BLOK Technologies has entered into a non-binding letter of intent (LOI) with Port Mercantile Capital to acquire SimpleBlock Payment Systems, a mobile banking and payment software platform.

Operational in multiple financial institutions in Asia, the SimpleBlock platform enables consumers and businesses to make payments, money transfers as well as e-commerce transactions through their mobile phones without a bank account.

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Since 2014, more than $10m has been invested to develop this technology.

It has been developed to offer a cost-effective payment solution to the un-banked and under-banked people living predominantly in developing countries.

BLOK Tech CEO Robert Dawson said: “Banking and payment processing are key areas of focus for us, and we have strategically targeted these sectors for investment and product development.

“The SimpleBlock platform is feature-rich and with the addition of blockchain technology, we believe it will be an efficient and effective technology solution for the un-banked to transact with businesses and fellow consumers.”

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Under the terms of the LOI, BLOK Tech will acquire full interest in the SimpleBlock software and source code by issuing 6,000,000 shares of common stock subject to escrow requirements pursuant to CSE policy as well as additional $215,000.

Port Mercantile chairman and CEO Eric Schjelderup said: “We have invested in the development and application of our technology platform and it is ready for blockchain integration and market deployment.

“Together with BLOK Tech we will commercialise our Fintech solution to serve the needs of consumer and industries in our target markets.”

The LOI is expected to be superseded by a formal definitive asset purchase agreement.

The transaction is subject to necessary regulatory approvals and other customary closing conditions.