RC635 Holding PLC said its wholly owned subsidiary, Regal Crown Technology, has signed a white-label application development agreement with WCHING Technology to develop a mobile app.
The product will be available on Web, iOS and Android platforms, the gateway solutions and IT support-focused company said in a statement.
WCHING, under the agreement, will develop an app with several modules including HR and inventory management.
The developer will also launch the application on iOS and Android platforms in the Apple and Google Play Store and provide 12 months of support after launch.
A total consideration of HK$6mln (£613,217) is to be paid by Regal Crown, of which HK$2mln (£210,405) is payable within 10 days of signing the agreement.
The following HK$2mln is payable 10 days after successful preliminary testing for all platforms and the final HK$2mln is payable 10 days after Regal Crown signs the letter of acceptance.
HK$4mln (£420,810) will be refunded to Regal Crown if the program cannot be successfully launched on iOS or Android within 90 days of the acceptance letter being signed.
“We are very pleased with the signing of this Agreement. A key focus for the Group is developing innovative products and services to attract new customers and this allows us to deliver on our commitments," said Chi Kit Law, executive director and CEO of RC365 in the statement.