Weyland Tech CEO Discusses AtozPay E-Wallet Beta Exit, Strategic Views on Payment Space
NEW YORK, NY - (NewMediaWire) – May 23, 2018 – Weyland Tech, Inc. (OTCQX: WEYL) (“Weyland” or “Company”), a provider of mobile business applications, released remarks by its CEO Brent Suen on the Company’s AtozPay e-wallet.
“The Company’s management is pleased to announce that AtozPay is officially out of beta.
“We are also excited to announce that AtozPay’s gross transaction value (GTV) has grown to $6.2 Million up from the $5.0 Million announced just two weeks ago, and that the rate of GTV growth increased by more than 100% since the exit from beta. We are well on our way to the $25-35 million in GTV targeted by year end. When combined with our 2019 targets of $80 Million GTV, the Company anticipates meeting or exceeding our target of approximately $100 Million in GTV within 18-months of launch.
“We are regularly asked why the Company has focused on the payments space. In our view, enabling payments for an unbanked population of 2 billion people creates substantial value. And this is not just a hunch, it is an industry wide view we share with some of the largest payments companies.
“Our view is regularly validated by the corporate activity in the payments space; most recently highlighted by the acquisition of iZettle by Paypal for $2.2 Billion.
“As a result of operating our core business in Southeast Asia, Weyland has developed significant expertise while enabling businesses in the region to grow. By focusing on payments as the next step in the Company’s development we are leveraging our experience and unlocking significant value for ourselves and our customers.
“By bringing a vast number of underserved consumers and businesses modern mobile payment solutions, companies at the intersection of technology and commerce will enhance the lives of countless consumers while creating substantial shareholder value. Weyland is one such company.
“’Why Indonesia?’ Is another question that arises often. The explanation is simple once you know the facts. Indonesia is the 4th most populous country in the world. And yet more than half of the adult population does not have a bank account, meaning a stunning 85% of transactions occur in cash, in a country with over $1 Trillion in GDP and a growth rate projected to top 5.5% through 2022. Furthermore, Indonesia, according to a study commissioned by Temasek and Google in 2017, is leading the world in Internet growth with 19% projected CAGR from 2015-2020.
“Indonesia’s economy is much bigger than most people realize. To top-up the argument, the population has high smartphone penetration, but because the largest global players in mobile payments like GooglePay, ApplePay, Alipay and Samsung Pay do not operate there, the market is highly fragmented. In reality, a country like Indonesia is a great place for a company like Weyland to start. We are constantly asked why we don’t do more in the US. Frankly, we are far more interested in being an eventual partner for a US company in South East Asia, than in trying to compete against a behemoth like Apple on its home turf. Indonesia provides a large growing market upon which Weyland can capitalize.
“We are also announcing today that we have engaged PricewaterhouseCoopers (PwC), to provide accounting and audit support for AtozPay and to advise on the previously announced spin-out of AtozPay operations at the appropriate time.
“We look forward to providing additional updates on our progress and the vast opportunity the Company is capitalizing on as our e-wallet grows. Thank you for your continued support.”
About Weyland Tech Inc.
Weyland Tech’s CreateApp platform is focused on the Asia markets. Our CreateApp platform offered in 14 languages, enables small and medium sized businesses (“SMB’s”) to create native mobile applications (“APP”) 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 via simple easy to build mobile APPs in an affordable and cost-effective manner.
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Brent Suen, CEO Public Twitter Feed (https://www.twitter.com/BrentSuenWEYL)
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
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