Benzinga | Oct 20, 2021 07:39AM EDT

ZW Data Action Technologies Inc. Announces The Blockchain Payment Cooperation With Its Blockchain Integrated Framework Automation Platform Services

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 the cooperation with Guangzhou Gongxiang Technology Co., Ltd. ("Gongxiang Technology"), an innovative facial payment service provider with over 600 thousands of merchant adoptions in 300 cities in China.



Under the cooperation arrangements, ZW Data will provide one-stop blockchain network and application services through the Blockchain Integrated Framework automation platform ("BIF Platform") recently launched by the Company to Gongxiang Technology and integrated with its existing payment service for the future of central bank digital currency or crypto payment need in accordance to forthcoming rules and regulations.

The cooperation allows Weilay Life, a cash-back and shopping rewards platform owned by Gongxiang Technology, to apply the digital transformations and adopt solutions of Non-Fungible Token ("NFT") and Decentralized Finance ("DeFi") with service solutions provided by BIF Platform. The cooperation will include the setup fees and future per transaction fee of 1 to 3%.

"We are excited to announce our cooperation with Gongxiang Technology as this cooperation is another remarkable progress we have made since the launch of our BIF Platform. We are confident that the potential expansion to many other cooperative merchants of Gongxiang Technology will accelerate the market presence of BIF Platform providing more case scenarios. Going forward, we expect to continue to actively seek business opportunities for our BIF Platform with more and more small and medium enterprises," commented Handong Cheng, Chairman and Chief Executive Officer of ZW Data.