Alpha Star Acquisition, a special purpose acquisition company (SPAC), has signed a letter of intent (LOI) with Estonia-based financial technology solutions company Xdata Group for a business combination.
The financial terms of the proposed deal are not disclosed.
Alpha Star Acquisition CEO Zhe Zhang said: “We are excited to announce this LOI with Xdata.
“Xdata is emerging as a leader in the financial technology solutions industry in Estonia, and we believe that this transaction will also enable Xdata to access more capital and move towards listing on Nasdaq, driving further growth and innovation.”
Xdata Group offers various specialised products, including an internet banking suite, mobile banking apps for banks and equated monthly instalments (EMIs) as well as a customer relationship management (CRM) solution.
The financial technology solutions firm has also introduced a new product dubbed ComplyControl, which has been designed to improve client satisfaction.
ComplyControl includes advanced analytics driven by artificial intelligence (AI) and machine learning to deliver better accuracy and decision-making.
It also facilitates real-time monitoring with continuous updates from global sanctions lists, politically exposed person (PEP) registries, and media sources, along with offering customised service solutions designed to meet each client’s requirements.
Besides, the AI-powered transaction monitoring solution enables seamless integration with existing systems without disruption and provides global coverage for comprehensive screening across multiple jurisdictions.
ComplyControl also offers personalised screening with flexible criteria and thresholds in a move to guarantee a balance of thoroughness and efficiency.
Xdata Group CEO Roman Eloshvili said: “We are excited to enter this partnership to meet our commitment to focus on the next generation financial technology solutions.
“This partnership into the public markets broadens our investor base and the combined company will have a strong platform to drive innovation, accelerate growth, and enhance shareholder value.”
