ePurse Update

RNS Number : 9335R

Sealand Capital Galaxy Limited

06 March 2019

 

For release: 07.00, 6 March 2019

Sealand Capital Galaxy Limited

ePurse Update

Sealand Capital Galaxy Limited, ("Sealand", or the "Company") is pleased to update the market today on its wholly-owned subsidiary, ePurse (HK) Ltd. ePurse provides a range of services to merchants wishing to target Chinese consumers and tourists using WeChat Pay, WeChat Official Accounts and WeChat Advertising.

At the time of its launch, ePurse was already earning commissions from early WeChat Pay activities and had a number of merchants in Hong Kong signed to its platforms. Today it is pleased to announce that number has now grown to 176 including the recent addition of a large number of blue chip merchants.

These include Subway (with a third of its retail outlets in Hong Kong using ePurse services); Kidsland LCS Limited (Hong Kong listed LEGO certified store); Madison Holdings Group Limited (Hong Kong listed wine seller); AUX International Holdings Limited (Hong Kong listed night club operator); Cookies Quartet Limited and In-Talk Limited, under the brand name of "SauTao" (both well-known tourist souvenir outlets); and Hong Kong Optical Company Limited (China's renowned eyewear brand).

ePurse is currently negotiating to obtain licenses to operate as a WeChat payment partner in both Dubai and the United Kingdom, where it currently already offers strategic marketing and advertising services.  Once that process has concluded the rollout to merchants will begin in earnest in these territories, to target the spending power of the large number of Chinese tourists and the expat communities.

Nelson Law, Executive Chairman commented:

"Our success in Hong Kong shows that the model works and that there is an appetite among WeChat Pay users for quick, mobile payments, conversely merchants are looking for models to service that need.

"Chinese tourists made 134 million outbound trips in 2018 and are considered some of the world's biggest spenders.  Added to that, WeChat has 1.1 billion users who spend an average of 98 minutes each day using the application, which is also used to plan holidays and trips; we believe Sealand is well placed to capitalize on this market."

"As a result of this exciting trend we plan to extend our WeChat Pay services to London as soon as possible. We are currently in the final stages of negotiation with our potential partner and look forward to updating the market once that agreement has been finalised."

-ends-

Enquiries:

Sealand Capital Galaxy Limited
Law Chung Lam Nelson, Executive Chairman	[phone]
Belvedere Communications
John West	[phone]
Kim van Beeck	[phone]

Notes to Editors:

·      Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential.

·      The Company's Shares are traded on the Official List of the London Stock Exchange's main market for listed securities under the ticker SCGL.

·    Further information on Sealand is available on its website http://www.scg-ltd.com/

 

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