OpenDNA Limited (ASX: OPN), an artificial intelligence and e-Commerce marketing company, announced on 8 April 2019 regarding its agreement with Novatti Group Limited (ASX: NOV) to further extend the payment processing capability of the OPN to service the Chinese tourists, business travellers, students, as well as the Chinese people living in Australia.
The integration of China Payments platform of Novatti and RooLife portal of OpenDNA will enable the Chinese customers to purchase products, as well as avail services via WeChat and Alipay when they are in the Australian region. It will further extend RooLife’s capability to process payments directly in Australian Dollars. Thus, it optimizes the position of the company with respect to the foreign exchange movements.
The above-mentioned integration will open doors of opportunities for the company. Apart from the sale of retail goods and tourism services, the Company would now be adding payment processing for items which includes the education fees, rent, utility bills, as well as other payments. Through this, the company would be receiving a commission on all the payments processed, without any additional or upfront cost to be incurred.
The service will be able to optimize the transactions between the merchants of RooLife and Australian customers. The merchants and the Australian customers will be delivered fast settlement through an Australian domestic funds transfer to the merchant's Australian account in AUD, where the payment transaction will be through WeChat and Alipay made by the Chinese when they are in Australia.
The China payments modules of Novatti will now be added to the OPN’s RooLife e-Commerce platform and hyper-personalization AI engine. It will provide additional customer profiling along with the valuable understandings about the Chinese residents, tourists, as well as purchasing habits of the business travellers, which will be creating further opportunities for sales of the products.
Mr Peter Cook, who is the CEO of Novatti said that by helping the tourists and the general Chinese customers, both OpenDNA and Novatti are enabling new revenue streams. These Chinese customers and tourist would be able to better interact with the Australian businesses, and at the same time, they can even purchase additional Australian products and services.
On 2 April 2019, the company announced the strategic changes in its board. As per the update, Mr Bryan Carr had joined as the Managing Director of the company. Also, Mr Jay Shah who is the founder of OpenDNA had stepped down from his role of Non-Executive Director of the company.
Further, On 14 March 2019, the company announced the selling of Australian tour packages in China through its RooLife platform. Also, on 12 March 2019, OpenDNA entered into an agreement with EVE for online sales for the honey products in China through its RooLife platform.
During the last 6 months period, the stock has given a yield of 37.84%. A further improvement was seen in the YTD performance, where the stock gave a return of 45.71%. By the closure of the market on 8 April 2019, the price of the shares of OPN was A$0.050, down by 1.961% as compared to its previous closing price. The company has a market capitalization of around A$10.55 million with circa 206.87 million outstanding shares.