New York, NY, Dec. 11, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc (Weyland or the Company) announces today it has signed a binding Memorandum of Understanding (“MOU”) with PT Rex Indonesia ("Rex") http://www.rex.co.id/id
Rex focuses its services as a document and package shipping company through air, sea and land transportation with domestic and international destinations. Rex ships approximately 10,000 packages per day for thousands of Small-Medium sized Businesses (“SMBs”).
Under the terms of the MOU, Weyland and Rex will leverage the Rex SMB customer base and Weyland Tech's 13,000-partnership network across 23 cities in Indonesia. The combined platform will implement a non-cash based payment system through the AtoZpay eWallet, integrate Weyland's PaaS platform functionality for eCommerce and mCommerce thereby providing a ‘last-mile’ and payment solution for companies looking to expand their sales thru eCommerce/mCommerce and have goods and services paid for and delivered.
Ride sharing services such as Go-Jek and Grab, which have valuations of $8 billion and $10 billion respectively and are supported by Alibaba, Tencent, Toyota, Softbank, Temasek, KKR and other tier-one investors, also provide courier services for their own product lines by leveraging their scooter, motorcycle and automobile driver network. Weyland and Rex will build out an 'agnostic' solution that focuses on a) deliveries to smaller cities and townships and b) delivery services into Indonesia from large foreign eCommerce/mCommerce companies expanding into Southeast Asia.
'Last-mile' solutions have long been a major challenge for eCommerce/mCommerce fulfillment and a total solution creates significant value for companies that can successfully implement and execute on it.
The MOU is subject a definitive agreement expected to be drafted by March 1, 2019. The companies will immediately provide each other's services before fully integrating joint solutions.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. Its CreateApp platform offers a mobile presence to businesses in emerging markets, with partnerships on 3 continents and growing. This DIY mobile application platform, offered in 14 languages with over 35 integrated modules, enables small and medium sized businesses ("SMB's") to create native mobile applications ("apps") 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 in an easy, affordable and efficient manner.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtozPay mobile payments platform. The mobile wallet launched in the world’s 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.
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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American Capital Ventures, Inc.