Affirms Achievements of Local Scientific Research and Supports Industry Moves Towards Intelligent Mileage

HONG KONG SAR - Media OutReach Newswire - 31 January 2024 - With the dawn of the New Retail Era, there has been a significant uptick in the use of electronic payment methods among the public. This trend, coupled with the Hong Kong Government's dedicated efforts to foster the development of a smart city, has led various industries to actively pursue digital transformation. Supported by EFT Solutions, a leading e-payment solution provider, and funded by Innovation and Technology Fund, CabCab which is a brand under Mobile Shop, a local taxi management and operation company, and the Automotive Platforms and Application Systems R&D Centre (APAS), are excited to jointly announce the launch of "CabCab", the first smart taxi metre in Hong Kong which is endorsed by the government. It will initially be piloted on 100 Urban and New Territories taxis, with a target to have 1,000 taxis equipped with the smart metre by the third quarter of this year.

Developed collaboratively by CabCab and APAS, and with the support of EFT Solutions, the innovative smart taxi metre "CabCab" offers more than just the functionality of electronic receipts in the future. It will simplify fare calculations for taxi drivers in scenarios involving toll tunnels, toll roads, toll areas, or other additional service charge. Drivers can conveniently select the relevant additional fees on the CabCab system, which then automatically calculates the total fare, thereby reducing the risk of human error associated with manual addition of these charges.

Mr. Wong Yu-ting, Managing Director of CabCab and Chairman of Hong Kong Tele-call Taxi Association, said, "CabCab stands apart from the traditional taxi metres. It offers a range of electronic features that significantly reduce manual operations, as well as opening access to different payment platforms, thereby enhancing the efficiency and quality of driver services. This innovation is set to positively transform the business ecosystem of the taxi industry."

Also, Mr. Sam Hui Kin-sang, CEO of CabCab, said, "CabCab is the first smart taxi metre which is developed by local enterprises and endorsed by the HKSAR. Along with the cooperation with EFT Solutions, the local e-payment solution provider, CabCab will introduce variety of electronic payment methods through the stable and certified system that meets the international security standards, to bring more convenient and safe payment experience for taxi passengers."

The application of e-payment has seen a dramatic increase in recent years, with more public transport systems gradually incorporating these payment options. CabCab will also expand its support for a variety of e-payment methods, including major payment platforms such as QR Code, credit cards, NFC, and overseas wallets.

Mr. Andrew Lo Chun-kit, Chairman and Chief Executive Officer of EFT Solutions, said," We are honored to participate in the project of CabCab and APAS to have achieved this milestone. This breakthrough not only revolutionizes the taxi sector but also promotes Hong Kong as a smart city. We will dedicate to continuously create more payment scenarios that move beyond the need of physical wallets, allowing the public to fully embrace the advantages of 'smart mobility'.

CabCab plans to integrate with "Internet of Vehicles (IoV)" and introduce new features such as taxi radio call and a positioning system, to address various industry pain points and enhance the whole system. Additionally, it aims to be implemented in 1,000 Urban and New Territories taxis by the third quarter of this year.

Dr. Lawrence Cheung Chi-chong, Chief Executive Officer of Automotive Platforms and Application Systems R&D Centre, said," There are currently over 18,000 taxis in Hong Kong, making them one of the primary means of public transportation for passengers. Taxis play a crucial role in promoting the development of green transportation in Hong Kong. APAS is committed to accelerating the development of automotive science and technology and actively supporting the industry, technical institutions, and other cooperative research and development of different advanced technologies. Our collaboration with CabCab is one of the achievements of the application of science and technology. APAS will continue to work with industry practitioners to develop more high-end technologies, as well as solve the pain points of the industry and promote Hong Kong's development towards a 'smart city.'
Hashtag: #CabCab #MobileShop #HKPC #EFTSolutions

The issuer is solely responsible for the content of this announcement.

CabCab – Operation and Business Development by Mobile Shop

Mobile Shop mainly specializes in the operation, promotion, and business development of taxi services in Hong Kong. The company is dedicated to leveraging technology in collaboration with partners to address industry pain points. It focuses on adapting to Hong Kong's unique traffic conditions and introduces the smart meters, which enhance the quality of taxi services and foster a sustainable industry ecosystem, as well as enable the public to embrace the advantages of "smart mobility."

CabCab, a subsidiary brand of Mobile Shop, is committed to integrating technology into daily life, as well as providing more comprehensive and accurate real-time information on road and data analysis.

EFT Solutions Holdings Limited

EFT Solutions Holdings Limited (Stock Code: 8062) has been committed to providing a full range of electronic payment solutions, supporting software and peripheral devices, in order to bring convenience to Hong Kong citizens and make their life better. It aims at providing the most suitable electronic payment solution for different customers, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation and maintenance service. Its EFT-POS terminal service covers renowned restaurant group, railway company, banks, major chain stores and department stores in Hong Kong.

Automotive Platforms and Application Systems R&D Centre (APAS)

The Automotive Platforms and Application Systems R&D Centre (APAS) is set up under the R&D Centre Programme of the Innovation and Technology Commission and was hosted by the Hong Kong Productivity Council (HKPC) until 31 October 2012. The Centre was merged with HKPC with effect from 1 November 2012. The Centre continues to undertake market-led R&D programmes as well as commercialises R&D results in collaboration with industry, universities and technology institutes in the area of automotive parts and accessory systems. The aim is to enhance the capabilities and competitiveness of Hong Kong's automotive parts and accessory systems industry, which is made up of different industry sectors including the foundation industries.

Hong Kong Productivity Council

The Hong Kong Productivity Council (HKPC) is a multi-disciplinary organisation established by statute in 1967, to promote productivity excellence through relentless drive of world-class advanced technologies and innovative service offerings to support Hong Kong enterprises. Being a key enabler of Industry 4.0 and Enterprise 4.0, HKPC strives to facilitate new industrialisation in Hong Kong, as well as bolstering Hong Kong to be an international innovation and technology centre and a smart city. The Council offers comprehensive innovative solutions for Hong Kong industries and enterprises, enabling them to achieve resources and productivity utilisation, effectiveness and cost reduction, and enhance competitiveness in both local and overseas marketplace. The Council partners and collaborates with local industries and enterprises and world-class R&D institutes to develop applied technology solutions for value creation. It also benefits a variety of sectors through product innovation, technology transfer, and commercialisation, bringing enormous business opportunities ahead. HKPC's world-class R&D achievements have been widely recognised over the years, winning an array of local and overseas accolades.

In addition, HKPC offers SMEs and startups immediate and timely assistance in coping with the ever-changing business environment, and strengthens talent nurturing and Hong Kong's competitiveness with FutureSkills training for enterprises and academia to enhance digital capabilities and TechEd competencies.

For more information, please visit HKPC's website: www.hkpc.org/en.