- Tenet Fintech Group Inc. (PKK) has signed a co-marketing agreement with China UnionPay subsidiary, Rongbang Technology Ltd.
- The parties will promote each other’s services to their respective clients through joint-marketing initiatives
- Tenet was invited by Rongbang and UnionPay executives to make a nominal investment in Rongbang to allow for greater future collaboration between the three entities
- Making that investment provided Tenet with privileged access to roadmaps and planned rollouts of Rongbang’s flagship platform and eventually led to today’s announcement
- Rongbang services some of China’s most popular B2B and B2C e-commerce marketplace operators, financial institutions and businesses operating in various industries
- Tenet Fintech Group Inc. (PKK) is down 2.84 per cent and is trading at $8.55 per share as of 2:38 p.m. ET
Tenet Fintech Group Inc. (PKK) has signed a co-marketing agreement with China UnionPay subsidiary, Rongbang Technology Ltd.
The parties will promote each other’s services to their respective clients through joint-marketing initiatives.
Tenet is the parent company of a group of financial technology and artificial intelligence companies.
Its subsidiaries provide various analytics and AI-based services to financial institutions and businesses through the Business Hub™, an ecosystem where data analysis and artificial intelligence are used to facilitate transactions among its members.
Earlier this year, Tenet signed an agreement with Rongbang that allowed it to link its Business Hub™ to the China UnionPay network to provide fund-transfer and payment-processing services to Business Hub™ members.
Following a debut on the UnionPay network, Tenet was invited by Rongbang and UnionPay executives to make a nominal investment in Rongbang to allow for greater future collaboration between the three entities.
Making that investment provided Tenet with privileged access to roadmaps and planned rollouts of Rongbang’s flagship platform and eventually led to today’s announcement.
UnionPay uses Rongbang to provide customized versions of its services, such as the solution provided to Tenet, which includes the ability to create virtual bank accounts within Tenet’s Business Hub™ ecosystem.
Rongbang services some of China’s most popular B2B and B2C e-commerce marketplace operators, financial institutions and businesses operating in various industries.
The marketing cooperation agreement between Tenet and Rongbang is for an initial term of three years and will automatically renew for one-year terms following the initial term.
Tenet Fintech stock is down 2.84 per cent and is trading at $8.55 per share as of 2:38 p.m. ET.