MICT Appoints Richard Abrahams as Managing Director and Global Head of Brokerage
Responsibilities include overseeing the integration and development of Hong Kong securities and investment firm, upon completion of the acquisition
MONTVALE, N.J., Oct. 26, 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT), (the "Company"), is pleased to announce the appointment of Richard Abrahams as Chief Executive Officer of the stock trading and wealth management business.
With more than 35 years' experience in the financial services industry, holding senior roles in China, the USA and Europe, Richard is a highly experienced and accomplished executive and business leader.
Having successfully built two international brokerage businesses during the past 20 years, taking one of them to be a top ranked international broker within three years, as well as holding CEO, Managing Director and Head of Equities positions in a number of major international banks, Richard brings demonstrated strategic thinking skills and the proven ability to build businesses, motivate a team and deliver results.
Previous positions held by Richard include Managing Director at NatWest Securities USA, Executive Managing Director and Head of Equities at HSBC Securities (USA) Inc., Director and Head of European Trading at Chartered House Securities / ING Bank and most latterly, Managing Director and Head of Equities at Everbright Sun Hung Kai Company Limited HK (international subsidiary of Everbright Securities (6178 HK) and the Everbright Group).
Commenting on the appointment, Darren Mercer, CEO of MICT, said:
"We are delighted to welcome Richard to GFHI. His unique background of successfully building brokerage firms and significant senior executive experience at some of the most successful and largest banks in China, the USA and Europe, brings enormous value to us at our stage of development, as we embark on capitalising from this very significant and rapidly expanding industry.
We are particularly pleased that Richard has been able to join us at this time, as we complete the acquisition of a Hong Kong securities and investments firm, as announced on 2nd October, and as we roll out our app and online based trading platform.
We look forward to Richard leading our stock-trading and wealth management business in the rapidly growing retail investor market in China, where online stock trading volumes had already reached U.S.$2 trillion in 2019 and are expected to grow significantly further in 2020 and beyond."
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates through its subsidiaries, GFH Intermediate Holdings Ltd. ("GFHI") and Micronet Ltd. ("Micronet"). GFHI's versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and wealth management services and sales of insurance products in several high-growth foreign markets including Asia where GFH owns a substantial propriety database of users. Micronet operates in the growing telematics and commercial Mobile Resource Management (MRM) market, mainly in the United States and Europe. Micronet designs, develops, manufactures and sells mobile computing solutions that provide fleet operators and field workforces with computing solutions in challenging work environments.
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. These forward-looking statements include, but are not limited to, our expectations about receiving orders for our products in the future, statements regarding our business and operations, statements regarding SmartCam, our expectations regarding the global logistics and transportation telematics industry growth, and the belief that a majority stake in Micronet will leverage our global platform to grow the telematics business. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2019 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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Released October 26, 2020