ZW Data Action Technologies Inc. (NASDAQ: CNET) stock declined by 6.45% at last close as well as the CNET stock-price fell further by 8.62% in the pre-market trading session. ZW Data Action Technologies founded in 2003 and based in Beijing, China, provides corporate clients with online advertising, precision marketing, data analytics, and other value-added services.
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What is happening?
ZW Data Action Technologies has entered into a strategic collaboration agreement for worldwide payment solutions with VCan Fintech, a Hong Kong-based financial technology firm.
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In the previous 18 years, ZW Data has steadily expanded its Internet business environment. For precise digital marketing, it has gathered marketing and transaction data for almost 100 million people. For cross-border e-commerce merchants, VCan provides worldwide finance and payment options. The two businesses will begin a comprehensive collaboration in three key areas: business, operations, and technology.
In terms of the business, they’ll create data interfaces with VCan and combine the advertising and marketing industries. In terms of operations, they expect to introduce an integrated cross-border payment service method in order to join overseas banks, visa, UnionPay, international prepaid cards, PayPal, and other financial service systems through VCan’s regulatory licenses in Hong Kong, the United States, the United Kingdom, and other regions and countries.
In terms of technology, CNET plan to develop a B2B cross-border payment platform based on blockchain technology that will offer merchants blockchain technology support, cross-border payment data analysis, solution consulting, industrial capital solutions, and multi-dimensional industrial interaction services.
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Handong Cheng, Chairman and CEO of ZW Data stated,
CNET will grasp the pace with VCan and develop an integrated cross-border e-commerce worldwide payment and finance system against such a favorable backdrop. They want to help e-commerce businesses generate on-chain data and deliver a blockchain-enabled, linked system for supply chain, product data, and payment data.