IB SETTLEMENT plans to establish a joint venture to engage in cryptocurrency-related businesses

According to the Zhitong Finance APP, International Business Settlement (00147) announced that on August 8, 2025, its wholly-owned subsidiary Chengtai entered into a joint venture agreement with Mr. Chen Sanming to establish a joint venture. Upon registration, the joint venture will be owned 70% by Chengtai and 30% by Mr. Chen Sanming. The joint venture will primarily engage in businesses related to cryptocurrency assets. Cryptocurrency is a type of digital currency that uses cryptographic techniques to regulate the generation of currency units and employs blockchain technology to verify the transfer of funds. Cryptocurrencies facilitate easier fund transfers between parties, ensuring security through the use of public and private keys. The group believes that cryptocurrencies, supported by a robust public open-source architecture, have strong potential as a store of value, offering anti-inflation potential in the long term, thereby appreciating the stored value and providing long-term value. The group also notes that cryptocurrency prices may fluctuate significantly, thus it plans to invest in more mature, widely recognized cryptocurrencies with good market liquidity, larger market capitalization, and relatively long-term holding value. In addition, the board believes that the cryptocurrency market has good development prospects. Establishing the joint venture aligns with the group's business development strategy and plans for the financial technology industry, which will benefit the group's future business development. The board believes that the joint venture provides a good opportunity for the group to expand its business scope into the cryptocurrency market and diversify its revenue sources