New York, Jan. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (WEYL) (“Weyland” or the “Company”) announces update on its strategic partnership with PT Royal Express Indonesia ("REX") http://www.rex.co.id/id.
REX ships approximately 10,000 packages per day, for thousands of Small-Medium sized Businesses (“SMBs”).
In December 2018, the Company signed an agreement with REX to create a cashless option for REX clients by using the eWallet platform.
Weyland is obligated under the agreement to gradually replace the cash-on-delivery facet of the REX business. Currently, REX deliveries are paid for in cash, which is inefficient, insecure and inconvenient. Weyland Tech’s eWallet, AtozPay, will enable the deliveries to be transacted via the smartphone app eliminating cash. REX has indicated that the addition of the Weyland solution will dramatically improve operational efficiencies and expects to achieve well-above market growth rates once fully implemented.
Weyland’s Indonesian entity, WIP, would receive an average of 15% of each delivery fee, which is equivalent to US$0.45-.50, or potentially $1.6 - 2 million in net revenue annually, if our internal targets are met.
Brent Suen, CEO of Weyland, comments, “Having just spent time with the management of REX, and better understanding their plans for growth, combined with the fact that eCommerce in Indonesia is expected to rise eight-fold within the next five years, there is a tremendous opportunity to both positively impact revenues and also layer in higher margin business for our operations in-country. Furthermore, the ability to take this business model into other Southeast Asian countries is validated by our partnership with a well-recognized logistics provider, PT Royal Express Indonesia.”
“As consumers in the US have witnessed with the dramatic proliferation of Amazon, delivery services or ‘last-mile’ solutions have stretched capacity quite thin with Fedex, UPS and the US Postal Service bearing the brunt of the demand. Amazon has turned to contracting out private individuals to make deliveries and this trend continues. Furthermore, the geography and traffic in countries such as Indonesia almost guarantee the upwards momentum in value provided by last-mile solutions,” Suen comments.
The Companies are implementing a pilot program and will launch March 1st, 2019.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. The Company operates a Platform-as-a-Service (“PaaS”) software used on mobile ‘smartphones’. The PaaS platform offers a mobile presence to Small-to-Medium-Sized- Businesses (“SMB’s”) in emerging markets, with partnerships on 3 continents and growing. The PaaS platform, offered in 14 languages with over 70 integrated modules, enables 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.
About WIP/AtoZPay
Weyland Indonesia Perkasa (“WIP”) / AtoZPay is an Indonesian Company that is held by Weyland Tech via both equity and contractual structures which comply with Indonesia’s foreign commercial ownership regulations. AtoZPay, an eWallet solution, is quickly becoming the adopted standard in Indonesia, the world’s 4th most populous nation, with a majority of consumers without bank accounts. A partnership with Finnet, Indonesia’s state-controlled company tasked with building and supporting banking and finance infrastructure nationwide, and a recently achieved banking license, creates the most robust solution for the “unbanked” in Indonesia. Weyland Tech owns 100% the eWallet software platform which powers AtozPay. In a liquidity event or outright exit via an acquisition, Weyland and its sub-holding (WAI) are entitled to 80% economic benefit.
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.