Dharamshala: Dr. Kunchok Tsundue,Managing Director ,Gang-Jong and Kaydor Aukatsang, Chief Resilience Officer,CTA completed a highly successful tour to promote and raise capital for Gangjong Development Finance (TibFin) from Tibetan communities residing in Switzerland & Liechtenstein, Austria, Germany, France and the Netherlands from 15 November-2 December 2019. The visit resulted in investment pledges totaling 1.2 million Swiss Francs including 145,000 in Euros from 48 investors in Switzerland, 7 in France and one each in Austria and the Netherlands. Pledged investment by Swiss & Liechtenstein Tibetans amounted to CHF 1,050,000.
For Tibetan investors residing in Europe, TibFin has two offerings: a minimum of EUR/CHF 15,000 in equity shares and a minimum of EUR/CHF 25,000 in short-term preference shares redeemable in five years with an annual dividend rate of 2%.The Western Europe tour follows on the heels of the successful tour undertaken in North America in July 2019 where Tibetans residing in Canada and the United States pledged over USD1 million in investments towards transforming TibFin into the first Tibetan Small Finance Bank.
The mission of TibFin is to provide affordable capital, financial services, and financial literacy to Tibetan entrepreneurs and promote Tibetan Micro, Small and Medium Enterprises (MSMEs). TibFin is currently operating as a licensed Non-Banking Financial Company (NBFC) and has provided over USD 4 million in low-interest loans to small Tibetan businesses. The goal is to apply for a Small Finance Bank (SFB) license so that TibFin can operate as a full-fledged bank. The investments pledged from Tibetans in Switzerland and the other three European countries will go towards meeting the capitalization requirements of TibFin.
Please contact [email protected] for more information on how you can support and invest in TibFin.