Tibetans in North America Pledge Over $1 million in Investment Towards Establishing Gang-Jong Bank

Dr. Kunchok Tsundue, Managing Director of Gang-Jong and Mr. Kaydor Aukatsang, Chief Resilience Officer,Central Tibetan Administration completed a highly successful Tibetan Resilience Tour of nine cities in the United States and Canada from June 22 to July 29, 2019. During their five-week tour, the delegation visited Washington, DC, Vancouver, Seattle, Portland, San Francisco Bay Area, Southern California, Minneapolis, Toronto, and New York. Forty-nine percent of the initial capitalization of INR100 crores (USD15 million) of TibFin was made available to the Tibetan community through two offerings: a minimum of USD15,000 in equity shares and a minimum of USD 25,000 in short-term preference shares redeemable in five years with an annual dividend rate of 3%. At the time of conclusion of the tour, 55 investors had pledged a total of $1 million in investment with many more expressing interest. There was a high level of interest in TibFin and the Institution projects investments from North America to exceed $1.5 million in the coming months. Majority of the investors were every day Tibetans motivated to support the community and efforts of the CTA rather than seeking any significant financial gain.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). The goal is to apply for a Small Finance Bank (SFB) license so that TibFin can operate as a full-fledged bank that can only make loans, but also accept deposits, take on debt and provide all other banking services. The investments pledged from Tibetans In North America will go towards meeting the capitalization requirements of receiving an SFB license.

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