Mobetize Corp. (OTCQB: MPAY), a provider of mobile financial services (MFS) technology, has entered into a software license, customization development and service level agreement with Tata Communications (America) Inc., the company said.
Mobetize and Tata America have entered into the Commercial Agreement to govern the global deployment of products and services through the Mobetize B2B FinTech Hub (“Hub”) for Tata America´s customers based on a licensing model.
The agreement is a five-year strategic partnership which has three distinct contractual goals and delivery obligations tied to the relationship: the realization of revenue from anticipated service level support fees and the sharing of transactional proceeds; a technology alliance to jointly advance Fintech innovation in order to enhance revenue sharing opportunities; a research and development partnership intended to encourage new product innovation in FinTech.
Mobetize has been working with Tata America over the past 12 months under an interim agreement as a mobile money technology partner. The execution of the Commercial Agreement was a natural progression of its relationship with Tata America. The Commercial Agreement also goes a long way towards validating Mobetize´s business model and its unique positioning as an industry leading FaaS innovator.
Tata America is a division of Tata Communications Ltd, a global company with its roots in emerging markets. Headquartered in Mumbai and Singapore, it has more than 8,000 employees across 38 countries.