On November 24, Soulpower Acquisition Corporation (Soulpower), a publicly-listed shell company associated with a 29-year-old entrepreneur, author, speaker, and consultant named Justin Lafazan, announced plans to combine with SWB LLC (SWB), a newly-formed Cayman Islands company established to launch what Soulpower has boldly described as a “new economy financial services conglomerate, stablecoin issuer and international bank”.
The highly reputable OffshoreAlert publication has characterised Soulpower/SWB as “an obscure group with opaque assets”.
https://www.offshorealert.com/obscure-group-claims-to-have-binding-agreement-to-acquire-bvis-bank-of-asia-license-from-liquidators/
Importantly, as part of the proposed overall transaction, SWB has entered into a ‘binding agreement’ with Bank of Asia and the liquidators of Bank of Asia to acquire Bank of Asia’s banking licence for an undisclosed amount and plans to rename the bank as SOUL WORLD BANK™(SOUL). Mr Lafazan claims that “SOUL will be the most loved bank on earth”, with SOUL expected to be a free (yes, free) artificial intelligence bank denominated in a new stablecoin created by SOUL. A stablecoin is a type of cryptocurrency whose value is pegged to another asset, such as the US dollar or gold.
https://www.globenewswire.com/news-release/2025/11/24/3193314/0/en/Soulpower-Acquisition-Corporation-NYSE-SOUL-Announces-Signing-of-Business-Combination-Agreement-for-Business-Combination-with-SWB-LLC-Currently-Valued-at-Approximately-8-1-Billion-.html
SWB has also entered into purchase agreements to acquire a variety of mining and mineral rights assets as well as large amounts of land collectively worth billions of dollars. These ‘Real World Assets’ are located in the US, Mexico, Germany, and Africa. Further, SWB has entered into ‘collaboration’ agreements with Asian and US new-age technology groups to build what will become SOUL. Soulpower expects the Real World Assets to provide “an opportunity for asset tokenisation and financial engineering”. Asset tokenisation is the process whereby ownership of an asset is represented as a digital token and stored on a blockchain.
Soulpower expects to issue an extensive public disclosure document in due course. This should provide further details on the Bank of Asia deal, including what depositors and other stakeholders in the bank will eventually receive, whether it be cash and/or shares in the new company. Subject to meeting various conditions, including BVI FSC approvals, the overall transaction is expected to close in the first quarter of 2026.