Cloud Alliance signs e-payments, gaming MOU with Hong Kong company

CLOUD Alliance, a Singapore-headquartered payments and gaming firm, has entered into a memorandum of understanding (MOU) with a unit of Shunten International, a Hong Kong-listed provider of online payment services, to collaborate in areas such as e-payments and gaming.

In a filing with the Hong Kong Stock Exchange on Wednesday, Shunten International said that the MOU seeks to expand the company's WeChat cross-border payment business by leveraging Cloud Alliance's payment solutions and partnership with Unity to reach out to millions of game developers and gamers.

Unity is a game development engine within which Cloud Alliance's flagship product and payment aggregator tool, CloudMoolah, is integrated. CloudMoolah enables Unity developers to access more than 500,000 retail point-of-sales and more than 100 million gamers across South-east Asia; CloudMoolah has an exclusive partnership with Unity in South-east Asia to co-develop a distribution platform for mobile games made with Unity, said Shunten International.

A refundable earnest money of HK$1 million (about S$173,702) shall be payable by Wonderful Future to Cloud Alliance upon the signing of this MOU, which shall be held by Cloud Alliance during the exclusivity period, Shunten International added. The exclusivity period refers to the two-month period after the date of execution of the MOU, during which Wonderful Future has the exclusive right to negotiate with Cloud Alliance in relation to the terms of the proposed cooperation.

Shunten International said: "In order to further develop the group's WeChat cross-border payment business, the directors consider that it is in the interest of the company and its shareholders as a whole to enter into the MOU to explore the possibility of co-operating with Cloud Alliance to penetrate into the existing e-payment businesses and networks of Cloud Alliance."