QPAY embraces change and innovation under new leadership – press release
Qpay re-positions as a major technology provider with SQID Technology
Executive Chairman of Qpay Holdings Limited, Mr. Peter Hall has been appointed by shareholders to take Qpay’s established, patented and trusted technology to the market. The business’s new strategy is focussed on providing a wider range of transaction retailed products and services using their new technology brand, SQID, which is an acronym for Secure Identification; recognising the respected and patented authentication process that Qpay is renowned for. SQID will present a diversified product suite that recognises the business as major technology provider, delivering solutions that set them apart from their competitors.
SQID, as an established technology provider, with parent company Qpay’s global patents held against its unique authentication process will be a force to be reckoned with. The established technology has been proven and is actively being used by businesses such as the Airportlink tollway. The approach is to leverage this success and re-position SQID a technology provider of multiple solutions and applications. Diversification is essential across a number of product streams instead of just offering a single product and critical to the growth of SQID as a competitive technology provider. The core technology used during the authentication of transactions demonstrates how you can use your mobile phone to validate a transaction and we are all familiar with the extraordinary and ongoing growth of the mobile platform.
The technology used by SQID is extremely relevant to the world of today as Mr. Hall explains, “A number of people use the secure tokens for authenticating transactions and the problem with that is that you have to distribute the hardware to people and have to run servers in the bank. With the SQID technology, however, you do not need to install any hardware as everyone has a mobile phone and there is no software or app required with it also functioning on a non-smartphones. If you have a mobile phone and you have connection, then you can authenticate transactions!”
“Banks are predominantly using SMS to authenticate transactions Mr Hall acknowledged, adding, if somebody gets your credentials and have the opportunity to steal your phone you have essentially given them access to your bank account; however with SQID technology, they may still steal your phone but they must know your PIN to put into the phone to authenticate a transaction giving you that extra layer of protection and security.”
Mr. Hall, when asked why he was the right person to drive this change, shared his experience and confidence in the technology as key to the future success of SQID technology. Mr Hall explained “One of the processes you need when restructuring the business is to rebuild the team. My background is in the role of being a professional advisor consulting to software development companies for the last 10 years and prior to that I was CEO of a software development company in Brisbane that built its business around transaction protocol conversion, which is the data language that systems such as EFTPOS use.” “As Executive Chairman of SQID technology and on behalf of our 200 + shareholders we have a vision for the long-term future of our patented technology based on the credibility and success of the product and its implementation both overseas and locally which is driving our focus and energies” Mr Hall added.
“Our plan is to spread globally as we have a distribution agreement with a company that produces payment transaction switches. That is the next layer down inside the network and is like a traffic controller for transactions. Our plan is to provide that transaction switching and transaction test tools to what we would call the tier three banks, building societies and credit unions in the market.”
“Our exclusive distribution agreement is for the Asia Pacific region which covers 60% of the world’s population and the product provider is originally based in the United Kingdom with distributors in the UK and the US. This will provide tremendous upside for both the company and its shareholders.”
Capital raised by investors in the coming weeks will be crucial to the future of the company to realise its growth and expansion. Mr. Hall was clear as to where investor capital would be used to have the most impact stating “The money raised would be used to build a strong sales and support team to deliver the switching and test tool products and to provide some expansion in our hosted services to merchants through Australia to ensure the impetus of the business continues its momentum.”
Qpay Holdings Limited current 1 for 5 non-renounceable rights issue provides an opportunity to both current investors and new potential investors is set to raise a minimum A$300,000 by 18th April 2014 and the offer maximum is just over $4 million.
Qpay Holdings Limited are offering their current investors and potential investors the opportunity to participate in helping grow the business’s new strategy which is focussed on providing a wider range of transaction retailed products and services using their new technology, SQID.
ABOUT QPAY HOLDINGS LIMITED
Qpay Holdings Limited is a Brisbane based unlisted public company with 240 shareholders that was founded in 2006 to develop technology for the secure authentication of transactions like ecommerce, credit cards, loyalty programs and other short duration transactions in the transactions industry. The business has diversified into the sales and distribution of transaction testing and processing solutions for the transactions industry following a major restructure in late 2013.
Peter Hall is an independent advisor who assists with turnarounds, succession planning and growing businesses seeking to prosper. He founded the not for profit (NFP) Business Advisor Network that has grown to over 1100 registered advisors across 20 countries. The Network has established other NFP initiatives like the http://smallbusinessadvice.org.au website to assist small business. He is a former committee member of the Turnaround Management Association, a Fellow of the Australian Institute of Company Directors and a Fellow of the Institute for Independent Business. He is a director and shareholder of Qpay Holdings Limited and is actively involved with its subsidiary SQID Payments.