Point Redemption Bank Funding, page-3

... your two questions;

i) “Why did it take so long?”:

This a new financing activity in China…it had to start somewhere.. NNW is currently the only mobile market place that these credit card points can be redeemed in an online mobile environment. We could also ask why it took so long for an Airline to raise money using its take-off and landing slots as collateral. (This was in fact, Virgin Atlantic in December 2015). The answer is the same, it’s a new financing activity…I believe the point redemption financing will now become common practice in the China market which will mean more financing capacity to scale NNW’s business.

ii) “is A$25m enough”:

The question is...enough for what ……GTV growth and how much? ....Revenue growth and how much ..…Profitability and how much?...Registered Users and how many..?…

If nmespys'maths is right….RMB 120m should equate to approximate GTV growth of RMB 3.6billion.

Assuming also that the addressable market is $US billions, it is highly unlikely A$25.0m will be enough financing to dominate that market but is a positive step to turning the tap on..