Weyland Tech Announces Entry in Mobile Wallet & Advances Joint Venture Discussions With Korean eSports Company
HONG KONG, CHINA–(Marketwired – Nov 2, 2017) – Weyland Tech, Inc. (OTCQX: WEYL) (“Weyland” or “Company”), a provider of mobile business applications, announced today that it is entering the digital payments marketplace with a mobile wallet platform and is in joint venture discussions with Funtasy Entertainment (“Funtasy”), a leading provider of eSports content and fantasy games in South Korea.
“I am delighted to be announcing these two major initiatives today in eSports and digital payments. They are exciting growing parts of the digital economy that present huge opportunities for Weyland. Esports revenues are expected to grow to $1.5 Billion in the next three years. And in Indonesia alone, where our mobile wallet will be developed, total transaction volumes in digital payments are over $18 Billion for 2017 with a projected annual growth rate over 18% through 2021. That’s just one country within our CreateApp footprint; once it’s fully deployed we’ll bring the mobile wallet components into CreateApp in the US, Europe, and the rest of our markets,” commented Weyland CEO Brent Suen announcing the news.
According to Capgemini’s 2017 World Payments Report, “Financial inclusion measures in Emerging Asia will fuel high growth rates of non-cash transactions, particularly in India, Vietnam, and Indonesia, as mobile and other forms of digital payments are deployed.”
Weyland Tech’s mobile wallet will be called AtozPay, which means “complete” pay in local languages and will be branded as AtoZ Pay in Weyland’s other markets as deployed. Weyland is bringing on a team experienced in mobile wallet development to build the platform.
The Company is in the process of formalizing the structure of local operations and securing regulatory approvals. Mr. Suen noted, “Our local counsel has been great in helping us get ready to be in this space; effectively there is a part of the company that will be a bank.”
“The mobile wallet is also a part of, and complementary to, our eSports initiative where we are discussing a joint venture with Funtasy Games to provide digital payments capabilities for their platform,” said Mr. Suen.
Weyland and Funtasy are also exploring near term opportunities for deploying Weyland’s CreateApp platform to Funtasy’s users as a ‘white-label’ app that enables daily fantasy sports for a new, younger eSports audience on a gamified platform that will differ radically from the current draft fantasy sport market offerings.
Funtasy Games provides gamified daily fantasy draft games for the mobile and PC platforms in the Asia market, and will be launching their first mobile app in Q2 2018 based around several of the world’s leading eSports titles. Funtasy and Weyland are also in discussions to launch and publish their titles for the non-Asia international markets.
Funtasy’s CEO, Jerome Park, comments, “Weyland is well positioned to enter the eSports market as their user base is highly complementary to eSports with similar demographic profiles.”
About Funtasy Games
Funtasy was founded in 2015 in Seoul, Korea and is made of games industry veterans including Nexon, Neople and Neowiz. The company launched its platform, a video aggregation and content app in 2016, which was a top 2 eSports content app for Korea and is currently working on their second title, which will focus on the global daily fantasy draft market.
About Weyland Tech, Inc.
Weyland Tech’s CreateApp platform is focused on the Asia markets. Our CreateApp platform offered in 12 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.
Follow Weyland Tech online at:
Weyland Tech Facebook Page (https://www.facebook.com/weylandtech)
Weyland Tech Twitter Feed (https://twitter.com/weylandtechinc)
Weyland Tech LinkedIn Page (https://linkedin.com/company/weylandtech)
Brent Suen, CEO Public Facebook Page (https://www.facebook.com/BrentSuenWEYL)
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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