Sealand Capital Galaxy Limited Update on Business (8402G)

TIDMSCGL

RNS Number : 8402G

Sealand Capital Galaxy Limited

06 March 2018

6 March 2018

SEALAND CAPITAL GALAXY LIMITED (LSE: SCGL)

("Sealand", or "the Company")

Business Updates on mobile payment gateway business in Hong Kong

Sealand, (LSE: SCGL), which is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential, announced on 8 September 2017 that the Company, through its wholly-owned subsidiary, ePurse (HK) Ltd ("Sealand Group"), was appointed as non-exclusive broker to WeChat Pay, providing a merchant marketing service with the goal of introducing new QR code payment customers to the WeChat Pay platform in Hong Kong.

As at 28 Feb 2018, Sealand Group has enlisted over 85 shops, covering a variety of industries, including, food and drink, fashion and beauty, alcohol trading and other general retails, to join the WeChat Pay services. The enlisted clients include three listed companies in Hong Kong. An additional 251 shops are in the application progress to use the services and expected to be enlisted to the WeChat Pay services soon.

This announcement highlights the board's strategy to diversify the Company's business offering within the mobile payment gateway sector to enhance revenue streams. Further, while the current arrangement with WeChat Pay specifically relates to the Hong Kong market, the board has already commenced discussions with potential business partners to launch a UK mobile payment gateway to provide Chinese visitors who have the ability to make payments using WeChat Pay via their mobile devices, rather than by credit card.

Mr Nelson Law, Chairman and CFO of Sealand, commented, "We are excited to see our promising progress in the mobile payment business in Hong Kong. The successful experience gained in Hong Kong will be an valuable asset for Sealand's goal of expanding its mobile payment business globally. We will continue to diversify our business with high-quality acquisitions and licence agreements to become a leading provider of mobile internet services."

Enquiries:

Sealand Capital Galaxy

   Law Chung Lam Nelson, Chairman and Chief financial officer        [phone] 

Notes to Editors:

l Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential.

l Further information on Sealand is available on its website http://www.scg-ltd.com/

Disclaimer

This announcement contains certain forward-looking statements. These statements are made by the Company's directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 06, 2018 06:22 ET (11:22 GMT)