Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, will be joining the broad-market Russell 3000 Index at the conclusion of the 2023 FTSE Russell indexes annual reconstitution process. According to the announcement, the inclusion is tentatively scheduled to occur after the U.S. markets close on June 23, 2023. The company noted that the annual reconstitution process for the Russell indexes captures the 4,000 largest U.S. stocks, ranking them by total market capitalization. Membership in the index is valid for one year and includes automatic inclusion in the Large-Cap Russell 1000(R) Index or Small-Cap Russell 2000(R) Index as well, depending on a company’s growth and value style indexes. Many investment managers and institutional investors use the indexes as benchmarks for active investment strategies. FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide by calculating thousands of indexes in more than 70 countries, covering 98% of the investable market globally. An estimated $20.1 trillion is benchmarked to FTSE Russell indexes.
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About Tingo Group Inc.
Tingo Group is a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a device-as-a-service smartphone and preloaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing the farmers with access to services such as the Nwassa seed-to-sale marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with more than 130 offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
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