GGRAsia – China Vanguard links to payment firm for PRC lottery

China Vanguard links to payment firm for PRC lottery

Sep 01, 2014 Newsdesk Latest News, Rest of Asia, Trends & Tech

Hong Kong-listed China Vanguard Group Ltd, a company providing lottery-related services to the mainland China market, has entered into a strategic cooperative agreement with Guangzhou YBDS I.T. Co Ltd, a subsidiary of Yunbo Digital Synergy Group Ltd.

The deal will allow China Vanguard’s lottery distribution points to be equipped with Yunbo’s non-cash online and offline payment system.

The two companies “will each share a certain percentage of the revenue generated” from the non-cash payment system, China Vanguard said in a filing to the Hong Kong Stock Exchange on Sunday.

The document added: “A further agreement setting out the details of [the] commercial arrangement will be entered into between the parties in accordance with the progress of the development of the business.”

China Vanguard announced last month a deal with a Shenzhen-based company to design and implement a lottery game interface for lottery sales platforms on so-called smart televisions.

The China Vanguard lottery business covers 18 provinces and regions in mainland China, according to the firm, both for the welfare and sports lotteries.

Market-wide, lottery sales in mainland China are up by 23.9 percent in the seven months to July 31, to RMB215.6 billion (US$35.1 billion), official data show.