By Trevor Hoey
Novatti Group Ltd (ASX:NOV) has entered into a memorandum of understanding (MoU) with Shanghai Gingkoo Financial Technology Co Ltd.
The venture is aimed at leveraging the Chinese based company’s expertise in banking and financial services technologies.
More specifically, the collaborative arrangement will be used to develop opportunities to progress Gingkoo’s blockchain technologies and expertise.
Important presence in China
Gingkoo is a leading Chinese fintech company with a long history of providing technologies for banks in China and overseas.
The group has their own blockchain technology called Starfish.
Gingkoo is well funded with some 200 staff involved in fintech development and implementation.
Gingkoo financial backing and Novatti’s commercial network make a good fit
Novatti’s extensive commercial networks both in Australia and overseas present opportunities for the deployment of Starfish.
Gingkoo said it was an ideal time in China to execute on its growth strategy as they fit well with creating opportunities for Starfish in financial services and logistics enterprises.
Under the agreement, Novatti and Gingkook will work on a shared outcome basis to plan, market and deploy Gingkoo Starfish blockchain solutions.
Novatti and Gingkoo will quickly allocate project resources to give early impetus to the MOU, however given the early stage of this agreement, it is too early to predict or plan financial outcomes.