Health tech company MyFiziq (ASX: MYQ) is making rapid inroads into the lucrative health-conscious Chinese market having signed terms with Tinjoy Biotech to secure direct access to their 28 million consumers.
The deal will see MyFiziq’s CompleteScan app integrated with Tinjoy’s WinScan Digital Health Platform where MyFiziq will utilise Tinjoy’s call centre of almost 1,000 telemarketers to contact WinScan users to buy MyFiziq products within the WinScan platform.
“Tinjoy has developed a tailored approach to better health outcomes and engagement in corporate, community and telehealth platform,” said MyFiziq CEO, Vlado Bosanac.
“I am also pleased Tinjoy views the agreement as a long-term partnership with their openness to MyFiziq acquiring a substantive holding if the platform achieves monthly users of 5,000,000 or more.
“The agreed consideration would be well under the monthly revenue MyFiziq would see based on the pricing we have structured in consultation with Tinjoy”.
The WinScan platform is just one of Tinjoy’s products with the Company’s primary operations focusing on traditional Chinese medicines based in the Guangdong Province. Through this pharmaceuticals business, Tinjoy has been able to establish a mass customer base where they achieve ongoing relationships with their customers through WinScan to promote ongoing health consciousness.
“MyFiziq has the potential to redefine not only the marketplace but also people’s relationship with their own health,” said Tinjoy Executive Director, Russell Bateman.
“The CompleteScan offering will be a valuable part of our user experience and engagement. We service millions of customers each month via our pharmacies and call centre marketing initiatives.
“China is a unique market and navigating the language is somewhat difficult. The reason our digital platform is so successful is we are able to deliver our customers a seamless easy to follow framework via our WeChat application. Our intention is to offer the CompleteScan functions as individual tests to draw people to their specific need case.”
As part of the deal, MyFiziq will fund USD $100,000 towards training of call centre staff while Tinjoy will commission bonuses for staff that can achieve elite sales targets and drive uptake towards the targetted 1,000,000 monthly users of MyFiziq products.
For the quarter ending 31 December 2020, MyFiziq reported cash receipts of AUD $456k but $847k negative cash flow. Despite this, investors have been flocking to MyFiziq which has a clear focus on partnerships to drive revenues now that their tech has reached commercialisation with MYQ shares having risen from $0.30 in July 2020 to now be trading around $1.80.