Announces Negotiation of Joint Venture with Kuang Chi & IPP, a Leading Light Technology Company in China
Sydney, April 11, 2014 AEST (ABN Newswire) - TTG Fintech Limited (
ASX:TUP) ("TTG") announces it is negotiating a joint venture with Kuang Chi Innovative Technology Limited ("Guang Chi"), a leading PRC photon technology developer and Shenzhen Intelligent Preferential Pay Co Ltd ("IPP").
The joint venture will benefit from Guang Chi's development of a light-related payment solution ("photonic payment") for electronic payments in China by offering an online to offline settlement solution to China bank cardholders and/or bank account holders.
The light related solution replaces "card swipes" or "near field communication transfers" and dovetails with TTG's electronic financial authentication patented technology.
On 10 April 2014, Guang Chi's Photonic Payment technology was awarded a "2014 CITE Innovative Products Gold prize" at the China Information Technology Expo. There were more than 200 products entered and 18 gold prizes were awarded. The WeChat product of Tencent was also awarded a gold prize at the China Information Technology Expo.
The final terms of the joint venture are yet to be settled but once done so will be announced to the market.
About TTG Fintech Ltd
TTG Fintech Ltd (ASX:TUP) has developed a technology called Electronic Financial Authentication (digital verification). This technology provides the connecting link to ensure the safe and efficient online to offline transactions. TTG will apply this digital verification to help its operating partners in clearing and settlement of these transactions.
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