RC365 Holding PLC (LSE:RCGH), a company focusing on payment gateway solutions and IT support, has announced that its Hong Kong subsidiary, Regal Crown Technology Limited, has signed an mPOS development agreement with Malaysia-based Cooper Technology to upgrade Regal Crown's existing mPOS program.
mPOS devices, like smartphones or tablets, serve as portable point-of-sale (POS) registers.
They are commonly integrated with traditional hardware such as credit card machines and receipt printers, utilising cloud technology for data accessibility to simplify payment processes and reduce transaction costs.
The upgrade to Regal Crown’s mPOS program will enhance the user interface, debug any possible bugs in the mPOS app and improve the stability of the app for Android and iOS users.
The total consideration payable, to be satisfied in cash, is HK$1mln (£99,200), to be financed from RC365’s existing cash reserves.
Regal Crown expects to generate revenues during the fourth quarter of 2024.
As part of RC365's strategy to expand into the Malaysian market, the company intends to open an office in Malaysia by the end of 2024.
Application has been made to the Hong Kong Government by Regal Crown and RCPAY Limited, a wholly owned subsidiary of RC365, for the BUD Fund FTA programme for a HK$1mln non-refundable grant to each company.
This grant will facilitate this expansion into the Malaysian market.