TTG today announces the signing of a cooperation agreement with Shenzhen Institute of Standards and Technology (referred to as SIST) and E-Business Better Service (referred to as EBS) for the development and promotion of mobile and smart phone payment standards in China.

TTG is the new payment service technologies leader in China as owner of the intellectual properties of Financial Electronic Authentication (FEA) technology. SIST operates under the Market and Quality Supervision Commission of Shenzhen Municipality and is responsible for developing mobile and smartphone payment technology standards in Shenzhen. EBS has been engaged by the relevant Chinese government bodies to develop a trusted e-commerce transactions environment within China.

Pursuant to the agreement, SIST and EBS will assist TTG in further consolidating the payment service technology market by promoting and implementing FEA intellectual properties in China. This includes application of payment standards owned by TTG to relevant government bodies.

“This agreement strengthens our leading position in the payment service technology sector and serves to accelerate the process of standardization under TTG’s banner.”TTG’s Chairman Mr. Xiong said today.