Benzinga | Aug 6, 2021 08:13AM EDT

Greenpro Capital Says On Aug. 2 Signed Public And Private Partnerships Investment Agreement With IHTHS Corporation To Build A Shariah Compliant Digital Finance & Economic Zone; Financial Details Not Disclosed

Greenpro Capital Corp. (NASDAQ:GRNQ). announce that on August 2, 2021, it has signed a Public and Private Partnerships Investment Agreement with IHTHS Corporation, with the witness of BIMP-EAGA Business Council. The goal of this new partnership is to build a Shariah Compliant Digital Finance & Economic Zone, andto fulfil BIMP-EAGA's initiative to drive innovation-based development, and to facilitate and promote the development of Shariah Compliant Digital Finance Centre.

This new Digital Finance & Economic Zone will serve as a platform for high-quality commercial operators to co-participate in the development of the BIMP-EAGA region. This new zone will enable high-speed economic growth, with also keeping a firm focus on environmental, social, and governance best practices. Key elements include:

* First economic zone to be developed and to operate under a Public and Private Partnerships ("PPP") Program in Brunei.

* Approved by the Brunei Darussalam BIMP-EAGA Business Council and endorsed by BIMP-EAGA.

* Greenpro Capital Corp. ("GRNQ") to act as the Chief Architect in the design, development and operation of the Digital Finance Center.

First Bullion Holdings Inc.("First Bullion"), a Greenpro affiliate and leading Digital Asset Exchange and Security Token Offering will be the exclusive technology solution provider and advisor in the design, development, operations and compliance framework, listing rules, accreditation model and related technical considerations and requirements.

With more than 1.9 billion Muslims globally, the new Digital Finance & Economic Zone will be the first Syariah Compliant digital ecosystem to provide:

* New Offshore Companies Rules for International Business Company which will allow users to register companies online and allow remote bank account opening.

* New Digital Assets Listing and Trading Rules and Digital Assets Exchange to enable companies to raise capital and conduct secondary trading leveraging blockchain technology and retail funding.

* A new Reciprocal Recognition Arrangement to unite the BIMP-EAGA members and to extend the partnership with other countries in ASEAN through the Digital Assets Broker Dealers and Agents Affiliation Program.

A number of Shariah Compliant projects and businesses have already been identified and will become the pilot STO cases for the New Digital Asset Exchange. They cover a wide range of industries from textile, pyrolusite water technology, agritech to logistics and supply chain.

Dr. CK Lee, Chief Executive Officer of GRNQ, shared his thoughts on the new Digital Economic Zone "The pandemic has hit overseas travelling very badly. However, the demand for e-commerce sales of Syariah Compliant related products never stops. The new Digital Economic Zone can provide a comprehensive platform to meet users with all the Syariah Compliant demands. We will work closely with IHTHS and BDBEBC to develop a new ecosystem that is exciting, while honouring the cultural and economic character of Brunei."