Business
Weyland Tech Enters Definitive Agreement to Increase Stake in AtozPay and AtozGo to 51 Percent
Weyland Tech Enters Definitive Agreement to Increase Stake in AtozPay and AtozGo to 51 Percent.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, has reached a definitive agreement that increases its beneficial stake in PT Weyland Indonesia Perkasa (WIP), operator of the AtozGo™ food delivery service and AtozPay™ mobile e-wallet, from 31% to 51%. Due to Weyland’s historical financial support of WIP totaling $4.5 million, the transaction will be completed at no new cost to Weyland. The majority ownership will allow Weyland to consolidate WIP’s revenue in future quarters. Since its inception in 2018, AtozPay has continued to log an increasing number of financial transactions through its e-wallet platform, totaling more than $9 million in gross transaction volume so far this year. This growth is largely attributed to the greater adoption of mobile commerce and contactless transactions, with the volume of transactions increasing monthly since the beginning of the global COVID-19 pandemic. Altogether, AtozGo and AtozPay are generating an annualized gross transaction run rate of more than $20 million. The growth in customer acquisition and related consumer data has been the most valued aspect of both platforms, which continues to attract key partners and additional interest. Weyland recently partnered with ShopeePay, one of Indonesia’s largest integrated e-money services, to launch a new co-marketing campaign for AtozGo in Jakarta, Indonesia, along with the mutual technology and service offering integration of both platforms. Jakarta is expected to become the largest city in the world by the end of the decade, reaching a population of more than 35 million. “We are increasing our stake in WIP because of its demonstrated and continued success with AtozPay and AtozGo and the increased attention from companies like ShopeePay,” noted Weyland Tech CEO, Brent Suen. “We’ve been approached by several large multi-national tech companies interested in strategic access to Indonesia, as well as potential partnership launches internationally. Our new ShopeePay relationship coupled with these current discussions indicate significant opportunities ahead. “Gaining 51% control of WIP will also position Weyland to take better advantage of any potential ‘strate...