Dear Valued Partners and Merchants,

BBMSL Limited (hereinafter referred to as “the Company”) hereby makes the following statement:

The following employees have submitted their resignations to the Company on the dates indicated below, they are resigning from any position within the Company.

3 March 2025.   Mr. Mak Chun Kit, Barry (麥晉傑先生)
3 March 2025    Ms. Lo Hiu Fai Gloria (盧曉暉女士)
12 March 2025   Mr. Ng Chun Ming, Ryan (吳俊銘先生)
21 March 2025   Mr. Ng Kwok Leung, Angus (吳國樑先生)

Therefore, any transaction includes but is not limited to any unauthorized transaction, business activity, or financial arrangement during or after their employment, etc., which shall have no relation to the Company, its holding companies, its subsidiaries, or its affiliated companies.

The Company also wishes them success in their future endeavors.

The Company solemnly states to reserve all its legal rights to take any action against anyone making false statements regarding the Company or utilizing the Company’s name for unauthorized actions.

If you have any questions, please feel free to contact the Company for inquiries.

Issued on
April 11, 2025

Recently, BBMSL Limited (“BBMSL” or “Company”) has repeatedly received enquiries from our merchants that certain institutions are maliciously spreading false information about our Company, attempting to induce our existing merchants to switch to competitors for gaining their profit from it. Our Company hereby makes a solemn declaration that all false statements circulating in the market are completely groundless and inconsistent with the facts, these actions are treated as unethical competition and interference of market order. Regarding maliciously damage to our Company’s reputation, we do not tolerate any attempt to undermine fair market competition through improper means, and strongly condemn the relevant parties while reserving our right to pursue all legal liabilities.

Our Company’s business activities continue to operate and develop steadily as always, with a strong financial position. In December 2024, we officially became a core member of The Payment Cards Group Limited (“PCG” or “Group”), continuing to receive strong financial support to drive business development. BBMSL is a trusted and excellent brand in the payment industry, not only having long-term partnerships with numerous well-known conglomerate enterprises and institutions but also recognized by multiple card associations and stored value facilities. As one of the direct authorized acquiring institutions by card associations^[1][2], PCG has rendered professional, stable, and reliable electronic payment solution services to its merchants over the past decade, safeguarding the long-term development and growth of merchants’ businesses. Our Company’s market share has been steadily increasing, and recently we were awarded the “2024 Hong Kong Top Service Brand Awards” by the Hong Kong Brand Development Council, receiving high recognition from authoritative institutions, fully demonstrating our excellent service quality.

PCG has gained a good reputation in the market all the time and was recently listed on a government authority’s official website ^[3]. As an important group member of PCG, the Group is committed to providing practical support in various aspects such as finance, business networks, and technological innovation capabilities, ensuring that BBMSL continues to render high-quality and reliable services to merchants.

Important Reminder

You should remain vigilant against the following unethical business activities to protect your business refrains from being affected:

1. 1. False Information: Intended to induce merchants to make unfavorable decisions for improper benefits. If you have any doubts, please directly contact BBMSL’s official customer service hotline for verification, and do not trust unverified information or sign any legal documents without clear explanation to yourself.
   2. Unauthorized Terminal Switching: Recently, there have been wrongdoers using various deceptive means to induce merchants or impersonate merchants to change payment devices and sign new contracts with other service providers, which may constitute illegal activities.
   3. Violation of Card Scheme Guidelines: According to the respective guidelines of the “Small and Medium Enterprise (SME) Merchants Program” issued by card associations, it is prohibited to force SME merchants to switch payment service providers without authorization to enjoy the same preferential rates. These business activities violate these regulations, and the relevant personnel are disregarding merchants’ interests whilst violating the industry standards of card associations.

Our Company sincerely thanks all merchants and partners for their continued trust and support, and will continue to uphold our core value of “Payments Beyond Imagination” to provide you with the highest quality payment services. If you have any questions about our company, please feel free to contact your account manager directly or call our customer service hotline at  3907 0308.

^[1] Acquiring Institutions For Visa Cards – https://www.visa.com.hk/en_HK/run-your-business/accept-visa-payments/acquiring-banks.html

^[2] Acquiring Institutions For Mastercard – https://www.mastercard.com.hk/en-hk/business/merchants/start-accepting/find-an-acquirer.html

^[3] Client List on Relevant Website – https://www.investhk.gov.hk/zh-hk/client-profiles/the-payment-cards-group-limited/

（中國香港，2024年12月11日）金融雲支付處理及收單機構交易寶有限公司The Payment Cards Group Limited（「PCG」）與樋熥商戶服務有限公司Black Bear Merchant Services Limited（為BBMSL Limited「BBMSL」之控股公司）欣然宣佈共同簽署成立全新策略聯盟，建立新品牌及集團控股公司ABBY Pay&Tech Holdings Limited（「AbbyPay」），全資持有BBMSL及Yedpay HK。AbbyPay將借助PCG所持有的Visa、Mastercard、美國運通、銀聯和JCB直接授權的收單行（Acquirer）身份，結合亞洲首個金融雲電子支付處理和結算平台A3A及BBMSL強大客戶基礎，加強為香港及其他地區商戶提供電子支付收款服務。這次策略聯盟除了提升市場佔有率，覆蓋本地商戶達至50,000，以多個品牌服務市場不同要求，同時亦加速以支付科技賦能本地商戶，整合本地支付行業。

左至右：AbbyPay代表麥晉傑先生、交易寶有限公司創辦人胡靜波先生、BBMSL行政總裁余孟滔先生、BBMSL財務總裁周愛詩女士、交易寶有限公司聯合創辦人及營運總監戴錦瑜女士共同主持簽約儀式。

PCG聯合創辦人及營運總監戴錦瑜Beatrice Tai表示：「這次聯手標誌著PCG在亞太地區支付解決方案領域的重要一步。憑藉我們A3A平台的技術優勢，結合BBMSL的市場影響力，AbbyPay將能為微型商戶、中小企業及大型商戶提供創新、無縫的支付和結算解決方案，並快速高效地開拓新市場，在亞太地區覆蓋多個行業。我們期待著AbbyPay繼續擴展業務版圖，進一步整合本地支付行業，加強PCG在支付行業的市場地位。」

BBMSL行政總裁余孟滔Gerald Yu表示：「這次的行動充分代表了PCG對BBMSL多年專注香港本地市場的努力和成就的高度認可，亦反映了對我們共同協力的潛力和信心。自 2017年，BBMSL在香港中小微企商戶市場擁有顯著的市佔率，並獲得香港市場的廣泛認同與支持。這些優勢將為AbbyPay的發展奠定堅實的基礎。我期待未來與AbbyPay攜手履行BBMSL的使命、與中小企共同成長，並祝願此合作能創造更輝煌的成就。」

在亞太地區引入亞洲首個金融雲電子支付處理和結算平台A3A，釋放電子支付潛力

AbbyPay將在日本、新加坡、馬來西亞及泰國等亞太地區市場提供亞洲首個金融雲電子支付處理和結算平台A3A，通過單一API，為主要發卡機構（如：VISA、MasterCard、美國運通、JCB和銀聯）、電子錢包網絡及流動支付平台提供直接端點處理。相比傳統支付處理平台，A3A具備低整合費用、快速簡單整合、即時結算及實時交易數據洞察等競爭優勢。

AbbyPay代表麥晉傑先生分享AbbyPay願景。

AbbyPay代表麥晉傑Barry Mak表示：「我們現已進入了一個全新的支付時代，AbbyPay在香港支付行業中具有開創性意義，亦會顛覆整個行業，帶來前所未有的機遇。PCG擁有強大的科技實力，而BBMSL則在本地市場擁有深厚的客戶基礎和市場認可。我深信，AbbyPay在香港及亞太地區擁有無限潛力，將引領未來的支付趨勢，能海納各類商戶、由大型連鎖餐飲連鎖龍頭至中小微企，為各類商戶創造價值、領先同儕。」

關於Payment Cards Group (PCG)

Payment Cards Group （「PCG」）是一家創新且領先的支付科技公司，業務遍及新加坡、香港及亞太地區。成立於2016年，PCG已發展成為一家收單機構，擁有所有主要發卡機構和電子錢包網絡的主要會員資格。PGG旗下的子公司Yedpay已在香港建立穩固領先的支付業務，而另一成員A3A則通過RESTful API開發了金融雲支付處理系統，這不僅顯著節省成本、減少複雜的流程，還為用戶提供實時交易數據和洞察。作為收單處理商，PCG憑藉其亞洲首個金融雲處理和結算平台，為整個支付行業提供了重要支持。公司將秉持「扎根香港，放眼全球」的策略，以尖端的金融科技賦能商戶，助力全球支付生態實現高質量發展。欲查詢更多資料，請瀏覽PCG網站：https://www.yedpay.com/zh/

##

如有傳媒垂詢，請聯絡：

AJA (IR and Communications)

庾婉華 (Avy Yu)

電郵：avy.yu@ajacapital.com.hk

電話：(852) 9500 4443

羅思正 (Eudice Law)

電郵：eudice.law@ajacapital.com.hk

電話：(852) 9326 1113

HONG KONG — 12 March 2024 — Black Bear Merchant Services Limited (“BBMSL”), a pioneering payment service provider in SME payment market, today announced an ambitious transaction volume target of $16.2 Billion HKD for Fiscal Year ending 31 March 2025. This projection is a cornerstone of BBMSL’s strategy for operational excellence and growth, coinciding with the company’s plan of going public within the next 24 months.

The announcement comes on the heels of a year of record-setting performance, with total transaction volume for 2023 surpassing $9.44Billion HKD, a growth of over 34% from the $7.03Billion HKD recorded in 2022. This remarkable growth not only demonstrates BBMSL’s operational prowess but also the enduring trust and loyalty of its merchant base.

The fiscal foresight of BBMSL is exemplified by its notable achievements in 2023, which include the acquisition of Kuroshio Digital Capital Co., a company delivering payment solutions to SMEs in Taiwan, and the planned acquisition of an emerging POS company in Hong Kong. Moreover, BBMSL has forged a strong partnership with HKBN Enterprise Solutions (HKBNES), a leading ICT provider and division of HKBN Group (SEHK stock code: 1310) and launched BBHub and Merchant Cash Advance services, further diversifying its financial offerings. These milestones reflect the company’s dynamic approach to growth and its commitment to innovation, which, alongside the consistent trust from SMEs, resulted in the record growth.

In preparation for the IPO and to support anticipated mergers and acquisitions, BBMSL is undergoing a comprehensive strategic restructuring. This initiative aims to optimise the company’s organisational structure, expand targeted core businesses, digitalise and streamline responsibilities, and refine resources allocation. These steps are vital to the company’s strategy for global expansion and will further solidify BBMSL’s presence in essential markets across Malaysia, Singapore, Taiwan, Australia, and Thailand.

“Our fiscal projections and the restructuring are in line with BBMSL’s long-term strategy to not only enter the public market but to also ensure we are prepared for the next stages of our growth, particularly in the area of mergers and acquisitions,” said Gerald Yu, Group CEO, at BBMSL. “We are focused on scaling our operations, enhancing our service offerings, and attracting industry-leading talent to support our expansion and deliver on our promises to customers and shareholders.”

As BBMSL lays the groundwork for a successful public offering, its commitment to delivering unmatched service quality and value to its customers remains unwavering. The company also reiterates its intention to foster deeper collaborations with strategic partners, ensuring that each step taken towards growth also elevates the success and prosperity of its merchants, shareholders, and the broader BBMSL group.

About BBMSL

Headquartered in Hong Kong, established in 2017 in Hong Kong, has positioned payment technology at the core of its operations. BBMSL provides a comprehensive suite of services encompassing offline-to-online payment system integration, transaction processing, collection management, settlement services, and tailored small and medium-sized business loan solutions. Currently, BBMSL serves an extensive portfolio of over 16,000 small and medium-sized business merchants in Hong Kong.

——–

This press release contains forward-looking statements about BBMSL’s future expectations, beliefs, hopes, intentions, or strategies regarding the future, including the company’s operational outlook. All forward-looking statements involve a number of risks, uncertainties, or other factors that could cause actual results or performance to differ materially from the expectations expressed or implied by these forward-looking statements.

Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. BBMSL does not undertake any duty to update any forward-looking statement whether as a result of new information, future events, or changes in its expectations, except as required by law.

Press Contact Information:
Joey Leung
Chief Strategy Officer
Corporate Communications Department
BBMSL Limited
3910 5519
Joey.leung@bbmsl.com

Hong Kong – 26th February 2024 – BBMSL Limited (“BBMSL”) is pleased to announce a significant development in its strategic growth initiatives. In collaboration with China Rongzhong Financial Holdings Company Limited (“China Rongzhong”) (03963.HK), has formalized the establishment of a joint venture. This partnership is focused on the joint development of commercial credit management services, with the collaborative efforts in the realm of small and medium-sized business merchant loans and merchant cash advance services, with BBMSL holding a 49% equity stake.

China Rongzhong, an experienced player in the financing and leasing services sector, brings a wealth of experience and expertise to the table. BBMSL, on the other hand, possesses a substantial client base within the small business segment, making it an ideal partner for this strategic alliance. Together, the aim is to capitalize on their respective strengths, fostering synergies that will drive expansion and enhance market presence within the small and medium-sized business loan market.

BBMSL Limited (“BBMSL”), established in 2017 in Hong Kong, has positioned payment technology at the core of its operations. Initially operating as a wholly-owned subsidiary of the BBPOS Group (bbpos.com), BBMSL serves as a trusted electronic payment service provider for Visa, Mastercard, UnionPay, and other major payment networks, and acts as an acquirer for American Express, Alipay, and WeChat Pay. Their integration capabilities extend to payment methods including Apple Pay, Google Pay, Samsung Pay, BOC Pay, Huawei Pay, and Octopus. BBMSL provides a comprehensive suite of services encompassing offline-to-online payment system integration, transaction processing, collection management, settlement services, and tailored small and medium-sized business loan solutions. Currently, BBMSL serves an extensive portfolio of over 14,000 small and medium-sized business merchants in Hong Kong. To ensure the security and privacy standard, their electronic payment technologies are certified to comply with the industry PCI DSS standards. In 2023, BBMSL has also fostered the collaboration with another Hong Kong Listed Company, Hong Kong Broadband Network Limited (“HKBN”) (01310.HK) to enrich their BBHub ecosystem for small and medium-sized business merchants.

China Rongzhong Financial Holdings Limited (“China Rongzhong”) stands as a prominent Hong Kong-based investment holding company, specializing in the provision of financing and leasing services. The core offerings encompass a wide spectrum of financing and leasing services, underpinned by a commitment to delivering exceptional value to leasing clients. The comprehensive suite of services includes direct leasing, sale and leaseback transactions, meticulous due diligence, debt collection, and meticulous credit investigation services.

**Press Contact Information**:

Joey Leung  BBMSL

Chief Strategy Officer

Corporate Communications

Department

3910 5519

Joey.leung@bbmsl.com

Photo order (from left to right) : TC Lee (Founder of BOXS), Jack Chiang (Chairman of Board Black Bear Group), Mikron Ng (Chief Commercial Officer – Business Market & China Business of HKBN ES), Gerald Yu Man To Maximillian (Chief Executive Officer of BBMSL), Juliana Lam (Vice President – Retail & Mid-Market of HKBN ES), Julie Liao (Representative of Taiwan Regional Revitalization Foundation), Barry Mak (Chief Operational Officer of BBMSL), Joey Leung (Director of Strategy Alliances of BBMSL), Neve Lam (Senior Manager – Commercial and Retail, HKBN ES), Joe Leung (Associate Director – Commercial and Retail, HKBN ES), Ryan Ng (Director of Business Development of BBMSL)

Hong Kong – 3 November, 2023 – BBMSL, a leading fintech payment service provider in Hong Kong, announced today during the Hong Kong Fintech Week 2023 exhibition that in response to the slow recovery of SMEs post-pandemic, it has officially launched its revolutionary service BBHub to ease the operational pressure on its SME customers. Serving over 13,000 SMEs across Hong Kong, with retail and catering customers making up over 50% of its clientele, BBMSL’s internal data for the third quarter indicates a sluggish growth in the restaurant and retail industries post the government’s consumption voucher campaign, with a 5.6% increase in the catering business and a 9.9% increase in retail compared to the second quarter. In September 2023, consumption amounts via WeChat Pay, Alipay, and Octopus showed a significant decline of 25%, 24%, and 20%, respectively, compared to August 2023.

Since the end of 2022, BBMSL has been developing the new operational model BBHub, which allows merchants to pay their operating expenses directly through payment terminals, addressing the issue of tight operational funds for SMEs. It also introduces a merchant cash advance system integrated with BBHub, offering pre-approved emergency funds based on stress tests, ranging from tens to hundreds of thousands, as an alternative for businesses waiting for or unable to apply for fully guaranteed loans.

The strategic partners of BBHub include: Hong Kong Broadband Group (“Hong Kong Broadband”; Stock Code: 1310), RD Technologies founded by Mr. Norman Chan, the former Chief Executive of the Hong Kong Monetary Authority, and BOXS, a member company of the Incu-Tech program at Hong Kong Science Park. Hong Kong Broadband and RD Technologies provide solutions targeting SME challenges for integration into BBHub, and POS system supplier BOXS has garnered support from the General Chamber of Commerce of the Republic of China, leading to a collaboration with the award-winning Taiwanese company, Turn Cloud Technology Service INC., Ltd. (Taipei Exchange Code: 6870), to bring Hong Kong’s original technology to Taiwan.

Yu Man To Gerald Maximillian, CEO of BBMSL, commented, “The company has grown rapidly over the past three years due to the pandemic and changes in consumer spending patterns. However, seeing from the data that the food and catering and retail industries have not fully emerged from economic difficulties, we felt it necessary to join forces and increase support for SMEs. Hence, we planned BBHub and collaborated with other industry leaders to accelerate the development and recovery of SMEs through innovative technology.”

BBMSL also announced its comprehensive expansion plans in the Asia-Pacific region today, including major moves into Taiwan, Malaysia, Singapore, and Australia this year, and further expansion to Vietnam, Japan, and Macau in 2024. To support its overseas growth, it has released a CBS documentary and participated as a silver sponsor in the Hong Kong Fintech Week.

BBMSL Limited, a Hong Kong company, established in Hong Kong in 2017, provides online and offline payment and collection services to more than 13,000 small and medium-sized enterprises in Hong Kong. The company has always been customer-centric, continues to lead the financial technology of small and medium-sized enterprises with innovation, attention to customer needs and reasonable and considerate prices, and continues to redefine payment solutions for contemporary small and medium-sized enterprises.

**Press Contact Information**:
Joey Leung
BBMSL
Chief Strategy Officer
Corporate Communications Department
5726 6413
Joey.leung@bbmsl.com