MyFiziq Limited (ASX: MYQ) has signed of a binding term sheet with China-Based health and medicine provider Tinjoy Biotech Limited.
The Terms Sheet grants Tinjoy access and distribution rights to the MyFiziq CompleteScan platform, which will be integrated into Tinjoy’s “WinScan Digital Health Platform.” WinScan was launched by Tinjoy in 2020 to expand the company’s digital presence in China. Tinjoy has a captive audience of over 28 million consumers within China, and the WinScan offering has been specifically designed in its workflow to accommodate the partner and community needs it addresses.
WinScan specialises in multiple segments of personal and population health, medical and preventative care using a well-developed digital engagement platform, purpose-built for China and the ease of navigation to local communities. WinScan supports care across, wellness, primary focus on identify individuals at risk of chronic disease.
MyFiziq and Tinjoy will be combining their respective platforms for release across multiple market segments within China. Whilst undertaking the integration, our initial focus will be to train 500 of the call centre team members to deliver the offering to the already-harnessed communities within the pre-existing Tinjoy customer base of 28 milloion potential users. Tinjoy will be producing appropriate media to demonstrate how to use the technology, which will initially include BodyScan, FaceScan, COVID symptoms check, and later DermaScan.
MyFiziq Chairman and CEO, Vlado Bosanac, said the companies are targeting a release of the combined solution in the initial offering allowing the individual’s an ability to take a single scan in any one of the three-preliminary scan’s by Q3, 2021.
Under the terms of the agreement, MyFiziq will contribute US$100,000 towards the training of the call centre marketers with a further US$100,000 contributed to the marketing and launch of the product with Tinjoy.
In lieu of this contribution, and an agreed first year target of one million monthly active users, Tinjoy will commission and bonus the call centre marketers with cash bonuses for achieving sales targets, to drive the uptake and achieve the agreed target of 1,000,000 monthly active users.
Tinjoy has developed a tailored approach to better health outcomes and engagement in corporate, community and telehealth platforms,” Mr Bosanac said.
“Not only providing a broad and conclusive offering, and also, provide comprehensive data analytics to the partner or end users. We find more and more a deep need for our solution, with a lack of understanding on how to use the data retrieved to truly engage and assist in better health outcomes.
“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 million 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.”
Tinjoy Biotech is a state-of-the-art producer of supplements and Traditional Chinese Medicines based in Guangdong Province, it has a fully integrated end to end production, distribution, and customer support process.
Through the Dongchen pharmacy group Tinjoy is able to service and support its growing customer base. A new high tech call centre facility using digital technology has recently been established in Nanning which allows long term engagement with repeat and new customers.
Tinjoy’s prebiotic supplements are produced in a patented process and are procured by a number of healthcare facilities across mainland China.
In the world’s second largest populations a need for a comprehensive and at home assessment capability for direct-to-consumer interaction,
Tinjoy’s WinScan platform is the digital interface of consumer engagement within the group. With millions of active monthly consumers engaging across the multifaceted organisation. WinScan is a purpose-built engagement, retention, and sales tool, specifically created to enhance and grow the company’s revenue, through data and knowledge at a personal health level.