Weyland Tech Advances Joint Venture with eSports Company to Provide Payment Platform for Fan Specific Goods and Services

Weyland Tech (OTCQX:QWTL) has announced that its joint venture discussions with FuntaseSports Entertainment has made progress and that the two companies have reached terms for cooperation.
As quoted in the press release:

“As I’ve said recently, eSports is an exciting growing part of the digital economy that presents huge opportunities for Weyland. Esports revenues are expected to grow to $1.5 Billion in the next three years. Partnering with Funtase is going to give our CreateApp platform access to a market that is rapidly growing and barely even existed 10 years ago,” commented Weyland CEO Brent Suen announcing the news.
“The preliminary terms we are finalizing with Funtase, will give us an early edge in providing the ‘picks and shovels’ for eSports related m-commerce consistent with our vision for the CreateApp platform. In our view the various leagues, teams, and players will be the SMB’s in this marketplace and with limited modifications we can provide the benefits of CreateApp to them in a similar fashion to our offerings to SMB’s in other markets.”
“Funtase has agreed to provide us access to their data on those market participants as part of a cross platform marketing strategy. That is a huge win, because we will not need to spend time identifying all the games, leagues, teams, and players. Instead we will be able to focus on providing these eSports market participants with the ability to reach their customers — fans and sponsors — with information and merchandise through the CreateApp platform. As AtoZPay comes online, we will also be able to provide a payments platform for those goods and services, generating additional user revenue.”
Funtase’s CEO, Jerome Park, commented “Weyland is well positioned to enter the eSports market as their user base is highly complementary to eSports with similar demographic profiles. Both of our companies are focused on a young demographic that is mobile-native and mobile-first, in a very complementary way.”
“The companies are also discussing Weyland’s ability to provide digital payments capabilities for the Funtase platform directly, which we will provide updates on as progress is made,” concluded Mr. Suen.
Weyland and Funtase are also exploring near term opportunities for deploying Funtase’s platform to Weyland’s CreateApp users as a ‘white-label’ app that enables daily fantasy sports for a new, younger eSports audience on a gamified platform that will differ radically from the current draft fantasy sport market offerings.

Click here to read the full press release.