The group has successfully pivoted away from lottery services, re-branding and re-positioning the business as a dynamic technology platform provider that can facilitate mobile payments, deliver mobile content and provide data management to consumers throughout China, along with Beijing NewNet’s (BNN’s) strategic investment in Xinhuatong, further deepening our ties with a key player in this growing market.
In raising just over £50m in three placings during 2016, this year, we have successfully strengthened the balance sheet, allowing us not only to roll out the opportunity with our partners NewNet and Xinhuatong, but also giving us the necessary funding to move forward with other significant, complementary, opportunities for the Group. We look forward to updating the market in due course on these opportunities.
The progress to date on our partnership with NewNet and Xinhuatong is exceptionally pleasing. After extensive and sizeable testing in seven provinces, we are confident that large e-commerce partners, which have substantial user bases and will assist our sales drive, will continue to come on stream, with the potential to deliver significant gross sales and revenues.
During 2017 we will be broadening service offerings on the mobile app and introducing unique content that will drive customer acquisition and enhance customer retention. With increased customer activity on the app, this will, importantly, drive sizeable data acquisition.
With the prospects for a Nasdaq submission, the roll out of our payment platform accompanied by strong revenue growth, and new opportunities for the Group, the Board and I are extremely confident about prospects for BNN Technology.
RT @TheAsianBanker: #Mobile & #onlinepayments affecting no. of #creditcards in #China @Alipay #TenPay #WeBank https://t.co/SdipAVDnus htt…
The state sector has been slow to compete in this space, but competition is growing for Alipay and Tenpay. https://t.co/i5zTUdE4bY
RT @miraeasset: Alipay & Tenpay are 89% of market https://t.co/q8W2DtAAHG China’s banking giants try to snatch share of #mobile payments fr…
Loyalty: The Next Tool for Mobile Wallet Engagement https://t.co/82UGl5UIzn via @LetsTalkPaymnts
Mobile Payments Can Transform Our Shopping Habits https://t.co/f7cxgVHBoA via @LetsTalkPaymnts
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