Tolling operator Jiangsu Tongxingbao Intelligent Transportation Technology (hereafter referred to as "Tongxingbao") and Genvict created a joint venture named Shenzhen Baoyi Transportation Technologies (hereafter referred to as "Baoyi"). The purpose of the joint venture is to leverage both sides' expertise and resources in electronic toll collection and develop ITS applications in urban areas.
"After development for decades, China now has the world's largest ETC market. The ETC infrastructure lays the foundation for the digitalization of highway operation management, and paves the way for combining ETC with 5G V2X technologies," said Luo Ruifa, Chairman of Genvict Technologies, "We believe that the establishment of Baoyi is the alliance between giants in ITS industry, and will definitely achieve great success."
Genvict is the leading Intelligent Transportation Systems (ITS) and Internet of Vehicles (IoV) solution provider with core businesses in electronic toll collection (ETC), smart urban mobility, and connected vehicles (V2X).
Tongxingbao is the ETC operator in Jiangsu Province, China, in charge of the ETC operation, technology development and customer service. Currently, Tongxingbao has developed over 17.5 million ETC users, ranking as the third largest ETC operator in China.