Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, announced that it has received positive ratings from DataPro, the leading and globally recognized credit rating agency. Those ratings include a Short-Term Credit Rating of A1, an Investment Grade Long-Term Credit Rating of A, and a Positive Rating Outlook for 2023/2024. The ratings mean that Tingo Group joins a prestigious group of 18 corporation and banks that have received an investment grade long-term credit rating of A or above. The company also noted that, following completion of a detailed assessment and review process, Tingo Mobile has been classified as “Low Risk” with “Very Good Financial Strength.” “Having undergone an extensive review and assessment process, we are delighted to see Tingo Mobile awarded an Investment Grade credit rating of A, in addition to a separate rating of A1 and a Positive Rating Outlook for the next 12 months,” said Tingo CEO Darren Mercer in the press release. “Today’s news is yet further evidence of the strength of Tingo Mobile and of the wider Tingo group. It has only been possible to achieve such a prestigious rating by ranking highly in all DataPro criteria, including in terms of financial performance, profitability, liquidity, and asset quality. Supported by DataPro’s global recognition, we expect Tingo Mobile’s Investment Grade credit rating and Low Risk classification to be a valuable asset, in particular as we expand the numerous facets of our business to deal with new partners, new customers and new suppliers, and as we also expand into new markets.”
To view the full press release, visit https://ibn.fm/jorBD
About Tingo Group Inc.
Tingo Group is a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a device-as-a-service smartphone and preloaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing the farmers with access to services such as the Nwassa seed-to-sale marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with more than 130 offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
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