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TTG Announces Negotiation of Joint Venture with Kuang Chi & IPP

2014-04-11        From:TTG

Sydney 11 April 2014 (ASX : TUP)

TTG Fintech Limited (“TTG”) announces it is negotiating a joint venture with Kuang Chi Innovative Technology Limited (“Kuang Chi”), a leading PRC photon technology developer and Shenzhen Intelligent Preferential Pay Co Ltd (“IPP”). The joint venture will benefit from Kuang Chi’s development of a light-related payment solution (“photonic payment”) for electronic payments in China by offering an online to offline settlement solution to China bank cardholders and/or bank account holders. The light related solution replaces “card swipes” or “near field communication transfers” and dovetails with TTG’s electronic financial authentication patented technology.

On 10 April 2014, Kuang Chi’s Photonic Payment technology was awarded a “2014 CITE Innovative Products Gold prize” at the China Information Technology Expo. There were more than 200 products entered and 18 gold prizes were awarded. The WeChat product of Tencent was also awarded a gold prize at the China Information Technology Expo. The final terms of the joint venture are yet to be settled but once done so will be announced to the market.