CXI
CURRENCY EXCHANGE INTL CORP
stock TSE

Quirky setup: this is a US-listed Indonesian fintech now on the OTC Expert Market,
and Canadian retail can actually buy it — Questrade and RBC Direct Investing both
route Expert Market orders, while most US retail brokers (Schwab, Fidelity, IBKR
retail, Robinhood) block the tier entirely. So the buy-side book is unusually thin
and skewed toward Canadian + a few US specialty brokers like SpeedTrader.
Setup
FAAS voluntarily delisted from Nasdaq. Pending merger gives them around 49% of
PayMate, an Indian B2B payments platform with Mastercard as an investor and Visa
as card network partner. Pre-delisting valuation was reportedly around $400M USD;
current market cap is a small fraction of that.
Bull case
Large addressable market (India + Indonesia B2B payments), licenses already in
place. Mastercard and Visa relationships predate the merger. Asymmetric re-rate
math if filings come current and they move off Expert Market. And the access
asymmetry itself matters — when 95% of retail can't buy, sustained demand on
catalysts hits a thin offer.
Bear case
FY2024 and FY2025 annuals are both overdue. Three auditor changes (BDO India to
EC Barrett to Mercurius) — that pattern is its own flag. Expert Market is the
tier for issuers not meeting basic disclosure standards; the Canadian-broker
access is a feature for buyers but doesn't change the underlying reason it's
there. Convertible notes outstanding (Scieniti and CXI) still leave real
dilution risk on the table — the Helena piece has been resolved, but the
remaining structure can still convert into a meaningful share count if drawn.
The PayMate deal structure (subsidiary vs. parent) has been ambiguously
disclosed. And they likely need more funding before any of the catalysts hit.
Canadian-specific watch-outs
Almost certainly not TFSA or RRSP eligible. Expert Market tickers generally
aren't qualified investments under CRA rules. Hold in a non-registered account
unless your broker confirms otherwise — the penalty tax for holding non-qualified
investments in a TFSA is brutal.
CAD/USD conversion plus Norbert's Gambit if you're sizing meaningfully, otherwise
the FX spread eats a chunk.
Exiting an Expert Market name is harder than entering. Have a plan for what
happens if filings don't drop on the timeline you expect.
What to watch
Late annuals dropping is the biggest binary. PayMate merger structure
clarification. Move off Expert Market to Pink Current or higher.
Highly speculative, illiquid, binary. Asymmetric, but the asymmetry cuts both
ways.
DYODD. Not financial advice. I have a position on FAASF.

Quirky setup: this is a US-listed Indonesian fintech now on the OTC Expert Market,
and Canadian retail can actually buy it — Questrade and RBC Direct Investing both
route Expert Market orders, while most US retail brokers (Schwab, Fidelity, IBKR
retail, Robinhood) block the tier entirely. So the buy-side book is unusually thin
and skewed toward Canadian + a few US specialty brokers like SpeedTrader.
Setup
FAAS voluntarily delisted from Nasdaq. Pending merger gives them around 49% of
PayMate, an Indian B2B payments platform with Mastercard as an investor and Visa
as card network partner. Pre-delisting valuation was reportedly around $400M USD;
current market cap is a small fraction of that.
Bull case
Large addressable market (India + Indonesia B2B payments), licenses already in
place. Mastercard and Visa relationships predate the merger. Asymmetric re-rate
math if filings come current and they move off Expert Market. And the access
asymmetry itself matters — when 95% of retail can't buy, sustained demand on
catalysts hits a thin offer.
Bear case
FY2024 and FY2025 annuals are both overdue. Three auditor changes (BDO India to
EC Barrett to Mercurius) — that pattern is its own flag. Expert Market is the
tier for issuers not meeting basic disclosure standards; the Canadian-broker
access is a feature for buyers but doesn't change the underlying reason it's
there. Convertible notes outstanding (Scieniti and CXI) still leave real
dilution risk on the table — the Helena piece has been resolved, but the
remaining structure can still convert into a meaningful share count if drawn.
The PayMate deal structure (subsidiary vs. parent) has been ambiguously
disclosed. And they likely need more funding before any of the catalysts hit.
Canadian-specific watch-outs
Almost certainly not TFSA or RRSP eligible. Expert Market tickers generally
aren't qualified investments under CRA rules. Hold in a non-registered account
unless your broker confirms otherwise — the penalty tax for holding non-qualified
investments in a TFSA is brutal.
CAD/USD conversion plus Norbert's Gambit if you're sizing meaningfully, otherwise
the FX spread eats a chunk.
Exiting an Expert Market name is harder than entering. Have a plan for what
happens if filings don't drop on the timeline you expect.
What to watch
Late annuals dropping is the biggest binary. PayMate merger structure
clarification. Move off Expert Market to Pink Current or higher.
Highly speculative, illiquid, binary. Asymmetric, but the asymmetry cuts both
ways.
DYODD. Not financial advice. I have a position on FAASF.