Under the deal, witnessed a few days ago in Dongguan, China, by Victoria’s Minister for Technology, Gordon Rich-Phillips, SmartTrans has been appointed as a supplier for Double Eagle's project with China Merchants Bank.
China Merchants Bank will market the new e-shopping and smart budget cards, called Piao Piao CMB, to its existing customers, and the company will market the product to the 400 million current e-shoppers in China.
With the agreement, SmartTrans will supply a number of services including its on-line and mobile billing systems and mobile and internet software, receiving consulting fees together with a royalty based upon total transaction revenue received by Double Eagle from the project.
Mr Rich-Phillips said Double Eagle China and SmartTrans had been working to secure the project for about 12 months and the recent execution of the agreement with China Merchants Bank and the appointment of SmartTrans as the core IT services provider for the project was a “real coup.”
“In addition to consulting fees, SmartTrans receives a percentage of the value of all transactional revenue received by the Double Eagle e-Shopping and e-Merchants system.”
The Minister said China Merchants Bank was a large, high profile Chinese Bank, with a 40 million-member customer base and was a well-known trusted brand in China.
He said the system would integrate Double Eagle China’s unique marketing and online loyalty systems with SmartTrans mobile payment and web payment platform, “which is a great example of a technology partnership involving Australian and Chinese companies with the export of Australian technology to China.”
Mr Rich-Phillips said the export deal was a significant partnership, “providing access for a Victorian company to the rapidly growing online shopping market in China which is projected to be the largest globally by 2015 with over $350 billion in sales.
“SmartTrans are already one of Victoria’s leading ICT exporters – the signing of this agreement helps to cement them as a significant player in the global market.”
The Minister is currently in China with Victoria’s Super Trade Mission to China – the largest trade mission ever to leave Australia – and comprising more than 650 delegates representing more than 400 Victorian organisations.