Board changes as TTG Fintech plans China payment system for Australia
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Data processing and outsourcing company TTG Fintech is positioning itself to introduce one of China’s most popular online payments systems into the Australian market.
TTG (ASX:TUP) says the technology will help streamline purchases made in Australia by Chinese tourists travelling here.
Just as importantly, the move into the Australian market will also raise the visibility of the technology among potential investors, company spokesman Chris Ryan says.
Exactly when the move into the Australian market will take place is yet to be determined, Ryan says.
“This is an exciting company with a huge future ahead of it, but it’s not well understood. Moving into the Australian market will give potential investors a better understanding of what we do, which will raise our profile here,” Ryan says.
TTG Fintech provides online payment systems in China in digital currencies. The technology also includes a Customer Relationship Management system and data mining capabilities.
Chinese legislation enables merchants to use the technology to push product notifications out to customers.
“Unlike here in Australia, Chinese people like receiving messages about products they might like on their smartphones,” Ryan says.
“China is so congested, those notifications can save a lot of time travelling around the city to purchase what they need.”
There are 12 million Point Of Sale machines in China, and TTG takes a revenue clip from merchants for every transaction it facilitates. The technology is the only one of its kind in China and the company listed on the ASX about two years ago.
Meanwhile, TTG Fintech has shuffled seats at the boardroom table. Co-chairman Chris Ryan has stepped down due to his other commitments to other ASX-listed entities, and TTG’s co-chairman Xiong Qiang will assume the role of chairman.
Ryan remains a non-executive director as TTG’s Australian board representative and will continue to provide ongoing support for the future growth of the company.
The changes have been prompted by guideline changes introduced by the Australian Shareholders Association that company directors hold no more than five seats on company boards, with the chairman position counting as two seats, Ryan says.
Wensheng Cai has also resigned as non-executive director due to increased responsibilities in other board roles in Hong Kong.
He has been replaced by Zoe Zhou, who was includes on Forbes’ 2017 30 Under 30 Years of Age Asia List as one of the young talents and change makers in industries ranging from consumer technology to health care and science.
Zhou started her career in venture capital in 2014 when she joined Longling Capital, a Xiamen-based venture firm in China specialising in seed stage, early stage and angel investments in the area of internet healthcare, internet education, internet finance and artificial intelligence.