According to BlockBeats, Newland announced that its subsidiary, Hong Kong Xingyi Payment Co., Ltd., has successfully established NovaPay US Inc., a wholly-owned subsidiary, and obtained the U.S. FinCEN-approved MSB license. NovaPay US Inc. has a registered capital of $1 and will operate in areas including currency exchange and international remittance services.
The acquisition of the U.S. MSB license aims to provide legal credentials for conducting cross-border financial transactions, encompassing currency exchange, remittance, and digital currency trading. This move is intended to lay the groundwork for connecting with major global financial institutions and to support the company's global strategic expansion. Newland seeks to contribute significantly to its vision of becoming a leading enterprise in digital commerce.