18.4 C
New York

Tag: alibaba

BABA Cycle Wave x to Continue?

The current chart of BABA shares shows the formation of a bearish corrective trend. This takes the form of a cycle triple zigzag w-x-y-x-z. Currently,...

Top News

Fortnum & Mason accelerate digital transformation

Fortnum & Mason accelerate digital transformation - ChannelX...

Shopify is laying off 1,000 employees

Here are top trending stories from the world of technology. News that we feel every tech enthusiast should keep a tab on. 1) Shopify is laying...

China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation

Chinese tech giants including Ant Group, Tencent, Baidu and JD.com are joining yet another self-disciplinary initiative on eliminating speculation of non-fungible tokens (NFTs), also...

Alibaba Cloud Launched International NFT Solutions Quietly

The Alibaba cloud launched an international NFT solution but it went quiet and some of the biggest names to join the NFT train include...

Jack Ma’s Alibaba and Ant Financial leave Paytm Mall

Early investors of Paytm Mall, Alibaba and Ant Financial, have sold their stake in the firm back to Paytm E-commerce for $5.6 million (INR...

China VC Weekly: Chassis, 3D Vision, Autonomous Driving and More

In last week’s VC news, EV chassis maker PIX completes pre-A round from an undisclosed investor, prominent autonomous driving firm WeRide closes massive $400...
Tag Template - News Hub PRO

Nreal raises another $60m of funding

With $200 million of funding now raised in the last 12 months, Alibaba is the latest investor to back China’s Nreal to drive adoption...

AGTech Expands into the Greater Bay Area Fintech Market after the Completion of Macau Pass Acquisition

Tag Template - News Hub PRO

HONG KONG, Mar 24, 2022 - (ACN Newswire) - AGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.

Tag Template - News Hub PRO

Tag Template - News Hub PRO

Tag Template - News Hub PRO

Since granted the financial license by the Macau SAR Government in 2006, Macau Pass has been propelling the development of a more convenient local electronic payment and promoting its popularity in Macau. Macau Pass, being the leading payment service provider in Macau, issued the first and the most commonly used contactless smart card for payments in Macau, Macau Pass Card ("MP Card"). While initially used in bus fare payment system, its usage has later been expanded into a wide range of payments such as those for other public transports, car parks, government services, retail consumptions, and food and beverage services. There are currently more than three million MP Cards in issue.

The first mobile payment platform in Macau, Macau e-wallet ("MPay"), was subsequently issued by Macau Pass, it was an innovated product which led Macau into the development of e-payment. The major functions of MPay cover on-line and off-line payments, transfers, utility payments like telephone, water, electricity and gas bills and public transports. Currently over 90% of Macau residents are registered MPay users. Its cross-border operation between Hong Kong and Mainland China has been approved by the People's Bank of China and the Monetary Authority of Macao ("AMCM") in 2019, the first financial institution having offshore headquarters to be granted the right to use its offshore e-wallet across the border in Mainland China. The completion of the acquisition will create tremendous synergies to AGTech's existing businesses and broaden the revenue base of the Group through integrations along the value chain.

"As a local business, Macau Pass's years-long investment in the community and economy of Macau has borne fruitful results, and is fully recognized and highly appreciated by AGTech." praised Mr. Sun Ho, Chairman and CEO of AGTech. "Over the years, Macau Pass has been actively involving in local fintech industry, expanding its e-payment applications to different levels of Macau people's daily lives. AGTech shares Macau Pass's ideology of livelihood services-oriented. While enabling a stable transition of Macau Pass, we will cooperate with the local government to turn Macau into a smart city of the 21st century. Through innovation, we will strive to facilitate the integration of Macau Pass, and will invest more resources into integrated payment scenarios that combine on-line and off-line payments, as well as to create a hybrid platform that integrates mobile payment, e-commerce and local services for users and merchants. We will expand mobile payment services to support merchants and SMEs to leverage its advantages in order to speed up services and the development of digitization and intelligence management to meet the increasing consumer demand in the Greater Bay Area. This can provide users with stable, secure and efficient mobile payment experiences, while giving Macau our support in its next new phase of digital economy."

According to AMCM's figures published in February this year, the number of mobile payment transactions in Macau has increased from approximately 65.5 million in 2020 to approximately 193 million in 2021, representing a year-on-year increase of 194%; the total transaction value has increased from approximately MOP 6.3 billion in 2020 to approximately MOP 18.5 billion in 2021, representing a year-on-year increase of 192%. These figures showcase increasing trends in both the frequency and the transaction value of mobile payments in Macau.

"The completion of Macau Pass acquisition marks an important milestone for AGTech. It lays a solid foundation for the Group's future strategic expansion into payment business and financial services ecosystem. Under the policy of "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area", we believe that Macau Pass will become the leader of local fintech innovation to propel the appropriate diversification of Macau's economy and the growth of local fintech industry. At the same time, it can also deepen the interconnection of mobile financial infrastructure of Macau, Greater Bay Area, Guangdong-Macao In-Depth Cooperation Zone and Mainland China. From here, we are preparing ourselves to tap into a market with 1.4 billion potential users and to jointly explore overseas opportunities and facilitate international grand economic cycle." added Mr. Sun Ho.

About AGTech Holdings Limited

AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). As a member of the Alibaba Group, AGTech is the exclusive lottery platform of Alibaba Group and Ant Group.

For more information, please visit www.agtech.com


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.

Data Is Eating the World

For more than 10 years, “software is eating the world” has been an article of faith among startup investors. Marc Andreessen — co-founder of both Netscape and venture capital firm Andreessen Horowitz (a16z) — wrote these famous words in a blog post in August 2011. And his thesis was pretty simple. My own theory is […]

The post Data Is Eating the World appeared first on Early Investing.

The Gensyn Protocol Trustlessly Trains Neural Networks at Hyperscale with Lower Order of Magnitude…

The Gensyn Protocol Trustlessly Trains Neural Networks at Hyperscale with Lower Order of Magnitude of CostLinks: Gensyn website, Litepaper, CoinFund Portfolio, TechCrunch Article LinkInvestment Thesis SummarySecular...

Digital Identities For Everyone and Their Ramifications – Part 2/2

This article is the second part of our previous story, We May Soon Have Global Digital Identities. Although you can skip reading part one, we recommend checking it out before continuing! As we discussed in the first part, the United Kingdom is in the initial phases of its digital ID systems. Besides the UK, we also […]

Why has RBI Crackdown on Paytm Payment Bank

Paytm on Friday probably faced its biggest regulatory crackdown since it got listed on the bourses last year. India’s Central Bank, Reserve Bank of India, issued a press release on Friday announcing that it has directed Paytm Payments Bank to stop onboarding new customers from immediate effect. RBI has cited ‘material supervisory’ concerns observed in [...]

The post Why has RBI Crackdown on Paytm Payment Bank appeared first on Platform to Showcase Innovative Startups and Tech News.

Tag Template - News Hub PRO

Recent articles

spot_img