BEIJING, Nov. 21, 2022 /PRNewswire/ -- WeTrade Group Inc. ("WeTrade" or the "Company") (NASDAQ: WETG), a global diversified "software as a service" ("SaaS") technology service provider committed to providing technical support and digital transformation tools for enterprises across different industries, today announced that the Company has entered into a technical agency (commission) agreement (the "Agreement") with Vmade Tech PTE. LTD ("Vmade"), under which Vmade commits to implementing the actual operation of WTPay technology tools in Singapore. WTPay technology is independently developed by the Company and designed to realize the commercial application of WTPay system which supports multiple methods of online payment from customers, including Wechat Pay, Alipay, Visa, Master Card, local E-wallets and mainstream digital wallets in many countries.
Pursuant to the Agreement, the Company agrees to entrust WTPay technology tools to Vmade in Singapore and send the full set of related materials in a complete and accurate manner, including technical documents, technical tool functions, technical tool guidance and repair. Vmade agrees to implement the actual application and system operation of WTPay system for small and micro customers in Singapore. For consideration, Vmade agrees to pay the Company the cooperation remuneration for the actual flow (GMV) generated during the operation period in the actual agent operation in Singapore in accordance with certain classification proportion. Vmade agrees to pay the Company total remuneration for cooperation of not less than US$120 million for the period from October 1, 2022, to December 31, 2024.
Mr. Pijun Liu, Chief Executive Officer of the Company, commented, "We are pleased to cooperate with Vmade to launch the WTPay system in Singapore. The launch of WTPay system is expected to boost the growth of our business and contribute to the development of digital financial industry worldwide. We believe our cooperation with Vmade will make our payment and collection solutions available for more merchants globally and provide more stable and efficient cross-border payment and collection experience for global merchants. We are confident that the launch of WTPay in Singapore will improve our competitiveness, enhance our market position and accelerate our global expansion plan."
About WeTrade Group Inc.
WeTrade Group Inc. is a global diversified "software as a service" ("SaaS") technology service provider which is committed to providing technical support and digital transformation tools for enterprises across different industries. The three main business segments of the Company are YCloud, WTPay and Y-Health.
YCloud is a micro-business cloud intelligent system launched by WeTrade, serving global micro-business industry. YCloud strengthens users' marketing relationship and CPS commission profit management through leading technology and big data analysis. It also helps increase the payment scenarios to increase customers' revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system.
Independently developed by the Company, WTPay supports multiple methods of online payment and eight mainstream digital wallets in over 100 countries to help customers quickly realize global collection and payment business. Customers can use WTPay for global acquiring business, global store opening, global payment collection, international banking, global remittance and currency exchange.
Under its global public health business sector Y-Health, the Company engages in developing global business for biological health and medical enterprises. Currently, Y-Health mainly focuses on detection and prevention of epidemic, daily healthcare, traditional Chinese medicines, and others.
For more information, please visit https://ir.wetg.group.
Forward-Looking Statements
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
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