mPOS Development Agreement

RC365 Holding PLC

20 July 2023

 

20 July 2023

RC365 Holding Plc

("RC365" or the "Company")

Mobile Point of Sales ("mPOS") Development Agreement

RC365 Holding Plc ("RC365"), a company focusing on payment gateway solutions and IT support, is pleased to announce that its Hong Kong subsidiary, Regal Crown Technology Limited ("Regal Crown"), signed a mPOS Development Agreement ("Agreement") with Cooper Technology Sdn Bhd ("Cooper Technology") for the upgrade of Regal Crown's existing mPOS program.

An mPOS is a portable and handheld point of sale device, such as a smartphone or a tablet, that functions as a register. It is typically linked to traditional hardware like credit card machines and receipt printers, and is run on cloud technology, which means data can be accessed anywhere and anytime. mPOS and mobile payments are growing increasingly popular due to the simpler payment procedure, which lowers the overall transaction cost.

The upgrade to the mPOS program will enhance the user interface, debug any possible bugs of the mPOS app and improve the stability of the app for Android and iOS users.

The total consideration payable, to be satisfied in cash, is HK$1,000,000. The consideration payable will be financed from the Company's existing cash reserves. Regal Crown expects to generate revenues during Q4 of FY24.

This Agreement is part of RC365's strategy to expand into the Malaysian market and the Company intends to open an office in Malaysia during Q4 FY24. Application has been made to the Hong Kong Government by Regal Crown and RCPAY Limited, a wholly owned subsidiary of RC365, for the BUD Fund FTA programme for a HK$1,000,000 non-refundable grant to each company. This grant will facilitate the expansion into the Malaysian market.

For further information please contact:

RC365 Holding plc Chi Kit LAW, Chief Executive Officer	T: [phone] E: [e-mail]
Guild Financial Advisory Limited - Financial Adviser Ross Andrews	T: [phone] E: [e-mail]

 

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