Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of embedded software and products for the
Internet of Things (IoT), has signed an agreement with Zippie, a
blockchain application and payment platform company headquartered
in Singapore, to jointly develop solutions for IoT autonomous
payments to service the rising demand for digital currency
transactions.
Zippie is a pioneer in the Web3.0 payment
platform using blockchain technology. Zippie enables businesses to
send and receive programmable payments with money and other digital
assets, such as airtime, loyalty points, tokens, and gift cards.
Since 2017 Zippie has been developing an easy-to-use, legacy,
money-system-connected blockchain platform for the real world.
Zippie is obtaining e-money license in Europe and other selected
strategic regions. By the end of 2021, the Zippie payment system is
expected to be connected to 1.3 billion mobile wallets and 3
billion bank accounts globally. So far Zippie has accelerated three
applications on its platform:
(1) MyPlanet – a donation application for full
end-end transparency donation platform for conservation projects.
MyPlanet is a transparent way to directly support communities that
are releasing funds against clear milestones. MyPlanet is currently
in Tanzania for supporting animal conservation and re-forestation
projects. (www.myplanet.green)
(2) Lohko wallet – a platform for investors to
manage their digital assets. Lohko’s first available products are
physical gold and silver bars. Lohko tokenises physical gold and
silver bars making ownership easily and securely digitally
transferrable. The gold and silver are securely stored in a
custodial vault in Singapore. Investors also have the option to get
the gold bars issued as an NFT on the Ethereum main chain.
(www.lohkowallet.com).
(3) AirImpact – a dashboard for corporates to
manage their value transfer. AirImpact develops solutions to enable
transparent value transfer in donations, mobile airtime, and
digital coupons. AirImpact connect people with financial means to
those who can create an impact within their local communities.
(www.airimpact.co).
PAMS Foundation is a conservation non-profit
with a mission to empower the people who protect wildlife and wild
places and has used Zippie’s MyPlanet platform. Michele Mengegon,
Director at PAMS Foundation, said, “Zippie has provided us with a
ground-breaking technology solution that enables PAMS to support
local conservation communities in Tanzania and gives donors
visibility on how their funds are being used. It’s a win-win!”
About Autonomous
PaymentAccording to the Worldline report, there has been
huge growth in the number of connected devices, from an estimated
200 million globally in 2000 to around 38.5 billion in 2020. In
2020, 779 billion digital transactions were completed worldwide.
Today most of the payments are triggered by humans. Tomorrow, with
the advent of IoT rollout, these payments will be triggered
“autonomously” by machines, a key characteristic of IoT payments.
For example, a camera detects who is boarding and disembarking from
a train, and the correct fares are then automatically charged to
the individuals. Members of Gen Z are extremely concerned about
climate change and want to prioritize sustainable ways of living.
This will propel forward the sharing economy: individuals who are
less concerned with ownership will be able to share access to
material products with others, leading to lower costs for everyone
(paying only for what they need). IoT payments will help accelerate
the development of sharing economy platforms, because they help to
enable pay-per-use business models for physical products.
The key aspect of IoT payments is security – how
payment credentials are stored securely on a device, how access to
the device is controlled (to prevent hacking), and how users on the
device will authenticate themselves. Blockchain provides the needed
technology to manage and execute IoT autonomous payment
transactions. The essentials of using blockchain technology are the
inalterability of data (integrity), no single point of failure
(availability), identity managed by public/private key pair
(authentication), cryptographic primitives that deny data access to
unauthorized users (confidentiality), and the requirement that all
transactions be signed and auditable (non-repudiation).
With this strategic investment and
collaboration, Borqs and Zippie will jointly develop and promote
blockchain IoT autonomous payment solutions, where Borqs will focus
on the IoT device and Zippie will be responsible for the backend
payment gateway. The companies plan to launch the first reference
platform solution based on Android digital watch and with mobile
wearable payment connecting to various banks in the U.S., Europe
and Africa. Pat Chan, CEO of Borqs, said, “We’re very delighted to
invest and collaborate with Zippie. Zippie’s advanced payment
system using blockchain technology and Borqs’s leadership in IoT
technology will provide state-of-the-art solutions in IoT
autonomous payment.” Antti Saarnio, CEO of Zippie, said, “We have
partnered with Borqs in various projects before. We’re also very
excited in this strategic collaboration as Borqs is perfectly
positioned to serve the IOT industry and Zippie is able to provide
global programmable payment infrastructure to their client base.
Blockchain and IOT are the perfect match, as tokenization makes
money transfers programmable, which is needed for
machine-to-machine autonomous payments. We see huge business
opportunities in IoT autonomous payment solutions, especially with
the rise of digital currency electronic payment (DCEP). Many
countries have planned to launch their own DCEP in the near
future.”
https://worldline.com/content/dam/worldline-new/assets/documents/whitepapers/autonomous-payment.pdf
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio.
Borqs’ unique strengths include its Android and
Android Wear Licenses which enabled the Company to develop a
software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
About
ZippieZippie was founded by Dr. Tech. Antti
Saarnio and his co-founding team in 2016 with the current
headquarters in Singapore. Previously Antti was the Executive
Chairman of Jolla. He and his team co-founded Jolla in 2012 - a
Finnish mobile operating system company developing Sailfish OS. In
2019, Zippie launched the Airtime Network and E-money wallet in
Kenya. In 2020, Zippie launched its first third-party applications
Lohko Wallet (lohkowallet.com) and MyPlanet (myplanet.green) on the
Zippie platform and launched Airtime Dashboard for businesses to
transfer value to emerging markets around the
world.www.zippie.com
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “expects”, “believes”, “anticipates”,
“intends”, “estimates”, “predicts”, “seeks”, “may”, “might”,
“plan”, “possible”, “should” and variations and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Such forward-looking statements
relate to future events or future results, based on currently
available information and reflect our management’s current beliefs.
Many factors could cause actual events or results to differ
materially from the events and results discussed in the
forward-looking statements, including the possibility that the
development of solutions for IoT autonomous payment as mentioned
may not be successful or completed to the extent intended or at
all, and the negative impact of the COVID-19 pandemic on the
Company’s supply chain, revenues and overall results of operations,
so the reader is advised to refer to the Risk Factors sections of
the Company’s filings with the Securities and Exchange Commission
for additional information identifying important factors that could
cause actual results to differ materially from those anticipated in
the forward-looking statements. Except as expressly required by
applicable securities law, the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Contact:Sandra DouVice President of
Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.netwww.borqs.com
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