2021 Financial Statements
Melbourne, Feb 28, 2022 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) and its subsidiaries (the Group) are pleased to present their full year 2021 financial statements and Appendix 4E.
During the period the Group incurred a loss of circa $2.5 million, due to increased legal and advisory costs during the period (up $1.7 million to $3.8 million) as a result of costs due to the demerger and the ongoing costs related to both the ASX and ASIC legal cases, combined with a lower profit from discontinued operations.
The loss for the year from continuing operations was $5.6 million, whilst separately discontinued operations, which includes the results of ISX Financial EU Plc and its subsidiaries, made a profit of $3.1 million for the ten and a half months to the demerger date.
Business Update
With the demerger completed in 2021, the Company continues to focus on its ongoing legal action against the Australian Securities Exchange (ASX).
As previously announced, the Company holds principal membership licenses from several major card schemes. The Group is in the early stages of rebuilding its Australian strategy and will now look as to how it can monetise these licenses for future growth.
ASIC and ASX Federal Court Cases
Shareholders may receive updates regarding the Federal Court timetable by accessing the court orders and subscribing to notifications from the Court at:
https://www.comcourts.gov.au/
using reference numbers VID773/2020 and VID1315/2019.
*To view the report, please visit:
https://abnnewswire.net/lnk/WG4A1J3Z
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.
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