Weyland Tech Inc. (WEYL) (“Weyland” or the “Company”) announces update in its strategic partnership with Indonesian telecom services and bill payment provider, PT. Finnet Indonesia ( “Finnet”), announced in August 2018 and also approval by regulators for its ‘co-branded’ online eMoney license enabling the launch of AtoZPay QR code payment solutions.
Finnet, founded in 2005, is 60% owned by PT. Telekomunikasi Indonesia, the largest provider of telecom services in Indonesia, is currently the largest ‘fixed-line’ provider with over 10 million households and businesses as their clients.
In August 2018, the Company signed an agreement with Finnet to provide QR code based services to Weyland Tech’s ‘AtoZPay’ branded customers and to Finnet’s customers. Currently, in Indonesia and many other emerging markets where cash payments are the standard, mobile smartphone users make payments in cash to ‘agents’ and then receive credit on their phones via a scratch-off card. A QR code is a unique a machine-readable code that eliminates the need for paper-based codes thereby making it highly efficient and fraud-proof.
Furthermore, Finnet and AtoZPay have applied to the Bank of Indonesia for licensing approval to provide the QR code-based service to customers of which only 34 large banks and telecom services companies hold. The license was approved on January 18, 2019 and the joint launch will begin February 15th, 2019.
Leveraging both Finnet’s 80,000+ ATM network and channel relationships with retail chain Alfamart (14,000 locations) is expected to provide upside to our current forecasts which rely solely on AtoZPay’s own direct sales.
Brent Suen, CEO of Weyland, comments, “We are pleased that our agreement with Finnet signed last August has progressed with Bank of Indonesia approving our co-branding with Finnet as of January 18, 2019. With one of just thirty-four e-money licenses in hand, AtoZPay is now in position to roll-out QR payment solutions to merchants.”
Hermawanto Djunaedy, President Director of AtoZPay, noted “We have performed limited trials of our QR Code payment technology and are now excited to officially launch a robust marketing effort. Our partnership with Finnet is expected to accelerate adoption to over 200,000 merchant outlets using AtoZPay QR technology after our expected launch on February 15th.”
The Company is targeting $100 million in Gross Transaction Volume (“GTV”) by 2020. Recent initial public offerings and transactions, including the acquisition of Kudo by Grab Pay for $100 million, value eWallet companies at as high as 2.4X to 4X GTV.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. The Company operates a Platform-as-a-Service (“PaaS”) software used on mobile ‘smartphones’. The PaaS platform offers a mobile presence to Small-to-Medium-Sized- Businesses (“SMB’s”) in emerging markets, with partnerships on 3 continents and growing. The PaaS platform, offered in 14 languages with over 70 integrated modules, enables SMB’s to create native mobile applications (“apps”) for Apple’s iOS and Google Android without technical knowledge or background, empowering SMB’s to increase sales, reach more customers and promote their products and services in an easy, affordable and efficient manner.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtoZPay mobile payments platform. The mobile wallet launched in the world’s 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.