YapX Appoints Wei Kit Lei, CEO of Wisdom Capital Group China, as Outside Director

[Asia Economy Reporter Jang Hyowon] YapX announced on the 22nd that Wai Kit Lei, CEO of China's Wisdom Capital Group, was appointed as an outside director at the extraordinary general meeting of shareholders held on the same day.

Wai Kit Lei, who founded Edinburg Group, Lee Group, and Ocean-Tech Group, is a global investment expert who has been active in finance, real estate, and asset management sectors for the past 25 years across markets in Hong Kong, Macau, Taiwan, Europe, and the United States. He is also the founder and chairman of the nonprofit Asia Peace Charity Foundation.

At the YapX shareholders' meeting, Youngmook Kim and Sangwoo Oh were newly appointed as inside directors. Director Kim Youngmook is a China market expert currently serving as the Korean representative of CCTV's mobile broadcasting 'Yangspin,' China's largest public broadcaster, and worked as a PD in KBS's cultural department for 32 years. Director Oh Sangwoo previously worked at Samsung Electronics, Samsung Economic Research Institute, and MBC.

YapX explained that the background for appointing the new inside and outside directors is to strengthen the network competitiveness of the Internet of Things (IoT) business targeting overseas market projects such as China and Macau. The company expects that this will provide greater momentum to the projects currently being carried out diversely in overseas regions including China and Macau.

In August, YapX signed a Letter of Intent (LOI) with the Wisdom Capital Group consortium from China and is currently in the process of attracting investment. In the Macau region, the company is promoting the participation of technology partners in pilot projects for building IoT-based smart cities and in the Hengqin-Waiao deep cooperation zone projects.