WeTrade Group Inc, 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.
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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.
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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.”