Allied Technologies to invest in China payment provider

Singapore

ALLIED Technologies has signed a binding framework agreement to invest US$10 million in a provider of payment and technology solutions to the corporate travel market in China.

In a filing to the Singapore Exchange on Tuesday, Allied Technologies said the memorandum of understanding (MOU) with 8travelpay Intelligence & Technology (Shanghai) Co (8TPS) is to provide a platform for the Singapore company to diversify its business operations and invest in the technology and services sectors, as well as to penetrate China's growing corporate travel market through a strategic partnership.