Benzinga | Jan 28, 2021 07:37AM EST

ZW Data Action Technologies Announces Partnership With WePay; The Companies Will 'establish a joint venture to cultivate transportation and travel consumption data analysis field'

BEIJING, Jan. 28, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies, Inc. (NASDAQ:CNET) ("ZW Data" or the "Company"), an integrated online advertising, precision marketing, data analytics, and other value-added services company, today announced that it entered into a strategic cooperation agreement with Shenzhen WePay Technology Co., Ltd. ("WePay"), pursuant to which the parties will establish a joint venture to cultivate transportation and travel consumption data analysis field.



ZW Data has steadily built its Internet business ecosystem in the past 18 years. It has accumulated marketing and transaction data for nearly 100 million users for precision digital marketing. WePay is one of the largest Internet transportation card and big data cloud service platforms in China. It is Tencent's strategic partner in NFC service, bus card issuance and recharge services. It has a wealth of massive users and resources in the transportation field. WePay has attracted strategic investment from companies such as Tencent and OPPO, and the WeChat Payment agent. It has built strategic partnerships with more than 20 provinces and cities (covering more than 100 prefecture-level cities) in public transportation, subway and highway ETC payment systems, and has nearly 150 million users. The annual transaction is approximately 2 billion RMB. The parties believe their joint venture will link ZW Data's comprehensive marketing operation system and user resources with WePay's huge offline traffic, and expect to jointly build a more efficient marketing and transaction platform.

In addition to the marketing business, the joint venture is expected to also work together to expand to consumer big data analysis, overseas payment and the Internet of Things supply chain financing services. Leveraging on WePay's technical background and data mining and cleaning capabilities, and ZW Data's BIF blockchain backed technology platform, the joint venture is expected to unite the e-commerce and offline payment for technology-powered precision digital marketing.

Handong Cheng, Chairman and Chief Executive Officer of ZW Data, commented, "We envision the joint venture take advantage of the new technology such as artificial intelligence, blockchain, cloud computing, and big data, and penetrate overseas and cross border payment market. NFC, QR code, Bitcoin smart wallet and other payment methods could all be used by us to build a comprehensive payment and transaction system. Our cooperation with WePay will broaden our BIF blockchain platform and capture more user data, which is essential for applications such as supply chain financing platform, live broadcast supply chain and other e-commerce transactions. We believe that the joint venture will involve vigorously in the transportation and travel consumption data analysis industry and bring new opportunities to ZW Data and WePay."