Latest Atozpay News
Aug 26, 2020
Weyland Tech now owns majority stakes in Indonesia's AtozGo and AtozPay Aug. 26, 2020 9:09 AM ET Weyland Tech ( OTCQX:WEYL ) increases its stake from 31% to 51% in the operator of AtozGo food delivery services and AtozPay mobile e-wallet, PT Weyland Indonesia Perkasa (WIP). The ownership comes at no new cost to Weyland as it has earlier provided the financing of $4.5M to WIP. Together, AtozGo and AtozPay generate an annualized gross transaction run rate of over $20M. On growing number of mobile commerce and contactless transactions amid COVID-19, AtozPay has recorded over $9M in gross transaction volume year to date. "We are increasing our stake in WIP because of its demonstrated and continued success with AtozPay and AtozGo and the increased attention from companies like ShopeePay," notes Weyland Tech CEO Brent Suen. The transaction is expected to close within the next two weeks.