Press Release (ePRNews.com) - SEOUL, South Korea - Feb 26, 2018 - TiENPAY Limited, a Hong Kong-based FinTech Company has entered into a Business Alliance Agreement with South Korea’s KCX Exchange (KCX Co., Ltd.) and subsidiary company, Open Block Chain Consortium Co., Ltd. TiENPAY Limited and Open Block Chain Consortium Co., Ltd. have agreed to jointly research and develop a new South Korean-based blockchain platform solution, sharing resources and revenue, and together entering into overseas markets promoting their mobile e-wallet, PrePaid Debit Cards, and cryptocurrency exchanges, among other banking hardware tools currently in development.
KCX Exchange’s largest investor and shareholder is Hanil Vacuum Co., Ltd. (123840.KQ), a listed company on the KOSDAQ, a trading board of the KRX Korea Exchange. This multilateral Business Alliance Agreement’s framework is fundamentally based on the equity investment by KCX Exchange’s subsidiary, Open Block Chain Consortium, into TiENPAY Limited. Open Block Chain Consortium has acquired 19 percent shareholder equity in TiENPAY Limited for 3 Billion Korean Won (equivalent to approximately 2.77 Million USD).
TiENPAY Limited has steadily built a global network of blockchain focused partnerships and tools, including a Software as a Service (SaaS) platform which can store cryptocurrencies such as Bitcoin and Ethereum, among others, inside the TiENPAY mobile app as a hot wallet. TiENPAY’s app is scaling up to serve as an all-in-one tool for account management and bill payments, and directly linked to TiENPAY’s PrePaid Debit Card. TIENPAY’s mobile wallet app can be downloaded for iPhone iOS and will be available shortly for Android. TiENPAY & Partner Company’s customers can withdraw their cryptocurrency and convert into legal tender fiat and digital assets by utilizing the TiENPAY Ecosystem of hardware and software tools.
Commenting on today’s Business Alliance Agreement, Open Block Chain Consortium’s CEO, Mr. Lee Jin-Gil stated: “By OBC becoming a strategic shareholder and acquiring shares in TIENPAY Limited, we are empowering our Team with the needed resources to fully maximize the TiENPAY business model and tool set in order to deliver to our expanding Korean custom base with the highly sought after cryptocurrency settlement solutions which are so timely to arrive here in the Korean marketplace.”