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China-Based, KBS Fashion Group Limited, a premium fully-integrated men’s casual wear company and the founder of a social media site called Luxventure, announced that Luxventure had closed a deal with Hainan New Generation Technology Co., Ltd. This deal is a  Cross-Border Payment Agreement (“Agreement”) that happened through Hua Zhi Guan (Hainan) Cross-Border E-Commerce Co., Ltd. (“HNGT”).

HNGT is a well-known online payment service provider. The agreement got signed on December 25, 2020, followed by the transaction that closed on March 15, 2021.

Luxventure will work with HNGT on online payment for cross-border transactions under the terms of the agreement. Luxventure would be the first E-commerce cross-border merchandise operator from Hainan to test the digital Renminbi, China’s online currency issued by the Central Bank of China, as part of the collaboration.

Sun Lei, the company’s Chief Executive Officer, remarked that they are proud of this partnership with HNGT. HNGT has highly stringent collaboration requirements, and it took Luxventure nearly three months to fulfill them. She continued to state that they are proud to be the first Hainan-based E-commerce cross-border merchandising company to test the digital RMB. Luxventure has been in full service for a little over six months. This is a clear indication of our commitment to Blockchain and its applications. They are excited to collaborate with HNGT and be a part of the digital payment revolution.

About KBS Fashion Group Limited

KBS Fashion Group Limited is based in Shishi, China, and operates through its subsidiaries in the following areas: Designing, producing, selling, and distributing its casual menswear brand, KBS, through a network of 30 KBS branded stores (as of December 31, 2019) and a range of multi-brand stores. Luxventure, this social media site, is owned by KBS Fashion Company. 

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