RC365 Holding PLC on Friday said its subsidiary Regal Crown Technology Ltd has signed a collaboration deal with APEC Business Services Ltd.
RC365 is a London-based company focusing on payment gateway solutions and IT support services. APEC is a wholly-owned subsidiary of Hatcher Group Ltd.
The firm said the deal is to develop and upgrade the RC2.0 wealth management solutions app into an advanced version, RC3.0.
On June 1, RC365’s subsidiary Regal Crown Technology Ltd said it signed a non-legally binding memorandum of understanding with Hatcher for artificial intelligence development. It said the deal will be valid for two years.
On Monday, RC365 said that Regal Crown was working to finalise a legally binding contract with Hatcher.
The company said APEC will pay Regal Crown HK$15 million, or £1.5 million for the development of the application, with the figure payable on the signing of the agreement.
RC365 added that the two companies will each receive 50% of revenue generated from the use of the RC3.0 app.
RC365 Chief Executive Chi Kit Law said: ‘We are delighted to have entered into this agreement with APEC which will allow Regal Crown to upgrade its existing RC2.0 platform to RC3.0. This will be a multi-platform app available to businesses and individuals, existing and prospective customers, providing them with better online payment and banking services and support.’
RC365 shares rose 8.8% to 87.00 pence each in London on Friday morning.
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