Mining company Anchor Resources to dabble in FinTech

The company says it is trying to ‘revitalise’ its legacy in the mining business.

SGX-Catalist listed mining company Anchor Resources Limited is diversifying its mining business to include custodian and consultancy businesses in the financial
technology and blockchain technology sectors.

With the new business, it is also changing its business name, from Anchor Resources Limited to VCPlus Limited.

“While we try to revitalise our legacy mining business in a challenging environment, we today have the opportunity to enter the fast-growing FinTech industry to improve our financial position and unlock shareholder value. We aspire to be one of the leading companies in the financial technology and blockchain technology sector,” said the company’s CEO Clarence Chong.

The maiden new business within the FinTech business sector that the company intends to develop is the provision of custodian services for digital assets. A custodian is a financial institution that holds customers’ securities for safekeeping and administration and in the FinTech business sector, it involves the safekeeping of a customer's digital assets through safe key management, which allows the assets to be cryptographically secured.

Besides the custodian business, the company also plans to provide consultancy services with regards to fintech regulation, licencing, as well as the adoption of fintech strategies and technology.

The group said it will ‘continue to leverage its expertise in the mining industry’ to continue the development of its mining business. It will also continue to source for joint ventures and/or strategic alliances to operate its existing mines.