Samarkand Group PLC (AQSE:SMK) said a large cosmetics company with a significant Chinese online presence has signed up to use its Nomad Checkout cross-border payment technology.
No financial details of the deal with South Korea’s Amorepacific were provided.
However, Samarkand chief executive Hampstead said: “This contract win endorses our decision to target the huge potential of the northeast Asia market with the opening of our Tokyo office earlier this year and we are confident of adding further enterprise clients in the region."
The company’s Nomad system has been developed to overcome many of the hurdles that appear when doing online business with China, resulting in faster shipping and reduced customer stoppages.
Amorepacific, valued at £7bn and generating £2.7bn of revenues a year, estimates that 20% of its sales of health and beauty products were to its Chinese customer base.
CEO Hampstead said: “Amorepacific is a global cosmetic giant and their decision to deploy our technology to power direct-to-consumer sales into China is a reflection of our status within the world's largest e-commerce market.”