SU Group Holdings Limited (NASDAQ:SUGP), a company that provides security-related engineering services in Hong Kong, has entered into a partnership with UrbanChain Group, a technology company that specializes in advanced Artificial Intelligence of Things (AIoT) solutions for transportation and mobility.
The two companies signed a memorandum of understanding (MOU) to work together on developing new systems for car parking, security, and access control. These systems will be integrated with AIoT technology, which connects devices and makes them smarter through artificial intelligence.
The partnership will focus on introducing these solutions in Hong Kong, Macao, and Southeast Asian markets. One of the key drivers for this collaboration is the growing demand for electric vehicle (EV) charging.
As more people use EVs, there is a need for better systems to manage parking, charging, and collecting fees automatically. The two companies plan to create a trial project to test how well these new platforms work.
They will also explore how to make money from these systems, such as through parking fees, EV charging fees, and security services. The companies may choose to share profits from the projects they develop together.
Smart Parking Reimagined: UrbanChain’s Advanced Tech Meets SU Group’s Security Expertise
UrbanChain Group will bring its cutting-edge software and hardware technology to the partnership, which includes tools like vehicle recognition (to automatically identify cars), reservation systems for parking spaces, app-based payment options, real-time data displays, dynamic pricing (where prices change based on demand), and receipt recognition.
These tools will help improve how parking lots and security systems operate, making them more efficient and user-friendly. On the other hand, SU Group Holdings Limited (NASDAQ:SUGP) will provide its expertise in security systems, access control (managing who can enter certain areas), and traffic management.
They will also offer engineering support and business connections to help make the project a success.
Additionally, SU Group Holdings Limited (NASDAQ:SUGP) will explore the possibility of investing in UrbanChain Group by providing financial support in the form of equity (ownership shares), debt, or convertible financial instruments (which can be converted into shares).
Dave Chan, the Chairman and CEO of SU Group, expressed excitement about this partnership, saying that they were impressed by UrbanChain’s team of engineers and IT professionals. He noted that UrbanChain is known for creating affordable, reliable, and profitable solutions that connect cities through advanced AIoT systems.
We were impressed with our new partner’s outstanding team of engineers and IT professionals, which are known for delivering affordable, reliable, sustainable profit-making solutions that enable cities to be connected using next-generation Artificial Intelligence of Things systems.”
Dave Chan, Chairman and CEO of SU Group
SU Group CEO Hails UrbanChain Partnership as Game-Changer for Smart Cities
Chan emphasized that by combining UrbanChain’s technology with SU Group Holdings Limited (NASDAQ:SUGP)’s experience in designing and maintaining security and monitoring solutions, they will be able to offer customers the latest innovations in these areas while expanding into new markets.
This partnership is part of SU Group Holdings Limited (NASDAQ:SUGP)’s broader strategy to grow its business by entering new markets and offering more services to existing customers. By doing so, the company aims to increase its revenue, grow its profits, and ultimately create more value for its shareholders.
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