Sealand Capital To Provide Services To WeChat App Users

LONDON (Alliance News) - Sealand Capital Galaxy Ltd on Wednesday said it has formed a ...

Alliance News 21 November, 2018 | 1:17PM
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LONDON (Alliance News) - Sealand Capital Galaxy Ltd on Wednesday said it has formed a wholly-owned subsidiary to provide services to users of the Chinese app WeChat.

Shares in Sealand, which invests in and acquires IT and social media businesses in the Asia-Pacific region, were up 18% at 2.95 pence.

The firm's subsidiary, ePurse (HK) Ltd, will provide services to companies looking to sell to WeChat users. ePurse will offer merchant services including payment services, marketing, and advertising.

WeChat is a multi-purpose social media, messaging, and mobile payment app and was developed by Tencent Holdings Ltd.

WeChat is commonly used in China and has 1.1 billion users, while Chinese internet censorship blocks common social media apps such as Facebook and Instagram.

Sealand will roll out its WeChat business in multiple countries over the coming months and is already earning commissions from early activities in Hong Kong. It has also obtained licences to operate in both Dubai and the UK as a WeChat partner.

"As we have a presence in both the UK and China we are uniquely placed to take advantage of both these markets, especially as we believe that the most valuable way to access the Chinese market is through WeChat - a platform that is pervasive in China and a tool that Chinese tourists want to use on their travels," said Sealand Executive Chairman Nelson Law.

"We are also looking to partner with or acquire other potential high growth companies that work well with our existing business," Law added.

By Anna Farley; annafarley@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Sealand Capital Galaxy Ltd 3.25 GBX 0.00 -
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