Monaker Receives Approval To Acquire 57.6% Stake In International Financial Enterprise Bank

Technology solutions provider Monaker Group Inc MKGI received regulatory approval from the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) to acquire 57.6% of International Financial Enterprise Bank (IFEB).
IFEB is a global financial institution headquartered in San Juan, Puerto Rico.
According to the consent, Monaker can acquire 100% ownership of the bank without a future review.
IFEB will help Monaker establish a full range of fintech solutions, including concierge banking, online and mobile banking, credit cards, deposit and loans, and escrow services.
IFEB’s charter allows it to conduct business and serve customers anywhere in the world.
IFEB, along with Monaker’s recent acquisition of Longroot Inc’s initial coin offering (ICO) portal, will help to benefit from the rapidly expanding global cryptocurrency and digital asset market.
“IFEB expands Longroot’s capabilities from a one-dimensional ICO portal to potentially include access to cryptocurrency exchanges, online payments, digital wallet, and mobile banking capabilities supporting Longroot’s ICO portal with IFEB fintech banking solutions,” said Bill Kerby, Chief Executive Officer.
Price action: MKGI shares are trading higher by 1.24% at $2.44 on last check Monday.