Sino-Entertainment Technology (HKG:6933) said its subsidiary Sino-Entertainment (HK) International Holdings will inject HK$20 million into Time Entertainment International, a joint venture of the company with Time Is Money, according to a Wednesday bourse filing.
The group collaborated with Time Is Money to establish Time Entertainment International for the business development of a social financial app named SocialFi.
Time Is Money, as its part, will transfer the core source code of the SocialFi mobile app along with other relevant intellectual properties to Time Entertainment International, making the transaction an acquisition through contribution in kind for the company.
SocialFi combines social media and decentralized finance and Time Is Money has already developed the code for some of its modules.
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