Signing of White-Label Licence Agreement

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

8  July  2022

Honye Financial Services Ltd

("Honye" or the "Company") 

Signing of White-Label Licence Agreement

Following signing of the Appointed Representative Agreement, as announced on 8 March 2022, Honye is pleased to announce that, through its wholly owned subsidiary Honye Trading Limited ("HTL"), it has signed a White-Label Licence Agreement (the "Licence Agreement") with XNT LTD  ("EXANTE"),   pursuant to which HTL will be able to access EXANTE's brokerage services and investment platform.

The Licence Agreement and Appointed Representative Agreement will both only become effective upon completion of the Company's proposed acquisition of Zoyo Capital Limited and re-admission ("RTO").

With the Licence Agreement and Appointed Representative Agreement in place, the Company expects to generate revenue from a Zoyo-branded white-labelled mobile application shortly after completion of the RTO, whilst at the same time conducting further R&D on its own stand-alone trading platform and progressing its own FCA authorisation with the objective of eventually replacing the white-labelled solution with its own proprietary and fully authorised application.

Further to the Company's announcement on 9 June 2021, the proposed acquisition of Zoyo Capital Limited is in the final stage of conclusion. Following extremely positive initial feedback from a number of potential cornerstone investors over recent weeks, the Company is aiming to conclude the required fundraise in the near future.

Shaun Wootton, Chairman of Honye, commented:

"We are pleased to announce the next step on the path towards setting up and running an equity trading mobile application. This approach will enable us to provide a trading solution to our clients within a matter of weeks of the RTO, generating revenue and raising brand awareness of the Zoyo name many months earlier than would otherwise be the case."

CEO of EXANTE, Alexey Kirienko said:

"We're delighted to be partnering with Honye Financial Services to offer our award-winning brokerage services. We look forward to working with Honye going forward."

The Directors accept responsibility for this announcement.

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