PAL Development Limited (“PAL”)
PAL Development Limited is intended to drive the Company's foray into the lottery business in China and beyond. Bright Ally's parent, iAsia Solutions Limited, is a prominent market player in providing comprehensive online trading and related service to financial institutions principally in Asia. Hence Bright Ally has the capability to provide value-added service to online operations, the requisite technologies and expertise in providing software solutions for the online trading industry. Together with LottVision's technology services capability, PAL is expected to drive LottVision's future lottery business in the region.
The lottery business in China is dominated by two state-authorised lotteries íV the China Sports Lottery and the China Welfare Lottery. According to industry sources, China's lottery industry has grown 50% annually in recent years, with the country's total lottery sales ranking ninth in the world.