Tag Archives: FIN

PR Newswire

China and its Southeast Asian neighbors need to enhance industrial cooperation

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BEIJING, Oct. 9, 2022 /PRNewswire/ — By Beijing Review: In 2019, TCL, a Chinese consumer electronics company, began to build its new manufacturing base in Viet Nam. The new base has improved TCL’s production capacity with its products selling not only in Viet Nam but also to other markets in Southeast Asia and beyond.

In the first four months of 2022, the total foreign investment in Viet Nam surpassed $10.8 billion, up 88.3 percent year on year, according to its Ministry of Planning and Investment.

The country’s exports in the first quarter hit $88.58 billion, up 12.9 percent year on year, data from the Ministry of Industry and Trade showed.

Viet Nam’s rising status in the global supply chain has sparked discussion of the possibility that it will take away orders from China. In response, Wang Xiaosong, a research fellow at Renmin University of China’s National Academy of Development and Strategy, pointed out that China should adapt to the trend of some enterprises relocating their businesses to Southeast Asia.

“It is a natural process of industrial upgrading for China,” Wang told Beijing Review, adding that the development of near neighbors will facilitate mutual prosperity.

The strategy of relocating labor-intensive jobs to countries with competitive local resources that are much closer to target markets, while maintaining core and critical links in China, is motivating increasing numbers of Chinese manufacturers to take their operations overseas. For example, while TV assembly is the core business of TCL’s Vietnamese base, the company’s factories in China produce high value-added products such as display panels.

“The industrial relocation began in 2015,” Wang said. “Economic development has raised the cost of labor-intensive businesses in China so companies have turned their eyes to Southeast Asian countries with cheaper workforces.”

In addition, emerging markets in the region are also offering preferential policies to attract foreign investors. In Viet Nam, for example, firms making new investments in sectors including technology, footwear and automobiles are taxed at 10 percent for 15 years. This period also includes a tax holiday for the first four years and a 50-percent reduction in the corporate income tax rate for nine subsequent years, according to Bloomberg Tax.

Some companies have transferred due to non-market factors. Hanyu Group is a Chinese company producing drainage pumps. Three years ago, Hanyu’s products were included on the U.S. list of Chinese goods to be subject to added tariffs. Its U.S. clients told the president of company that he needed to take part of his operations overseas, otherwise they would turn to other suppliers. Consequently, he moved part of his assembly line to Thailand.

The COVID-19 flare-ups have also triggered concerns about a possible industrial chain exodus from China.

“Southeast Asian countries are unlikely to replace China as a destination for foreign investment,” Wang said, citing statistics released by Viet Nam’s Ministry of Planning and Investment.

Despite the 88.3-percent rise in foreign investment, Viet Nam’s newly registered capital decreased by 56.3 percent in the first four months of the year. It means few companies established new factories in the country and the increasing foreign investment came from companies already present there.

During the same period, paid-in foreign direct investment into the Chinese mainland expanded 26.1 percent year on year to $74.47 billion, according to the Ministry of Commerce.

China has complete industrial clusters, technological accumulation, and a huge market that cannot be replicated in the short term, he added.

“The growth of Southeast Asian markets is actually a boon for China,” Wang said. “We have close industrial chain connections with our near neighbors.”

Viet Nam, for example, imports upper stream core equipment, raw materials and supporting facilities mainly from China, which will create more opportunities for Chinese suppliers, he explained.

According to the General Administration of Customs of China, trade between China and Viet Nam hit $230.2 billion in 2021, with a year-on-year growth of 19.7 percent. China was Viet Nam’s biggest trading partner.

Wang suggested China to tap the potential of its less developed areas where the labor costs are relatively low and which could be new destinations for industrial shifting.

PR Newswire

Infobird Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement

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BEIJING, Oct. 7, 2022 /PRNewswire/ —  Infobird Co., Ltd (NASDAQ: IFBD) (“Infobird” or the “Company”), a leading provider of AI-powered customer engagement solutions in China, today announced that it received a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on October 6, 2022 notifying the Company that it has regained compliance with the Nasdaq Capital Market’s minimum bid price requirement and that the matter is now closed.

On March 28, 2022,  the Company was first notified by Nasdaq of its failure to maintain a minimum closing bid price of at least $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given 180 days, or until September 26, 2022, to regain compliance. On September 27, 2022, the Company received a 180-day extension from Nasdaq, or until March 27, 2023, to regain compliance. Effective September 9, 2022, the Company effected a 1-for-5 share consolidation.

The Notice noted that as of October 6, 2022, the Company evidenced a closing bid price of its ordinary shares at or greater than $1.00 per share from September 9, 2022 through October 5, 2022. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), and Nasdaq considers the matter closed.

About Infobird Co., Ltd

Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China. For more information, visit Infobird’s website at www.Infobird.com.

Forward-Looking Statements 

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will, “future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events, results, conditions or performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date they are made. In evaluating such statements, investors and prospective investors should review carefully various risks and uncertainties and other matters identified in the Company’s filings with the U.S. Securities and Exchange Commission. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

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PR Newswire

GAMURS CLOSES $17.8M AUD SERIES A FUNDING ROUND LED BY U.S. INVESTORS ELYSIAN PARK VENTURES AND CERRO CAPITAL

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Leading Gaming, Esports, and Entertainment Media Network Will Accelerate Strategic Acquisition Opportunities and Expand Into Adjacent Markets

SYDNEY, Oct. 6, 2022 /PRNewswire/ — GAMURS, the leading gaming, esports, and entertainment media network, today announced it has closed a $17.8M AUD ($12M USD) Series A funding round. U.S. based investors Elysian Park Ventures, the private investment arm affiliated with the Los Angeles Dodgers ownership group, and Cerro Capital co-led the round, with participation from Powerhouse Capital, Aura Ventures, and Artesian.

GAMURS will leverage the financing to accelerate its rapid growth strategy and expansion into adjacent markets. Founded by Riad Chikani in 2014, GAMURS has quickly developed into one of the industry’s largest media networks, with 55 million active monthly users across its portfolio of 16 major digital publications covering esports, gaming, and entertainment. 

“We are incredibly proud to have the backing of Elysian Park Ventures, Cerro Capital, and all of our incredible investors,” said Riad Chikhani, Founder and CEO of GAMURS. “The round not only presents a fresh injection of growth capital, but offers the opportunity to collaborate with strategically aligned investors who will actively add value in our journey to redefine gaming and entertainment media.”

The company’s organic growth profile has been amplified by acquiring small, underdeveloped digital media platforms and providing them with the tools, resources and global platform they need to scale with purpose. With the company already being profitable, the funds from this raise will predominantly be used towards further acquisition opportunities, as it continues to see these investments as core to its business model. As of July 2022, GAMURS’ revenue is tracking at 158% up on the previous year, and its EBITDA has more than doubled. 

“At Cerro Capital, we view GAMURS as the driving force to consolidate an incredibly fragmented esports and gaming media ecosystem. Through a number of M&A transactions to date, we’ve seen that they’re incredibly adept at identifying targets, running a smooth integration process, and driving near immediate growth in audience and revenue, in a profitable manner,” said Ashish Patel, Cerro Capital Co-Founder and Managing Partner. “We’ve been consistently impressed by CEO Riad Chikhani’s discipline and leadership in operating the organisation profitably – a rare feat in today’s digital media environment – all while still being under-monetised from an advertising perspective.”

According to Grand View Research, the global esports market is expected to grow at a CAGR of 21.9% through 2030, with factors influencing market growth including an increase in live streaming of games, rising audience reach, and infrastructure for league tournaments, among others. Since its inception, GAMURS has been at the forefront of identifying authentic and authoritative voices in the space, including its flagship brand, Dot Esports, and Gamepur. The market presents a unique opportunity for GAMURS to continue growing in terms of organic reach, and it plans to expand on its monetisation strategy to amplify its yield and earnings across its portfolio of brands.

In addition to its extensive media portfolio, GAMURS supports brands looking to reach its sizable esports and gaming audience which is predominantly 18-34 year-olds (64%). GAMURS’ service offerings include strategic sponsorships, digital media buying, bespoke content creation and campaign solutions, product partnerships, and more. GAMURS has created innovative campaigns with leading global brands such as McDonald’s, Red Bull, Nintendo, Intel, and more.

“Our mission at Elysian Park Ventures is to invest in companies that are going to have a profound impact on the sports world,” said Nikhil Bahel, Elysian Park Ventures Managing Partner. “GAMURS has quickly snuck up on the emerging esports market with a sustainable business model, and a remarkably focused and passionate founder in Riad. We’re excited to support the company as it continues to scale and present more opportunities for both consumers and advertisers.”

“We’re thrilled to continue to follow-on our investment into GAMURS for the third time, a testament to the company’s rapid growth and success. Our conviction has never been stronger as the team continues to deliver impressive results and maintains a healthy profitability margin,” said Eric Chan, Aura Ventures Managing Partner.

About GAMURS

GAMURS Group’s far-reaching gaming and entertainment network reaches 55 million monthly users across its group of mastheads. Its media portfolio includes Dot Esports, the world’s premier destination for competitive gaming news, Gamepur, a fastly growing voice in gaming journalism, Pro Game Guides, featuring in-depth guides for all gaming genres and devices, TouchTapPlay, a top destination for mobile gaming news and guides, We Got This Covered, a wide-reaching entertainment news site, and The Mary Sue, the geek girls’ guide to the entertainment universe, and others.

About Elysian Park Ventures

Elysian Park Ventures is a private investment firm created by the ownership group of the Los Angeles Dodgers that partners with exceptional entrepreneurs operating at the intersection of sports, technology, and entertainment. Based in Los Angeles, New York, and London, Elysian Park invests across stages from seed to growth, and also provides entrepreneurs with strategic, operational, and management resources through the Global Sports Venture Studio, Trailblazer Venture Studio, and Robin, among others. Learn more at elysianpark.ventures.

About Cerro Capital

Cerro Capital, a global sports investment firm, has launched a growth equity fund investing in the Future of Sports. Founded in 2021, by a team of principal investors and operators with decades of global experience, deep seated industry relationships, and access to premium deal flow, the fund aims to be the leading growth capital investor for Sports IP & Technology – a specialised yet significantly large and influential global industry reaching massive adjacent markets.

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PR Newswire

AC Ventures and Boston Consulting Group establish the first quantifiable ESG standards for Indonesia’s tech sector

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AC Ventures partnered with The Upright Project and used its proprietary platform to measure its portfolio’s impact on the environment and society. Overall, the firm and its portfolio delivered a result of +37% compared to the Nasdaq Small Cap Index’s +29%.

JAKARTA, Indonesia, Oct. 5, 2022 /PRNewswire/ — Earlier today, Indonesia-focused, early-stage venture capital firm AC Ventures (ACV) announced that it published the country’s most in-depth, data-driven impact report to date on the local digital economy. In the report titled “Scaling Impact With Technology,” ACV analyzed its own operations, as well as those of its portfolio companies, to offer a numerical baseline for environmental, social, and governance (ESG) reporting in the nation’s tech scene and digital economy.

In partnership with Boston Consulting Group (BCG) and with support from The Upright Project in Europe (Upright), ACV carried out a rigorous analysis to better understand the tangible effects it is having on the environment and society in the archipelago.

Upright is a tech company based in Helsinki, Finland. Its mission is to create incentives for companies to optimize their net impact. It produces data that helps institutional investors and companies make smarter decisions for the future, with ESG reporting in mind. Using Upright’s tech, ACV is the first venture capital firm in Southeast Asia to report on impact using quantifiable measures that meet European standards.

At the heart of the study is a metric known by industry practitioners as the ‘net impact ratio.’ This is a percentage score used to quantify how effectively a group of companies turns resources into positive impact. In the report, it measures how ACV and its portfolio performed in terms of ‘environment,’ ‘health,’ ‘society,’ and ‘knowledge.’

ACV’s overall net impact ratio delivered an above-average +37% with its strongest areas being ‘society’ and ‘health.’ To provide useful context, the Nasdaq Small Cap Index (NQUSS) features an average net impact ratio of +29%.

As a forward-thinking investment company, ACV is committed to diversity and inclusion. Within the firm, 50% of its senior leadership roles are occupied by women. Across the portfolio, this figure comes in at approximately 40%. In the report, ACV also unpacks the net impact of multiple portfolio companies and shares insights about their sectors and why they scored the way they did. 

“The purpose of this debut report is to give ACV, our portfolio companies, and the tech ecosystem in general a baseline for what to report and how to report in terms of ESG and impact,” explained Lauren Blasco, Principle and Head of ESG at ACV. “There is no more important time to do this than right now, as companies are increasingly being held to higher standards around the world. Running these net impact assessments today actually puts the startups we invest in on the best footing possible for the future when this kind of reporting inevitably becomes more of a mandate.”

“The key to creating long-term sustainable companies is through empowering founders to build companies which generate value not only for the economy but for society and the environment. By using net impact ratios, we are now able to measure value creation explicitly for society and the environment. This will be as important as financial metrics in evaluating the performance of new companies and our portfolio companies,” said Adrian Li, Founder and Managing Partner of AC Ventures.

At its core, ESG is a framework for addressing long-term risks that organizations may face in years to come. In the realm of finance and investment, it’s a fast-growing vertical, and global ESG assets are likely to exceed US$41 trillion in 2022 and US$50 trillion by 2025, notes Bloomberg Intelligence.

“Our commitment to finding and catalyzing effective solutions to pressing societal issues is at the heart of our company’s purpose. And we know we can make the greatest impact through collaboration. Through this report with AC Ventures, and with the support from The Upright Project, we hope to leverage our contribution in supporting Indonesia’s businesses on the road to achieving environmental, sustainability, and governance compliance,” said Neels Steyn, Venture Architect Director for BCG Digital Ventures.

He added, “As a market with one of the fastest growing economies in Southeast Asia, societal issues are no longer the issues of tomorrow for Indonesia, but a current challenge that needs to be addressed. The report showcases how we will be able to see more contribution towards the nation’s sustainable and inclusive economic growth by supporting equal digital access and development in Indonesia.”

To read the report in full, please visit: https://acv.vc/impact-report-2022/ 

About AC Ventures (ACV)

ACV is a leading Southeast Asian venture capital firm investing in early-stage startups focused on Indonesia and ASEAN. The firm’s mission is to partner with and empower entrepreneurs with more than capital. ACV combines operational experience, industry knowledge, deep local networks, and resources to create value for startups. Its vision is to be a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond. The firm is an official signatory of the UN’s Women’s Empowerment Principles, the Invest2Equal program under IFC – the private sector arm of the World Bank Group (8176888Z: US) – and the UN’s Principles for Responsible Investing.

ACV currently has over US$500 million in assets under management, invested across five funds. Since 2012, the firm’s partners have invested in more than 120 technology companies in the region, including some of the most iconic names in the ASEAN digital ecosystem. ACV’s Partners Adrian Li, Michael Soerijadji, Helen Wong, and Pandu Sjahrir lead a team of over 35 professionals with offices in Jakarta and Singapore.

About The Upright Project (Upright)

Upright is a technology company based in Helsinki, Finland. Its mission is to create incentives for companies to optimize their net impact. Upright produces data on the comprehensive net impact of companies, with the aim of looking both at the negative as well as the positive impacts at the same time and enabling smarter decision-making for institutional investors, consumers, and employees. In addition, Upright’s data offering covers the SFDR PAI indicators, EU taxonomy metrics, and UN SDG metrics for unlisted and listed companies. The Upright platform’s data universe is 14,000+ companies, and the clients include 200+ organizations in 15 countries (e.g. EQT, Trill Impact, Lightrock, LGT Capital Partners, Summa Equity, Nordea, etc).

About Boston Consulting Group (BCG)

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

PR Newswire

Automation Anywhere Secures $200 Million in Financing from Silicon Valley Bank and Hercules Capital

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SAN JOSE, Calif., Oct. 3, 2022 /PRNewswire/ — Automation Anywhere, Inc. , a global leader in Robotic Process Automation (RPA), announced today that it is has secured $200 million in financing from Silicon Valley Bank, SVB Capital, and Hercules Capital, Inc. (NYSE: HTGC). The financing is intended to provide operational and strategic capital for the next several years.

“We continue to be optimistic about the near-term opportunities for Automation Anywhere, as more companies scale automation and use the flexibility of our cloud platform to mitigate the impact of global events and navigate market challenges,” said Mihir Shukla, CEO and co-Founder, Automation Anywhere. “The financing enables us to expand on our mission to unleash human potential by helping every company build a digital workforce and succeed with automation.”

Recent research from Automation Anywhere reveals that automation budgets are dramatically increasing, with more than 77 percent of organizations indicating they will boost their automation budgets in the year ahead. The research also found that cloud-based automations are integral for the 93 percent of organizations that have already adopted a cloud-first approach to automaton. Cloud delivers agility and flexibility to rapidly respond to the nature of today’s quickly evolving environments.

“This partnership and financing with Silicon Valley Bank and Hercules Capital, complements an already strong balance sheet, and allows us to continue to invest in and enhance the best cloud-native automation platform in the marketplace today,” said James Budge, Chief Financial Officer, Automation Anywhere. “Our cloud strategy is working and is efficient, and with over 80% of our business being cloud, our over 50% revenue growth and strengthening margins have risen to the level that we believe $200 million is more than sufficient capital to see us through to profitability.”

“It has been a pleasure to work closely with Mihir, James, and the Automation Anywhere team over the past several years to support their continued growth,” said Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank. “Automation Anywhere is a leader in RPA and is helping companies automate and digitize enterprise processes that increase the productivity of their workforce, digitally transform their business, and become more resilient. The solutions Automation Anywhere provides are invaluable and we are excited to continue to support them as they accelerate the adoption of RPA.”

Gartner estimates that automation could result in a $15 trillion benefit to the global economy by 2030.  

In 2022, Automation Anywhere cloud customers have run an estimated 50 million automations, with leading companies deploying thousands of bots across their organizations.

Interact with Automation Anywhere:

About Automation Anywhere 

Automation Anywhere is the No. 1 cloud automation platform, delivering automation and process intelligence solutions across all industries globally to automate end-to-end business processes for the fastest path to enterprise transformation. The company offers the world’s only cloud-native platform combining RPA, artificial intelligence, machine learning, and analytics to automate repetitive tasks and build enterprise agility, freeing up humans to pivot to the next big idea, build deeper customer relationships and drive business growth. For additional information, please visit us at www.automationanywhere.com.

Automation Anywhere and Automation 360 are trademarks/service marks or registered trademarks/service marks of Automation Anywhere, Inc. in the United States and other countries.

About Silicon Valley Bank:

Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.

SVB’s Technology Corporate Banking Division works with the most innovative public and late-stage private companies in the U.S. Tech Sector, providing a full suite of lending and banking solutions, as well as guidance as an active and trusted partner helping clients succeed and quickly scale.

Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $15 billion to over [590] companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.

Media Contacts: 
Dayna Fried
Automation Anywhere
dayna.fried@automationanywhere.com
+1 925-493-9020

PR Newswire

Cross-border E-commerce Finance in the Fast Track: Dowsure reached 1.5 Billion RMB Transactions Milestone

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Dowsure, a cross-border e-commerce digital API platform, has reached the 1.5 billion RMB transaction milestone, just over two months after the 1 billion RMB milestone.

SHENZHEN, China, Sept. 28, 2022 /PRNewswire/ — The cross-border e-commerce market has developed rapidly in the past few years, but cross-border e-commerce merchants have always had a major pain point — lack of capital. From goods procurement, logistics, transportation, and customs clearance until received payment, there are at least three months of delay in terms of cash flow. For instance, Chinese cross-border export B2C market is estimated at 2 trillion, which means that 500 billion worth of capital is stuck in transit for three months. This will cause a large number of funds are not available for the merchants promptly. Thus, Dowsure decided to solve these pain points. The company integrated the cross-border transaction chain through API technology capability, and realized the low-cost capital irrigation of banks, to cover millions of cross-border merchants in China with universal benefits.

1. Understanding ToB Cross-border Merchants

Dowsure has been in the “cross-border” sector since it is founded. In 2016, Dowsure joined hands with its partners to create the first product covering the cross-border insurance business. After years of cultivating cross-border, Dowsure clearly understands the needs and pain points of cross-border e-commerce merchants.

Based on sellers’ demand for high credit limits and a fully online application process, in June 2021, Dowsure empowered Pudong Development Bank to launch the “cross-border business loan” product through the cross-border financial cloud. The benchmark “520” for cross-border e-commerce financing products stands for “5 minutes to apply, 2 minutes to approve, 0 seconds to disburse funds”. This product has benefited a large number of cross-border e-commerce merchants.

Meanwhile, based on Dowsure’s reputation and prospect in the cross-border industry, it has attracted a large number of outstanding talents to join, with executive team members coming from IBM, Ping An Insurance, Bank of China, Ant Group, Ernst & Young, DJI, and other fields.

2. Precise Positioning

The information of the cross-border industry is very fragmented, which it creates an information gap between countries.

Cross-border e-commerce platforms believe that localization is the key to support the development of the merchants, and local banking institutions need to form a relatively closed loop of information flow, capital flow, logistics, etc. so that they can better serve the merchants. This is the area where Dowsure is professionalized, connecting digital information and financing, bridging them very strongly, linking the cross-border industry, and unleashing the digital value of each cross-border business through API technology capabilities.

3. Deep Understanding of Industry

In this industry, with continuous in-depth exploration, Dowsure realizes that the industry lacks capital support for not just merchants, but also the entire supply chain, including service providers.

On this basis, Dowsure partners with financial institutions to provide cross-border merchants with credit loans, invoice installments, cash advance, and other financing solutions. Dowsure also provides a full range of financing support from procurement, logistics, advertising, sales, and other cross-border scenarios to help merchants gain an advantage in the competitive market.

4. Trust from Partners

Along the way through continuous refinement, trust, understanding of Dowsure’s partner, such as leading cross-border e-commerce marketplaces: Amazon, eBay, and Shopee, as well as the top 10 banks in China and around the world. Dowsure is excited about the bright future for cross-border e-commerce industry.

Huang Ke, the co-founder of Dowsure, said, “All along, we have been doing the difficult but right thing. Our partnered institutions have mature systems globally, and it is a very difficult thing to link their systems and data together in a compliant and efficient way through technical means. We appreciate the trust of our partners and would like to penetrate every area of the cross-border ecology with our partners so that we can enjoy growth with partners together.

(Future – Digital finance along with cross-border e-commerce is the norm)

Unlike traditional finance, the amount of funds that can be raised mainly depends on collateral, guarantee, property, asset, and liability ratio. In the cross-border e-commerce scenarios, all assets circulate in digital forms, such as the inventory of overseas warehouses, unsettled funds of platforms, and sales returns of merchandise.

Once the closed loop is formed, merchants can achieve realizable digital assets, and create value for these digital assets. At the same time, technology is iterating. What we want to do is to unlock the value of sellers’ digital assets. The existence of digital finance will become a new norm that cross-border e-commerce cannot live without and a huge boost to fuel the development of the industry.

Dowsure Reached 1.5 Billion RMB Transactions Milestone
Dowsure Reached 1.5 Billion RMB Transactions Milestone

PR Newswire

FinVolution Secures Increased Financing Facility for AdaKami Through Strengthened Cooperation with PT Bank Jago

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SHANGHAI, Sept. 26, 2022 /PRNewswire/ — FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform, today announced that its Indonesian subsidiary, AdaKami, obtained a fivefold increase in its financing facility with PT Bank Jago Tbk (“Bank Jago”) (IDX: ARTO). The increase from 100 billion Rupiah to 500 billion Rupiah (US$34.9 million) will enhance AdaKami’s ability to expand credit access to broader segments of the local economy and accelerate financial inclusion in the country.

The significant increase in financing facility also underscores AdaKami’s deepening relationship with Bank Jago, an Indonesian tech-based bank providing life-centric finance solutions which make money management simple, collaborative and innovative. AdaKami first entered into strategic cooperation with Bank Jago in October 2021, expanding the Company’s local loan facilitation capabilities and broadening its presence across different market segments in Indonesia.

Mr. Feng Zhang, CEO of FinVolution Group, commented, “Adakami’s surging financing capacity is a testament to our fruitful cooperation with Bank Jago as well as the initial success of our strategic transition to better-quality borrowers in the Indonesian market. Moving forward, we will continue to strengthen our global partnerships, offer attractive interest rates and further diversify our product offerings to pursue our goal of greater financial inclusion both in China and international markets.”

About FinVolution Group

FinVolution Group is a leading fintech platform in China and internationally connecting underserved borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2022, the Company had over 149.3 million cumulative registered users.

For more information, please visit: http://ir.finvgroup.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase the volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com

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Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2022 Financial Results

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SHANGHAI, Sept. 22, 2022 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management, today announced its unaudited financial results for the second quarter and first half of 2022.

Key Highlights for the Second Quarter of 2022

The Company delivered resilient results in the second quarter despite the continued disruptions resulting from the COVID-19 resurgence in China.

  • Net income for the second quarter was RMB43 million (US$6 million), which improved from net loss of RMB1.0 billion for the previous quarter.
  • Adjusted EBITDA for the second quarter was RMB355 million (US$53 million), representing a 290% increase from RMB91 million for the previous quarter,
  • Staycation travel continued to serve as a major contributor to the recovery of the Chinese domestic market, with local hotel bookings increasing by over 30% compared to the same period in 2019.
  • Both air-ticket and hotel bookings on global platforms increased over 100% year over year in the second quarter.

“In the second quarter, the global travel industry has made continued progress towards full recovery. The recovery momentum in Europe and the United States remained robust, and the rebound of travel activities in the Asia-Pacific region also sped up due to further relaxation of travel restrictions,” said James Liang, Executive Chairman. “With our product innovation and service enhancement, we are confident in further strengthening our competitive position and capturing the pent-up demand. “

“Despite the challenges in the China domestic market in the first two months of the second quarter, the fundamental demand for travel remained solid. We are delighted to see the domestic hotel bookings quickly bouncing back to the pre-pandemic level at the end of the second quarter with such momentum extended into the following months.” said Jane Sun, Chief Executive Officer. “We will continue to improve our operating efficiency and conduct prudent cost control in the face of the changing environment. All these efforts will enable us to remain flexible and pave the way for long-term growth.”

Second Quarter of 2022 Financial Results and Business Updates

In the second quarter of 2022, the COVID-19 resurgence continued to disrupt the travel industry in China, which discouraged user demand for the Company’s services. As a result, the Company’s results of operations for the second quarter of 2022 were materially and adversely affected.

For the second quarter of 2022, Trip.com Group reported net revenue of RMB4.0 billion (US$598 million), representing a 32% decrease from the same period in 2021 and a 2% decrease from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Accommodation reservation revenue for the second quarter of 2022 was RMB1.4 billion (US$203 million), representing a 45% decrease from the same period in 2021 and a 6% decrease from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Transportation ticketing revenue for the second quarter of 2022 was RMB1.8 billion (US$263 million), representing a 15% decrease from the same period in 2021, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China. Transportation ticketing revenue increased by 6% from the previous quarter, primarily driven by strong recovery of air travel in the overseas market.

Packaged-tour revenue for the second quarter of 2022 was RMB122 million (US$18 million), representing a 67% decrease from the same period in 2021 and a 2% decrease from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Corporate travel revenue for the second quarter of 2022 was RMB210 million (US$31 million), representing a 46% decrease from the same period in 2021 and a 5% decrease from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Cost of revenue for the second quarter of 2022 was RMB976 million (US$146 million), representing a 20% decrease from the same period in 2021, which was in line with the decrease in net revenue. Cost of revenue decreased by 9% from the previous quarter. Cost of revenue as a percentage of net revenue was 24% for the second quarter of 2022.

Product development expenses for the second quarter of 2022 decreased by 20% to RMB1.8 billion (US$264 million) from the same period in 2021 and decreased by 10% from the previous quarter, primarily due to a decrease in product development personnel related expenses. Product development expenses as a percentage of net revenue was 44% for the second quarter of 2022.

Sales and marketing expenses for the second quarter of 2022 decreased by 41% to RMB826 million (US$123 million) from the same period in 2021 and decreased by 2% from the previous quarter, primarily due to a decrease in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 21% for the second quarter of 2022.

General and administrative expenses for the second quarter of 2022 decreased by 15% to RMB604 million (US$90 million) from the same period in 2021, primarily due to a decrease in general and administrative personnel related expenses. General and administrative expenses increased by 3% from the previous quarter. General and administrative expenses as a percentage of net revenue was 15% for the second quarter of 2022.

Income tax expense for the second quarter of 2022 was RMB173 million (US$26 million), compared to income tax expense of RMB97 million for the same period in 2021 and income tax benefit of RMB14 million in the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes, and changes in valuation allowance provided for deferred tax assets.

Net income for the second quarter of 2022 was RMB43 million (US$6 million), compared to net loss of RMB659 million for the same period in 2021 and net loss of RMB1 billion for the previous quarter. Adjusted EBITDA for the second quarter of 2022 was RMB355 million (US$53 million), compared to RMB916 million for the same period in 2021 and RMB91 million for the previous quarter. Adjusted EBITDA margin was 9% for the second quarter of 2022, compared to 16% for the same period in 2021 and 2% for the previous quarter.

Net income attributable to Trip.com Group’s shareholders for the second quarter of 2022 was RMB69 million (US$10 million), compared to net loss attributable to Trip.com Group’s shareholders of RMB647 million for the same period in 2021 and net loss attributable to Trip.com Group’s shareholders of RMB989 million for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense) and their tax effects, non-GAAP net loss attributable to Trip.com Group’s shareholders was RMB203 million (US$31 million), compared to non-GAAP net income attributable to Trip.com Group’s shareholders of RMB728 million in the same period in 2021 and non-GAAP net loss attributable to Trip.com Group’s shareholders of RMB36 million for the previous quarter.

Diluted income per ordinary share and per ADS was RMB0.10 (US$0.01) for the second quarter of 2022. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects, non-GAAP diluted loss per ordinary share and per ADS was RMB0.31 (US$0.05) for the second quarter of 2022. Each ADS currently represents one ordinary share of the Company.

As of June 30, 2022, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB65.6 billion (US$9.8 billion).

Conference Call

Trip.com Group’s management team will host a conference call at 8:00 PM EST on September 21, 2022 (or 8:00 AM CST on September 22, 2022) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:

https://register.vevent.com/register/BIe6a1088f8c3f4a77a18a7d5b03d2bc2e

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, the impact of COVID-19 pandemic to Trip.com Group’s business operations, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Trip.com Group’s affiliated Chinese entities and the contractual arrangements among Trip.com Group, its affiliated Chinese entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible and fair value changes of equity securities investments and exchangeable senior notes, net of tax. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

For further information, please contact:

Investor Relations

Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

December 31, 2021

June 30, 2022

June 30, 2022

RMB (million)

RMB (million)

USD (million)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

21,196

22,959

3,427

Short-term investments

29,566

30,721

4,587

Accounts receivable, net 

4,649

5,445

813

Prepayments and other current assets 

10,697

10,778

1,609

Total current assets

66,108

69,903

10,436

Property, equipment and software

5,534

5,307

792

Intangible assets and land use rights

13,046

12,929

1,931

Right-of-use assets

777

925

138

Investments (Includes held to maturity time deposit and
financial products of RMB13,112 million and RMB11,891
million as of December 31,2021 and June 30, 2022,
respectively)

44,961

44,075

6,580

Goodwill

59,353

59,326

8,857

Other long-term assets

396

398

60

Deferred tax asset

1,684

1,765

263

Total assets

191,859

194,628

29,057

LIABILITIES

Current liabilities:

Short-term debt and current portion of long-term debt

39,866

36,203

5,405

Accounts payable

6,019

6,745

1,007

Advances from customers

7,535

7,822

1,168

Other current liabilities

12,798

11,926

1,781

Total current liabilities

66,218

62,696

9,361

Deferred tax liability

3,527

3,491

521

Long-term debt

11,093

17,402

2,598

Long-term lease liability

400

591

88

Other long-term liabilities

165

170

25

Total liabilities

81,403

84,350

12,593

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity

109,677

109,542

16,354

Non-controlling interests

779

736

110

Total shareholders’ equity

110,456

110,278

16,464

Total liabilities and shareholders’ equity

191,859

194,628

29,057

Trip.com Group Limited

Unaudited Consolidated Statements of Income/(Loss)

(In millions, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 2021

March 31, 2022

June 30, 2022

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2022

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Revenue:

Accommodation reservation 

2,455

1,450

1,357

203

4,035

2,807

419

Transportation ticketing 

2,066

1,663

1,763

263

3,572

3,426

512

Packaged-tour 

367

124

122

18

536

246

37

Corporate travel

390

222

210

31

642

432

64

Others

614

652

564

84

1,216

1,216

181

Total revenue

5,892

4,111

4,016

599

10,001

8,127

1,213

Less: Sales tax and surcharges

(2)

(2)

(5)

(1)

(3)

(7)

(1)

Net revenue

5,890

4,109

4,011

598

9,998

8,120

1,212

Cost of revenue

(1,223)

(1,067)

(976)

(146)

(2,257)

(2,043)

(305)

Gross profit

4,667

3,042

3,035

452

7,741

6,077

907

Operating expenses:

Product development *

(2,226)

(1,974)

(1,772)

(264)

(4,451)

(3,746)

(559)

Sales and marketing *

(1,402)

(843)

(826)

(123)

(2,354)

(1,669)

(249)

General and administrative *

(713)

(584)

(604)

(90)

(1,397)

(1,188)

(178)

Total operating expenses

(4,341)

(3,401)

(3,202)

(477)

(8,202)

(6,603)

(986)

Income/(Loss) from operations

326

(359)

(167)

(25)

(461)

(526)

(79)

Interest income 

472

591

544

81

890

1,135

169

Interest expense

(418)

(341)

(351)

(52)

(825)

(692)

(103)

Other (expense)/income

(848)

(707)

469

70

1,660

(238)

(35)

(Loss)/Income before income tax
expense and equity in income of
affiliates

(468)

(816)

495

74

1,264

(321)

(48)

Income tax (expense)/benefit

(97)

14

(173)

(26)

(138)

(159)

(24)

Equity in loss of affiliates

(94)

(199)

(279)

(42)

(20)

(478)

(71)

Net (loss)/income

(659)

(1,001)

43

6

1,106

(958)

(143)

Net loss attributable to non-controlling interests

12

12

26

4

27

38

6

Net (loss)/income attributable to
Trip.com Group Limited

(647)

(989)

69

10

1,133

(920)

(137)

(Losses)/Earnings per ordinary share

– Basic

(1.02)

(1.52)

0.10

0.01

1.76

(1.42)

(0.21)

– Diluted

(1.02)

(1.52)

0.10

0.01

1.73

(1.42)

(0.21)

(Losses)/Earnings per ADS

– Basic

(1.02)

(1.52)

0.10

0.01

1.76

(1.42)

(0.21)

– Diluted

(1.02)

(1.52)

0.10

0.01

1.73

(1.42)

(0.21)

Weighted average ordinary shares outstanding

– Basic

635,476,056

647,812,835

647,866,001

647,866,001

644,666,248

647,843,829

647,843,829

– Diluted

635,476,056

647,812,835

650,906,465

650,906,465

656,483,984

647,843,829

647,843,829

* Share-based compensation included in Operating expenses above is as follows:

  Product development 

181

107

146

22

332

253

38

  Sales and marketing 

34

18

28

4

56

46

7

  General and administrative 

151

98

130

19

272

228

34

Trip.com Group Limited

Unaudited reconciliation of  GAAP and Non-GAAP Results

(In millions, except % and per share data)

Three Months Ended

Six Months Ended

June 30, 2021

March 31, 2022

June 30, 2022

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2022

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Net (loss)/income

(659)

(1,001)

43

6

1,106

(958)

(143)

Less: Interest income

(472)

(591)

(544)

(81)

(890)

(1,135)

(169)

Add: Interest expense

418

341

351

52

825

692

103

Add: Other expense/(income)

848

707

(469)

(70)

(1,660)

238

35

Add: Income tax expense/(benefit)

97

(14)

173

26

138

159

24

Add: Equity in loss of affiliates

94

199

279

42

20

478

71

Income/(Loss) from operations

326

(359)

(167)

(25)

(461)

(526)

(79)

Add: Share-based compensation

366

223

304

45

660

527

79

Add: Depreciation and amortization

224

227

218

33

501

445

66

Adjusted EBITDA

916

91

355

53

700

446

66

Adjusted EBITDA margin

16 %

2 %

9 %

9 %

7 %

5 %

5 %

Net (loss)/income attributable to Trip.com Group Limited

(647)

(989)

69

10

1,133

(920)

(137)

Add: Share-based compensation

366

223

304

45

660

527

79

Add: Loss/(Gain) from fair value changes of equity securities investments
and exchangeable senior notes

1,053

785

(668)

(100)

(1,314)

117

17

Add: Tax effects on fair value changes of equity securities investments and
exchangeable senior notes

(44)

(55)

92

14

45

37

6

Non-GAAP net income/(loss) attributable to Trip.com Group Limited

728

(36)

(203)

(31)

524

(239)

(35)

Weighted average ordinary shares outstanding- Diluted-non GAAP 

645,021,131

647,812,835

647,866,001

647,866,001

656,483,984

647,843,829

647,843,829

Non-GAAP Diluted income/(losses) per share

1.13

(0.06)

(0.31)

(0.05)

0.80

(0.37)

(0.06)

Non-GAAP Diluted income/(losses) per ADS

1.13

(0.06)

(0.31)

(0.05)

0.80

(0.37)

(0.06)

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.6981 on June 30, 2022 published by the Federal Reserve Board.

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Capitalise.ai and Pepperstone announce strategic partnership to enhance trading experience

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Pepperstone will offer their traders an innovative AI-driven auto-trading experience

Pepperstone, an award-winning CFD & Forex broker has teamed up with Capitalise.ai to offer their traders a seamless, auto-trading experience. This new partnership enables Pepperstone clients to easily analyze, automate and execute their trading strategies without any coding knowledge, based on natural language processing (NLP)

TEL AVIV, Israel and MELBOURNE, Australia, Sept. 21, 2022 /PRNewswire/ — Capitalise.ai, a leading global technology provider of a groundbreaking trading automation and analysis platform and Pepperstone, a leading Forex & CFD Broker, have announced a strategic partnership that provides Pepperstone clients with a seamless auto-trading experience by fully automating their trading strategies using free-style text input, and receiving alerts and insights provided by Capitalise.ai’s engine.

Pepperstone clients now have a smooth and easy way of creating, analyzing and automating their trading scenarios while on the go, with no need for any coding or technical skills. Capitalise.ai’s proprietary technology uses artificial intelligence (AI), machine learning (ML) and natural language processing (NLP) to turn simple English text entered by traders into custom algorithmic trading strategies.

Pepperstone traders can use Capitalise.ai’s full suite of analytics and automated trading tools free of charge, including backtesting, loop strategies, smart notifications and much more. Available on Capitalise.ai’s mobile app for Android and iOS, traders can stay in control of their trades 24/7, 365 days a year, and free themselves from the desktop or from biased and/or emotional decisions.

“Our vision is to create a better way to trade for our clients and we continue to invest in trading technology that brings the world’s financial markets to astute, adventurous traders. Equipping our clients with advanced automation and analytics capabilities on our platform, is another example of how Pepperstone continues to deliver to the day-to-day needs of professional traders,” said James Perry-Keene, Head of APAC & LATAM Strategic Partnerships, Pepperstone.

“Capitalise.ai has developed an outstanding platform that makes creating automated trading strategies a super-easy and smooth experience. We are rated for Overall Client Satisfaction in both the UK and Australian Investment Trends surveys and we believe that integrating Capitalise.ai into Pepperstone helps us continue to offer our clients the best quality service.”

Amir Shiovich, Capitalise.ai CEO & Co-Founder: “2022 has been an incredible year in online trading, exceeding our expectations and spring boarding off a very impressive 2021. Pepperstone is a globally trusted and award-winning broker, and have a track record of putting client experiences ahead of everything else. We look forward to bringing significant value to Pepperstone traders and making a real, positive impact in their daily trading habits. We are excited to welcome them on board.”

About Pepperstone

Established in 2010, Pepperstone has grown to become an award-winning online global forex and CFD broker known for delivering exceptional client service to tens of thousands of clients around the world. Pepperstone has subsidiaries across the globe and is regulated by the Australian Securities and Investments Commission (ASIC), the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySec), the Securities Commission of The Bahamas (SCB), the Dubai Financial Services Authority (DFSA), the Federal Financial Supervisory Authority (BaFin) and The Capital Markets Authority of Kenya (CMA).

About Capitalise.ai

Capitalise.ai is a world leader creator of an analytics and trading automation platform that amplifies top-tier brokerage firms’ performance by offering a game changing trading experience for traders worldwide. Since 2021, Capitalise.ai more than quadrupled its number of partnerships, usage scale and trading activity.

With Capitalise.ai, brokers can offer their traders analytical instruments and seamless automated trading experience previously reserved only for highly technical traders with the know-how to build scripts on their own or use technical solutions. For the first time, traders with zero technical skills can automate their trading, using freestyle text.

Capitalise.ai’s platform is extensive and rich in capabilities and features and is being utilized by leading brokers worldwide.

https://www.capitalise.ai

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WeLab and Astra Complete the Acquisition of Bank Jasa Jakarta

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Plans to Transform the Bank into Indonesia’s Innovative Digital Bank

  • WeLab and Astra now jointly control the bank, with a total share ownership of approximately 99.13% of BJJ
  • All relevant regulatory approvals have been obtained, including from the Financial Services Authority (OJK) of Indonesia
  • This transaction is Southeast Asia’s largest digital bank M&A transaction in 2022

HONG KONG, Sept. 19, 2022 /PRNewswire/ — WeLab, a leading pan-Asian fintech platform, today announced the completion of the acquisition of an Indonesian commercial bank, PT Bank Jasa Jakarta (BJJ), together with PT Astra International Tbk (Astra), one of Indonesia’s largest public companies. The completion is marked by the issuance of acquisition approval by the Financial Services Authority (OJK). For this transaction, a WeLab-led consortium, Welab Sky Limited (WeLab Sky), participated in the acquisition together with Astra’s subsidiary PT Sedaya Multi Investama (Astra Financial). The WeLab-led consortium has drawn wide-spread support from existing and new investors, including Allianz X, Boyu Capital, Horizons Ventures, SCBX Group[1] and TFB (Taipei Fubon Bank) Capital.

In December 2021, WeLab entered into a Share Purchase and Subscription Agreement with the shareholders of BJJ, and completed a strategic investment for 24% of BJJ. With the acquisition completed today, WeLab and Astra each holds 49.56% of BJJ shares, becoming the majority shareholders and joint controllers of the bank. The transaction is Southeast Asia’s largest digital bank M&A transaction in 2022, illustrating the substantial commitment to invest in, and contribute to digitizing Indonesia’s banking industry. The shareholders aim to transform BJJ into an innovative digital bank in Indonesia.

Simon Loong, Founder and Group CEO of WeLab, said, “Expanding WeLab’s digital banking presence across Asia, first in Hong Kong and now in Indonesia, has been one of our key strategic moves. This partnership with Astra reinforces WeLab’s strategic focus on enhancing cross-country and business synergies with partners to increase scale and reach, in order to further strengthen the breadth and depth of the existing pan-Asian fintech platform. We’re excited that our long-term partner, Astra will be collaborating with us to deliver the best tech-driven banking services through BJJ in Indonesia. We look forward to bolstering the customer trust level with the collaboration with Astra.”

President Director of Astra Djony Bunarto Tjondro said, “Investment in BJJ is in line with Astra aspirations in financial services pillars to become leading retail financial providers in Indonesia and support the growth of financial services industry as well as the economy of Indonesia.”

Propel growth and digital innovation with strong synergies between Astra and WeLab

WeLab and Astra are long time partners in Indonesia’s fintech ecosystem. This is WeLab’s second strategic partnership initiative with Astra since the formation of a fintech lending joint venture, PT Astra WeLab Digital Arta (AWDA), in 2018. The complementary strengths of the partners, including WeLab’s know-how and technology in building and being an operator in digital banking, together with Astra’s solid business ecosystem and experience as well as vast distribution network, are highly synergistic and key success factors to propel BJJ’s digital transformation and into an innovative digital bank to serve the digital financial needs of Indonesians with accessible and innovative banking solutions.

Address unmet financial needs and advocate financial inclusion  

The prospect of digital banking in Indonesia is currently on the rise and represents a huge opportunity to provide accessible and innovative digital banking solutions, especially to the retail and MSMEs (Micro, Small & Medium Enterprises) segments. The utilization of financial services in Indonesia has the potential to grow, as 77% of Indonesia’s 270-million-population is either underbanked or unbanked. The country also has a sizable population of 180 million tech-savvy younger consumers, representing a great demand for digital banking services. 

[1] SCBX Group consists of Siam Commercial Bank PCL, which is a subsidiary of SCBX PCL

About WeLab 

WeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.

Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.

WeLab operates in three markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and a digital bank in Indonesia.

WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.

To learn more, please visit: www.welab.co, or follow WeLab on LinkedIn and Facebook.

About Astra:

Astra is one of Indonesia’s largest public companies, comprising 240 subsidiaries, joint ventures, and associate companies, supported by nearly 190,000 employees. The company’s diversified business model creates synergies and opportunities across industry sectors including automotive, financial services, heavy equipment, mining construction and energy, agribusiness, infrastructure and logistics, information technology, and property. The company has a new sustainability framework which contains Astra 2030 Sustainability Aspirations. It will guide Astra in the transition journey to be a more sustainable business by  2030 and beyond. Astra wishes to contribute to the strength and resilience of the Indonesian economy while supporting an inclusive and prosperous society.

Astra has a strong record of public and social contributions through four pillars, which consist of health, education, environment, and entrepreneurships as well as nine foundations to contribute to the growth of the Indonesian economy while encouraging a more inclusive and prosperous society. Established in 2010, Astra’s Semangat Astra Terpadu Untuk (SATU) Indonesia Awards programme, has recognised the contribution of 493 young Indonesians across each of these focus areas, including 81 national level recipients and 412 provincial level recipients. The SATU Indonesia Awards programme is integrated with Astra’s wide range of community activities through 170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.

For more about Astra, visit www.astra.co.id & www.satu-indonesia.com and follow us on Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook (Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).