(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 14 May 2020 in relation to the Private Placement.)

The Board of Directors of FINTEC (“the Board”) wishes to inform that as at 31 March 2022, the Company has yet to fully utilise the proceeds raised from the 30% Private Placement and the Board requires additional time to utilise the balance proceeds amounting to approximately RM1.23 million for the investment in healthcare equipment manufacturing and/or trading business (“Extension of Time”).

The Board has resolved to extend the time frame for the utilisation of the said proceeds for another six (6) months period from 15 July 2022 to 14 January 2023 ("Revised Time Frame") to provide additional time for the Group to utilise the balance of proceeds for the investment in healthcare equipment manufacturing and/or trading business. Details of the Revised Time Frame are as set out in the table below:-

The Board is of the opinion that the Revised Time Frame is in the best interest of the Group and will not have material adverse effect on the financial performance of the Group.

The Revised Time Frame does not require the approval of the Securities Commission Malaysia, or any other regulatory authorities or the shareholders of FINTEC.

The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it is in the best interest of the Group.

The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from the 30% Private Placement and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.

This announcement is dated 14 July 2022.