HONG KONG, Dec 14, 2020 - (ACN Newswire) -  China Brilliant Global Limited ("China Brilliant Global" or "Company" together with its subsidiaries, the "Group"; HKEX stock code: 8026.HK) is pleased to announce that its indirect non-wholly owned subsidiary Brillink Banking Corporation Limited ("Brillink") has been granted an In-Principle Approval Letter (the "AIP Letter") by the AFSA for a licence (the "Licence") to carry on regulated activities in AIFC .

According to the AIP Letter, the grant of the Licence is subject to Brillink fulfilling certain conditions and requirements imposed by the AFSA within the specified timeframe. After the license is granted, Brillink can carry on regulated activities to non-retail banking customers in AIFC, including accepting deposits, providing credit, advising on a credit facility, arranging a credit facility, and providing money services.

With the Group's strategic planning and perseverance in developing banking business, it is confident that Brillink will satisfy these conditions and requirements within the timeframe imposed by AFSA. It is anticipated that the Licence will be granted by the AFSA to Brillink on or around [second quarter] of 2021.

In addition, in preparation for the commencement of the Group's banking business in AIFC, the Group is pleased to announce that Dr. Cao Tong will join the Group as chairman and executive director of Brillink Fintech Limited, Brillink's immediate holding company, with effect from [1 January 2021]. Dr. Cao, graduated from Renmin University of China with Bachelor of Public Finance and obtained a Master of Finance, and a Doctor of Finance from Northeast University of Finance and Economics. Dr. Cao also obtained a Doctor of Business Administration in Arizona State University, USA where he learned after Edward Prescott, Nobel Prize Winner in economics. Dr. Cao has more than 20 years of banking industry experience. He has worked in the People's Bank of China, China Merchants Bank and China CITIC Bank, China Export-Import Bank, and served as the President of WeBank. He is currently the chairman of Hande Fintech Holding Company Limited ("HDFH"), a leading financial technology ecosystem enterprise in China.

Meanwhile, the Group intends to nominate a new director, Mr. Anthony Espina, to the board of CBGF. Mr. Espina is graduated from IE University Madrid Spain with executive master in Digital Transformation and Innovation Leadership, the University of Southern Queensland with a bachelor degree in business and is an associate member of CPA Australia, a fellow member of the Hong Kong Institute of Certified Public Accountants, a fellow member of the Hong Kong Institute of Directors and the permanent Hon. president of Hong Kong Securities Association. Mr. Espina has over 50 years of experience in the accounting and finance industry. He was appointed as an independent non-executive director of Amber Hill Financial Holding Limited (0033.HK) on June 2007 and Target Insurance (Holdings) Limited (6161.HK) on May 2020. From May 2013 until his retirement in April 2019, Mr. Espina was the CEO and chairman of the management board and executive director of supervisory board of ATF Bank in Kazakhstan and of the subsidiary Optima Bank in Kyrgyzstan. He is currently a Non-Executive Director of the Supervisory Board of ATF Bank, the fifth largest bank in Kazakhstan. In February 2018, he was appointed advisor to the Chairman of the Supervisory Board of Samruk Kazyna, the sovereign wealth fund and national holding company of Kazakhstan. In May 2019, he was appointed as a non-executive director of Kaz Munay Gas the national oil company of Kazakhstan. In addition, Mr. Espina was an independent non-executive director of the "Single Accumulative Pension Fund", a wholly-owned subsidiary of the National Bank of Kazakhstan, the founder and managing director of Goldride Securities Limited, a partner of Arthur Andersen & Co. and a partner of Deloitte Touche Tohmatsu.

Mr. Zhang Chunhua, Chairman and Executive Director of China Brilliant Global Group,  stated, "The Group is optimistic about the future potential and development of AIFC as a major financial hub in Central Asia and anticipate that it will play an integral part along the 'One Belt One Road' region and the Greater Bay Area, particularly in trade and supply chain financing. The recent attainment of the license AIP Letter granted by AFSA, has increased our confidence in developing banking business.

Meanwhile, we are delighted that Dr. Cao Tong and Mr. Anthony Espina are joining our team. We believe that their previous experience in the area of banking and finance would be beneficial for the future development of the Group's banking business. In the future, we will continue to implement our effective and diversified business strategies, strongly promote the development of banking business, so as to foster the Group's sustainable development."

About China Brilliant Global Limited

China Brilliant Global Limited ("China Brilliant Global Group") was incorporated in Cayman Islands in 1989 and listed in Growth Enterprise Market ("GEM") of the Hong Kong Stock Exchange in March 2000. Since 2018, China Brilliant Global Limited has been continuously restructuring business, diversifying its source of income. Its principal services include the wholesale and retail of jewellery, money lending service and AIFC operation of digital banking services.

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