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AGTech Expands into the Greater Bay Area Fintech Market after the Completion of Macau Pass Acquisition
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.
Dimitra $DMTR Enables Agri-Lending With A CeDeFi Approach
Belize City, Belize — Decentralized finance (DeFi) has upended traditional finance models across all industries. Dimitra, a leader in agritech and blockchain, has developed a novel and new approach to lending for farmers across the globe. With this new initiative, Dimitra’s token holders also stand to benefit from increased utilization of the Dimitra token across […]
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Ocean Protocol Partners With Dimitra: 100 Million Small Farmers Globally To Benefit From Data Sharing And Monetization
Singapore, January 24th. Ocean Protocol, the decentralized data exchange protocol to unlock data for AI and business innovation, has entered into a strategic partnership with Dimitra, an agricultural technology company guided by the mission to deliver technology to help farmers around the globe improve operations and deliver higher yields. Dimitra’s agricultural software platform leverages advanced technology to provide […]
The post Ocean Protocol Partners With Dimitra: 100 Million Small Farmers Globally To Benefit From Data Sharing And Monetization appeared first on CryptoCoin.News.
SVG Ventures I THRIVE launches Global Agrifood Innovation Hub in Calgary
In partnership with Platform Calgary within the new Platform Innovation Centre CALGARY, Alberta–(BUSINESS WIRE)–SVG Ventures | THRIVE and Platform Calgary have entered into a strategic collaboration to create a Canadian hub and headquarters for agrifood innovation in the heart of Calgary. THRIVE will be a Resident Program Partner within the new Platform Innovation Centre where […]
The post SVG Ventures I THRIVE launches Global Agrifood Innovation Hub in Calgary appeared first on Fintech News.
ZIVO Bioscience Names Chairman John B. Payne as President and CEO
KEEGO HARBOR, Mich.–(BUSINESS WIRE)–ZIVO Bioscience, Inc. (NASDAQ: ZIVO) (“ZIVO” or the “Company”), a biotech/agtech R&D company engaged in the development and commercialization of therapeutic, medicinal and nutritional product candidates derived from proprietary algal cultures, announces that Chairman of the Board John B. Payne has been named President and Chief Executive Officer of the Company. Mr. […]
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Netherlands Pavilion Opens at CES 2022 with Tech for a Responsible…
Delegation includes technology startups and scale-ups in sustainability and resilience, AI, robotics and quantum computing, health and wellness, smart cities and smart homes, smart mobility and...
(PRWeb January 05, 2022)
Read the full story at https://www.prweb.com/releases/netherlands_pavilion_opens_at_ces_2022_with_tech_for_a_responsible_future_and_100_circular_xl_3d_printed_art_display/prweb18417127.htm