ZW Data Action Technologies, Inc., an integrated online advertising, precision marketing, data analytics, and other value-added services company, announced that it has signed a strategic cooperation agreement with VCan Fintech, a Hong Kong-based financial technology company for global payment solutions (“VCan”).
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ZW Data has steadily built its Internet business ecosystem in the last 18 years. It has accumulated marketing and transaction data for nearly 100 million users for precision digital marketing. VCan provides global financing and payment solutions for cross-border e-commerce merchants. The two companies will start in-depth cooperation in three major aspects of business, operation, and technology. In business aspect, we will build data interfaces with VCan and integrate advertising and marketing business.
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In operation aspect, through VCan’s regulatory licenses in Hong Kong, the United States, the United Kingdom and other regions and countries, we expect to launch an integrated cross-border payment service platform to connect overseas banks, visa, UnionPay, international prepaid cards, Paypal and other financial service systems. In technology aspect, we expect to build a B2B cross-border payment platform backed by blockchain technology, and provide merchants with blockchain technology support, cross-border payment data analysis, solution consulting, industrial capital solutions, and multi-dimensional industrial interaction services.
The strategic cooperation was launched when China’s exports bounced back in the first quarter of 2021 and reached RMB 4.6 trillion with year-over-year increase of 38.7%, according to General Administration of Customs of the People’s Republic of China. Cross-border e-commerce in the first quarter increased by 69.3% based on the data from iiMedia. It is expected that in 2021 cross-border e-commerce transactions alone will reach RMB 12.7 trillion. “Under such a favorable background, we will seize the momentum with VCan and build an integrated cross-border e-commerce global payment and financing systems. We aim to assist e-commerce companies to build on-chain data and provide a blockchain-enabled and interconnected system for supply chain, product information, and payment information.” commented Handong Cheng, Chairman and Chief Executive Officer of ZW Data.
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