 1 billion metric tons in production in 2020. The introduction of Link-Steel aims to meet the needs of almost 1,000 clients and steel traders who have joined since the company's collaboration with Xingcheng Special Steel Works Ltd.

Positive

• Launch of Link-Steel platform tailored for China's steel industry.
• Enhances transaction capabilities for steel products, including financing and payment settlement.
• Growing ecosystem with almost 1,000 clients and steel traders since collaboration with Xingcheng Special Steel Works Ltd.

Negative

• None.

MONTREAL, Aug. 3, 2021 /PRNewswire/ - Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) ("Peak" or the "Company"), an innovative Fintech service provider and manager of the Cubeler Business Hub, today announced that it has launched a new platform to cater to the specific needs of the steel industry in China as part of its Cubeler Business Hub ecosystem.

The newly launched Link-Steel platform (http://www.link-steel.net/) allows steel industry participants to buy and sell a large variety of steel products, and obtain value-added services related to their transactions such as financing, transportation, warehousing, fund transfer and payment settlement. Just like the Gold River platform (https://www.goldriverb2b.com/) is the gateway to the Business Hub for most of the ecosystem's product retailers and distributors, the Link-Steel platform will now be marketed as the gateway to the Business Hub for the country's steel industry.

According to the World Steel Association (https://www.worldsteel.org/), China was once again by far the largest steel producer in the world in 2020 with 1,053 Mt. worth an approximate 4.7 Trillion RMB (about CAD$907.0 Billion), accounting for 56.5% of global production. China exports less than 10% of the steel it produces, which means that most of that steel is bought and sold within the country. Steel is not only used in construction and large infrastructure projects, but also in the manufacturing of products ranging from kitchen knives to household appliances to automobiles and everything in between, making steel one of the most traded commodities in the country. In December 2020, Peak announced that Xingcheng Special Steel Works Ltd. ("XSSW"), China's 2^nd largest supplier of special steel products, had joined its Business Hub ecosystem as a certified supplier. This meant that purchase orders placed with XSSW through the Business Hub were now eligible to be financed. Since then, almost 1,000 combined XSSW clients and steel traders have joined the ecosystem, prompting Peak to develop and launch the Link-Steel platform to better fit their needs.

About Peak Fintech Group Inc.:
Peak Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) subsidiaries operating primarily in the commercial lending industry. Peak's subsidiaries bring together lenders and businesses to create the Cubeler Business Hub, an ecosystem where analytics and artificial intelligence is used to facilitate transactions among members of the ecosystem. For more information: http://www.peakfintechgroup.com

For more information, please contact:

CHF Capital Markets	MZ Group – MZ North America	Peak Fintech Group
Cathy Hume, CEO	Mark Schwalenberg, CFA	Barry Ellison, Director of Marketing and Communications
416-868-1079 ext.: 251	1-312-261-6430	514-340-7775 ext.: 521
cathy@chfir.com	PEAK@mzgroup.us	bellison@peakfintechgroup.com

Follow Peak Fintech Group Inc. on social media:

Twitter: @peakfintech
Facebook: @peakfintech
LinkedIn: Peak Fintech 
YouTube: Peak Fintech

Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

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SOURCE Peak Fintech Group Inc.

FAQ

What is Peak Fintech Group's new platform for the steel industry?

The new platform is called Link-Steel, designed to facilitate transactions in the steel industry in China.

When was the Link-Steel platform launched?

The Link-Steel platform was launched on August 3, 2021.

How does the Link-Steel platform benefit users?

It allows users to buy and sell steel products and provides value-added services such as financing, transportation, and payment settlement.

What company is associated with the Link-Steel platform?

Peak Fintech Group Inc. is the company behind the Link-Steel platform.

What impact does the new platform have on Peak Fintech's business model?

The Link-Steel platform strengthens Peak Fintech's Cubeler Business Hub ecosystem by catering specifically to the needs of the steel industry.