Chinese mobile point-of-sale (mPOS) supplier SMIT has signed a memorandum of understanding (MoU) in round A financing to invest in Mainsweb Technology (Shenzhen).

With the deal, the group will be able to venture into cross-border, e-commerce O2O smart terminal business to capture the development opportunities presented by overseas online shopping.

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As a result, an operation model would be created to provide solutions for retailers facing competition from e-commerce companies.

"This shift enables the group to realise its strategy for smart POS and O2O retail investment and its deployment in growing industries."

The three businesses operated by Mainsweb are ‘Linkeasyglobal’, a cross-border e-commerce platform for logistics, clearance and foreign exchange settlement; ‘eb56.com’, a cross-border e-commerce bonded B2B transaction platform; and ‘Himiwi’, a cross-border e-commerce O2O service platform.

SMIT president Shuai Hongyu said: "This shift enables the group to realise its strategy for smart POS and O2O retail investment and its deployment in growing industries.

“In view of the challenges of intense competition presented by online shopping to retailers, forging partnerships not only helps the retailers to secure new customers at lower costs, but more importantly, this unique operation model neither requires stocking inventory nor exerts pressure on cash flow."

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A total of 200 foreign famous brands entered the China market with assistance from Mainsweb.

Mainsweb also installs smart terminals in offline retail stores to attract customers.

SMIT’s partnership will help it leverage its technologies to provide smart terminals required by Mainsweb.