Last checked at 8 Sep 2017 13:32
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8 September 2017
SEALAND CAPITAL GALAXY LIMITED (LSE: SCGL)
("Sealand", or "the Company")
WeChat Pay Agency Agreement
Sealand, (LSE: SCGL), which is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential, is pleased to announce it has signed an agreement to become a party to a licenced operator agency agreement of WeChat Pay services in Hong Kong.
The Company will be collaborating with two partners, which will provide the licencing and payment gateway services, whilst Sealand, through its wholly-owned subsidiary, ePurse (HK) Ltd, is appointed as non-exclusive broker providing merchant marketing service to introduce new QR code payment customers to the WeChat Pay platform.
This is the second announcement by the Company in the past 40 days which clearly highlights the board's strategy to diversify the business offering within the mobile payment gateway sector in order to enhance revenue streams. Further, while this new agreement is specifically for Hong Kong, the board has already commenced discussions with potential business partners to launch a UK mobile payment gateway to enable Chinese visitors to this country the power to make payments via their mobile devices, rather than by credit card.
WeChat is a mobile messenger app owned by Chinese internet giant Tencent and dominates the Chinese mobile messenger market. Its WeChat Pay facility has 600 million users and is one of the market leaders in face-to-face payment transactions in China. WeChat Pay transactions in 2016 totalled $1.2 trillion.
Mr Nelson Law, Chairman and CFO of Sealand, commented, "We are excited to enter into the rapidly growing market of mobile payment and, becoming a WeChat partner in our home market of Hong Kong, is the first step in our broader international strategy. We will continue to diversify our business with high-quality acquisitions and licence agreements to become a leading provider of mobile internet services."
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Enquiries:
Sealand Capital Galaxy
Nicholas Lyth, Non-Executive Director 07769 906 686
Leander (Financial PR)
Christian Taylor-Wilkinson 07795 168 157
Notes to Editors:
· Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential.
· Further information on Sealand is available on its website http://www.scg-ltd.com/
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.