MyFiziq Limited (ASX:MYQ) has executed definitive agreements with Biomorphik Pty Ltd (Biomorphik), an Australian-based behavioural change and technology company.
Biomorphik has developed a medical health and wellness platform that is the bridge between medical and health/wellness with the aim of reducing health costs at all levels of society from the individual, to healthcare and insurance systems and governments.
The company has had a surge of interest in its product offering from governments and large corporations across Asia as a result of the current pandemic.
As a consequence of developments relating to the pandemic, Biomorphik has found that consumers, corporations and governments have developed a better understanding of the value of a healthy lifestyle and its impacts on individuals, families, business and economies.
This is an excellent fit with MyFiziq’s body scan technologies that have also come to market at a critical time as the demand for its products are accelerating.
New product to be launched end of year
Under the commercial terms of the definitive agreements, Biomorphik and MyFiziq have commenced working together to build and release an initial product by 10 November, 2020.
This will use MyFiziq’s new Body Scan OnDemand product which comprises a set of standalone iOS and Android applications, branded in Biomorphik colours, linked to Biomorphik’s iOS and Android applications via cross-app deep linking.
In parallel with the accelerated time to market integration, the parties are also working on a full integration of the MyFiziq SDKs (Software Development Kit) into the new platform that Biomorphik is developing.
With a target release date of March quarter 2021, the new MyFiziq integrated Biomorphik platform will also include multi-language versions to target specific countries in Asia.
All aspects of new product to be customisable
All of MyFiziq’s standard SDKs are included in the OnDemand version meaning that users have access to all the latest functionality offered by MyFiziq.
Meanwhile, authentication and payment options remain on the partner application.
This ensures that the OnDemand application can only be accessed via a partner application.
The OnDemand application has also been developed to be fully configurable by partners.
This means that branding, fonts and imagery as indicated below are fully customisable ensuring that user experience remains consistent between apps.
Targeting 100,000 active users in first 12 months
Commenting on this development, MyFiziq chief executive Vlado Bosanac said, “Biomorphik is our first partner to take advantage of our newly developed Body Scan OnDemand cross-linked iOS and Android applications, which we have built to get integrated products to market quicker, in turn enabling swifter user revenue generation for MyFiziq and our partners.
‘’As announced in August, Biomorphik originally confirmed a January 2021 MyFiziq integrated release.
‘’However, since then, Biomorphik has experienced a surge of new business interest in Asia due to the COVID-19 pandemic.
‘’In response to the surge in demand, we are now working with Nathaniel and his team to release the initial product to market by November 10, 2020, 3 months earlier than originally advised.’’
In conjunction with the express to market product, MyFiziq’s marketing team is assisting with a campaign to drive users throughout Asia to the Biomorphik platform.
The joint marketing campaign will focus on both user acquisition as user engagement and is targeted to commence in-line with the November 2020 release.
Biomorphik has undertaken a user target of 100,000 active users in the first 12 months and MyFiziq will play a role in achieving this target with a joint marketing campaign.