Grand Vision Media Inks Partnership Agreement With Rakuten Bank

LONDON (Alliance News) - Digital media company Grand Vision Media Holdings PLC said Monday it has ...

Alliance News 11 February, 2019 | 5:01PM
Email Form

LONDON (Alliance News) - Digital media company Grand Vision Media Holdings PLC said Monday it has signed a partnership agreement with Rakuten Bank KK, a Japanese internet banking products and service provider.

Shares in Grand Vision closed up 10% at 19.80 pence on Monday.

As part of the deal, Rakuten is to promote Grand Vision's marketing services to its hospitality and retail customers looking to capture more Chinese tourist spending.

"Together with the WechatPay services offered by Rakuten, [Grand Vision] can offer an integrated marketing and payment solution to Japanese clients," said Grand Vision.

Initially, the services will cover assisting overseas brands with establishing or enhancing their social media presence in China.

The services will also include using Grand Vision's out-of-home capabilities to broadcast 3D videos of travel destinations and organise offline marketing events in Chinese cinemas to promote Japanese products and services.

Financial details of the partnership agreement have not been disclosed.

"Tourism marketing will be one of our key revenue drivers and core competencies as Chinese tourists now make up 21% of the total tourism spending worldwide. With Rakuten Bank as our partner, we are well placed to increase our reach to potential advertisers in Japan, the top destination for Chinese tourists. We have already started providing our service to our first Japanese client, Narita Airport," said Grand Vision Chief Executive Jonathan Lo.

This deal follows a strategic partnership announcement at the end of January, which Grand Vision entered into with private conglomerate CY Group in Korea. CY, which has interests in retail, cosmetics and marketing, is to introduce Korean advertisers to Grand Vision's marketing services and cinema network.

"We shall continue to develop partnerships in the other travel destinations frequented by Chinese travellers," said Lo.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Grand Vision Media Holdings PLC 8.00 GBX 0.00 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.