RC365 shares surge on strategic partnership with Blacksilver Trust
RC365 Holding PLC on Friday announced a strategic partnership agreement with Blacksilver Trust (Hong Kong) Ltd, which it sees as a potential source of recurring revenue.
In response, RC365 shares were 11% higher at 2.73 pence on Friday morning in London.
The payment solutions and fintech company, which operates primarily in east and southeast Asia, entered the partnership through its subsidiary Regal Crown Technology Ltd. It said the agreement has an initial five-year term, but is meant to establish a long-term relationship.
RC Tech will provide Blacksilver, a Hong Kong-based trust and financial services provider, with "an integrated suite of financial technology solutions designed to enhance its operational capabilities and support its continued growth."
These include management services for multi-currency business accounts, secure API connectivity, and the integration of RC Tech's fintech solutions into Blacksilver's trust management system. The fintech solutions are based on RC365's RC3.0 platform, which recently entered its soft launch phase.
RC365 said implementation will start immediately following the agreement's execution, with a monthly software-as-a-service fee of USD5,000 per client per service type. This is subject to an 8% annual increase.
"The agreement marks a further step in the expansion of our B2B fintech offering and demonstrates the breadth of our RC3.0 platform by combining virtual account infrastructure, API integration and trust management system modernisation within a single client deployment," Chief Executive Officer Chi Kit Law commented. "We look forward to working closely with Blacksilver Trust as the partnership is implemented and to supporting the continued development of its business."
RC365 said the agreement represents an important commercial milestone, broadening the commercial application of its technology and supporting its strategy of providing regulated financial services businesses with integrated fintech solutions.
It added that the agreement has the potential to generate recurring revenue "through the provision of technology services, ongoing platform support and associated maintenance services."
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