On May 10, 2022, Mercurity Fintech Holdings Inc (MFH.US) announced that the Company has appointed Toh Er Yi, Qu Xiang as independent directors and Qiu Shi as an executive director on its board of directors. Together in the announcement, the Company also appointed Qiu Shi as the Chief Executive Officer and Steve Phuah as the Chief Financial Officer of the company.
It is understood that Qiu Shi is a renowned pioneer in the cryptocurrency industry. He is known to have tremendous influence in the field of cryptocurrency mining, cryptocurrency asset management and possess valuable insights into the management and innovation landscape within the cryptocurrency industry.
Qiu Shi is an outstanding young entrepreneur. He has a bachelor’s degree in Risk Management and Actuarial Science from Zhejiang University and a master’s degree in Management from Tsinghua University. He also possesses extensive experience in enterprise management and business innovation and has successively founded several unicorn enterprises. In 2015, Qiu Shi co-founded the Newstyle Media Group, which received strategic investment from Xiaomi and Tencent. Newstyle produced the TV series “The Untamed (2019)” which became popular across the world with the exclusive global distribution rights being purchased by Netflix.
Qiu Shi has held senior management positions in many listed companies and has vast experience in the compliance and governance of listed companies. In 2018, Qiu Shi served as the Chief Innovation Officer of North Mining Shares Company Limited (00433. HK), responsible for the blockchain business and led the completion of the merger and acquisition of the first blockchain asset transaction by a listed company on the Hong Kong Stock Exchange. In 2021, Qiu Shi served as the Chief Technology Officer of Singularity Future Technology Limited (SGLY.US), a NASDAQ listed company, and led the company to complete cutting-edge innovation work in cryptocurrency mining and in the construction of distributed storage data centers.
Independent director Toh Er Yi, graduated from Nanyang University of Technology with a bachelor’s degree in Computer Engineering. He is the founder and CEO of Pytheas, a Singapore financial technology company is responsible for leading the digital transformation of Singapore’s tourism industry. Pytheas has developed the most widely used tourism e-commerce system in Singapore. Under his leadership, Pytheas attracted investments from stream global and red dot ventures. Prior to the creation of Pytheas, Toh Er Yi was a research analyst at the Institute of Risk Management (RMI) of the National University of Singapore, responsible for the design and construction of data warehouse and financial modeling systems. At RMI, Toh Er Yi helps researchers implement and reverse test their credit rating models to create viable alternatives to existing global credit rating agencies.
Another independent director, Mr. Qu Xiang, is an experienced financial management expert with more than 10 years of experience in the financial management and asset management industry. Qu Xiang graduated from Fudan University with a master’s degree in Advanced Business Administration. In 2010, Qu Xiang joined China’s leading financial technology group – Yixin Group Limited (NYSE: YRD) and successively served as Investment Manager, Regional President and Group Vice President. In 2017, Qu Xiang founded Royal Capital and served as co-founder and chief financial officer. Mr. Qu has considerable influence in the industry and has served as the executive director of China Financial Forum and the executive director of China Venture Capital Association.
Steve Phuah, the Chief Financial Officer, has more than 30 years of experience in financial investment and management. He has coached and advised numerous Southeast Asian enterprises, either listed or seeking listing, on NASDAQ, ASX and Singapore Stock Exchange. Steve Phuah graduated from the University of London in 1992 with a bachelor’s degree in economics. He is a senior financial technology expert and vastly experienced in operations, compliance, financial management, and other corporate matters.
Qiu Shi, Executive Director and CEO of MFH, said, “This management revamp will herald the reshaping and innovation of the company’s business. The incoming new board members and management are top experts in the field of financial technology and cryptocurrency. With the addition of these professionals, the Company shall meet the professional and compliance needs of its industry.”
Qiu Shi stressed, “The company places compliance as its top priority, and adheres to the spirit of being responsible to all shareholders, while actively embracing the supervision and regulation of regulatory bodies and governments around the world. The Company has begun to gradually shut down its business in China and Hong Kong. It currently plans to complete the establishment of its New York Operations regional office and Singapore Asia Pacific regional office in the first half of 2022, and plans to apply for cryptocurrency transactional, custodian and clearing licenses in the United States and Singapore in the second half of the 2022. The company aims to form a cryptocurrency mining and cryptocurrency asset management firm with additional businesses on Web3.0 and Non Fungible Tokens (NFTs) that provide financial and technological breakthrough within the current financial industry.”