AGTech expands e-wallet network to over 40 countries

Lottery and integrated technology services company AGTech Holdings Limited has announced that its subsidiary, Macau Pass, has partnered with Chinese tech giant Alipay+ to expand the coverage of the cross-border payment business of MPay, the e-wallet operated by Macau Pass, to overseas countries.

This expansion includes the United Arab Emirates, the United Kingdom, Switzerland, the European Economic Area countries (such as France, Germany, and Italy), Australia, New Zealand, Qatar, Singapore, Malaysia, South Korea, Japan, the Philippines, Thailand, and the USA. The service is set to launch in the third or fourth quarter of this year.
According to Thursday's announcement, the expanded cross-border payment coverage of MPay will enhance the e-payment experience for MPay users when traveling overseas and diversify the group's sources of revenue.
Hong Kong-listed AGTech Holdings Limited posted a 120.9 percent year-on-year increase in revenue for 1H23, reaching $37.6 million. This growth was mainly driven by the lottery and related businesses.
The lottery and related businesses recorded $11.8 million in income for 1H23, with profits for the same period reaching approximately HK$22.9 million. In the same period of the previous year, the Alibaba subsidiary had reported a loss of $11 million in 1H22.

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