RC365 Holding (LSE:RCGH), the payment solutions and fintech group, has secured an additional development contract worth HK$2 million, approximately $250,000, through a wholly owned subsidiary.
The client is Blacksilver Trust (Hong Kong), which was onboarded to RC365's Wealth Management System and announced on 28 September.
The new contract sits alongside Blacksilver's existing five-year strategic partnership and recurring monthly software-as-a-service fees, adding one-off development fees on top rather than replacing them.
Work covers three areas: connecting the platform to external securities-firm trading and execution APIs, integrating Blacksilver's existing card system through a tailored module, and building a mobile version of the Wealth Management System, including interface design and prototypes.
Securities-firm connectivity depends on third-party providers supplying specifications, credentials and API access, the company said.
The contract generates API implementation and system development fees for RC365 but does not carry fees linked to transaction volumes processed through Blacksilver, nor does it introduce new recurring subscription charges.
"This contract puts our wealth management commercial model into practice: recurring platform fees complemented by separately charged integration and development services," said Chi Kit (Michael) Law, RC365's chief executive.
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RC365 has completed two share allotments since the year end, in June and July, raising gross proceeds of £1.25 million, and its principal shareholder has provided a guarantee of up to $4 million in support of the company.
The board has received proposals for convertible loan note and other financing but, having consulted its advisers, does not consider the terms currently on offer to be in shareholders' best interests.