Tag Archives: FIN

PR Newswire

uCloudlink Cooperates with Singapore EdTech Company JULES to Bring Fail-proof Connection Solution to the Education Sector

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Using HyperConn™, the company provides reliable internet connections to allow students to enjoy uninterrupted learning.

HONG KONG, Sept. 3, 2021 — UCLOUDLINK GROUP INC. (NASDAQ: UCL, "uCloudlink"), a company offering the better connection solution to everyone globally via its innovative technology, has joined forces with JULES Corporation Pte Ltd ("JULES"), a Singapore Social-Enterprise and award-winning global software Education Technology company, in exploring ways to solve the pain point of schools, parents and students to allow young students to stay connected at home by way of its powerful HyperConn™ solution as a demonstration of what is possible for the education sector.

In a recent UNICEF report with International Telecommunication Union (ITU), up to two-thirds of students of the world’s school-age children do not have internet connections. The problem has escalated during the heights of the COVID pandemic when online school is not only an option, but the only choice in many regions for an extended period of time.

"Internet connection became a must-have in this new normal. For online learning, reliable equipment like computers and iPads are not enough, a reliable internet connection is also crucial. Poor internet connections and online congestion will occur from time to time under the circumstance of a network supported by one single operator. uCloudlink’s HyperConn™ solution will make use of all WiFi/5G/4G wireless networks, which enables it to provide a good and uninterrupted network connection," said Chaohui Chen, CEO of uCloudlink. "We believe by widely adopting a flexible, reliable and efficient technology, remote schooling will be significantly improved by delivering students an undisrupted and focused learning experience."

"During the pandemic, we have seen millions of students around the world grappled with bad internet services which severely affected their academic performance. We believe uCloudlink’s HyperConn™ solution, which has brought so much convenience to the frequent travellers and businesspersons who are in need of fast-speed internet unbound by locations and time, will also be an easy and affordable answer to this problem for students, parents and educators alike," said Mr. Jonathan Chan, Founder and CEO of Jules.

uCloudlink’s HyperConn™ ensures an uninterrupted network connection at all times, no matter the environment and conditions. By leveraging AI to determine the most effective network coverage based on a user’s present location, internet usage and performance of all broadband networks available, HyperConn™ ensures that users enjoy the better network connection possible at all times. This dynamic and seamless switching also guarantees the network will never fail regardless of what apps are open, how many people are using the connection, or where a user is.

The COVID-19 pandemic has not only put the potentials of online education but also exposed the flaws the digital learning which is amplified by the over-stretched Wi-Fi or poor internet connections due to online congestion. Using uCloudlink’s HyperConn™ solution, the partnership of uCloudlink and Jules aims to address this challenge, keep teachers and students staying connected amid the pandemic and beyond and free students from the limits of traditional home broadband connection, the unstable internet coverage at public facilities as well as the pain of poor mobile internet while parents and kids are on the go.

About UCLOUDLINK GROUP INC

uCloudlink is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

Contact:

Carina Cheung
carina-pr@ucloudlink.com
(852)21806111

PR Newswire

Future FinTech Signs Term Sheet to Acquire Supply Chain Software Business

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NEW YORK, Sept. 3, 2021 — Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that on August 30, 2021, the Company signed an equity acquisition term sheet (the "Term Sheet") to acquire 51% of the equity of Shanghai Dianfa Internet Technology Co., Ltd. ("Dianfa Technology"). The Term Sheet represents terms for a proposed transaction subject to definitive documentation and is non-binding except for its ‘Exclusive Period’ and ‘Confidentiality’; and ‘Governing Law’ sections.

According to the Term Sheet, the Company plans to acquire 51% of the equity of Dianfa Technology at a purchase price of RMB 17,850,000 (approximately US$ 2,762,730) of which RMB 6,000,000 (approximately US$ 928,650) will be paid in cash as a capital investment in Dianfa Technology and RMB 11,850,000 (approximately US$ 1,834,080) will be paid in shares of FTFT common stock to the selling shareholders of Dianfa Technology. The acquisition will be subject to legal and financial due diligence on the part of the Company.

Through this acquisition, FTFT plans to enter the key supply chain finance business of small and medium sized enterprises ("SMEs") and the microfinance sector since these entities are often not able to access bank loans as larger businesses can in China. As this represents a vast number of enterprises that have ongoing capital needs, the Company plans upon developing a financial ecosystem to include financial and lending institutions, merchants, retail businesses and other supply side services, embedded with financial technology and communications, to create a highly evolved and efficient platform to optimize capital flows for SMEs and microfinance companies.

Dianfa Technology provides digital management services and high-frequency small loan assistance services to micro, small and medium-sized businesses and their suppliers based on its innovative smart retail SaaS supply chain system. Dianfa Technology uses financial technology capabilities such as mobile Internet, big data, artificial intelligence, cloud computing and blockchain analytics to help financial institutions provide low interest collateral-free revolving credit products and services to micro and small merchants across the entire retail industry business chain to meet their funding needs. These capital needs are often of a ‘short, small, frequent and urgent’ variety and are essential in terms of supporting the operating needs of microbusinesses and small merchants.

Shanchun Huang, CEO of Future FinTech, commented, "We estimate that there are millions of microbusinesses in China which represents a tremendous opportunity for digital management, lending and payment processing companies such as Dianfa Technology. Further, we anticipate that this potential acquisition will enhance our competitive advantages as well as create important synergies with our existing capabilities in supply chain finance."

"In addition, we believe that FTFT’s strong blockchain development capabilities and rich application experience will enable us to evolve Dianfa Technology’s current smart retail SaaS supply chain system to a next business model architecture. With our increasing geographical reach, we foresee the potential to realize decentralized high-frequency small transactions for small and medium sized businesses across the globe," continued CEO Huang.

"Our goal is to become a leading financial technology company and provide an array of individual and business customers with digital inclusive financial services and in doing so, to maximize returns to our shareholders," concluded CEO Huang.

About Future FinTech Group Inc.

Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects and financial services for the supply chain industry. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://ftft.com/.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2020 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

PR Newswire

NDB initiates membership expansion, extends global outreach

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Development bank established by BRICS welcomes the admission of UAE, Uruguay and Bangladesh as new members

SHANGHAI, Sept. 2, 2021 — The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has initiated its membership expansion.

NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member countries.

"We are delighted to welcome the UAE, Uruguay and Bangladesh to the NDB family. New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development", said Mr. Marcos Troyjo, President of NDB. "We will continue to expand the Bank’s membership in a gradual and balanced manner".

"The United Arab Emirates’ membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies", said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.  

"Uruguay sees in the NDB a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows", said H.E. Azucena Arbeleche, Minister of Economy and Finance of Uruguay.

"Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence. Membership in the NDB is an important step forward in meeting the development vision of our Hon’ble Prime Minister, Sheikh Hasina. We look forward to working closely with NDB to build together a prosperous and equitable world for our next generation as dreamt by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman", said Hon. A H M Mustafa Kamal, Minister of Finance of Bangladesh.

Once admitted, a country’s membership to NDB becomes effective when it completes its domestic processes and deposits the instrument of accession.

Since the beginning of its operations, NDB approved about 80 projects in all of its members, totaling a portfolio of US$ 30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.

NDB’s membership expansion is in line with the Bank’s strategy to be positioned as the premier development institution for emerging economies.

Background information

NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorized capital of US$ 100 billion, which is open for subscription by members of the United Nations.

 

PR Newswire

JS Global Lifestyle reports 2021 interim results, with net profit doubling year-on-year

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HANGZHOU, China, Aug. 30, 2021 — JS Global Lifestyle (01691.HK) announced its interim results for 2021. For the six months ended June 30, 2021, the Group reported total revenue of US$2.24 billion, up 47.8% year-on-year. Net profit for the reporting period was US$218 million, up 104.0% year-on-year, reflecting a strong overall performance.

The interim results shows that JS Global Lifestyle’s revenue has increased significantly since the beginning of 2021, despite great pressure from a tightened supply chain, rising inflation and the uncertainties caused by the COVID-19 pandemic. The increase was driven by the steady demand for product in North America and APAC, as well as JS Global Lifestyle’s continued expansion in the European market. The significant increase in net profit was mainly attributable to the global team’s efforts to control and leverage costs while ensuring that retailers never ran out of stock.

Efforts in four areas to maintain growth

In the first half of 2021, JS Global Lifestyle focused its efforts in four areas: deep insights into consumer expectations, outstanding product innovation and design capabilities, brand engagement driven by advantages in marketing, and an omnichannel distribution model with high penetration.

In recent years, consumption trends have changed significantly, with an increase in the proportion of shopping that is done online, the participation of social media in the decision-making process, a shift in consumers’ preferences towards high-end products and services, branded products with high added value, and increased expectations when it comes to the appearance of the goods. The COVID-19 pandemic further changed consumer expectations and shopping habits for small home appliances.

Based on its in-depth insights into the consumer market, JS Global Lifestyle in the first half of 2021 developed several new categories and products, including the Ninja CREAMi which can make ice cream and milkshakes from everyday ingredients, the Ninja professional cold-pressed juicer, the Shark air purifier, the Joyoung Y521 high-speed blender without the need to pre-wash ingredients by hand, the F921 intelligent electric cooker with a carbon steel kettle, and the T21 steam scrubber. The new products have all been launched.

In the new consumer era, the way brands communicate with shoppers and the purchase decision-making process have both changed. In this context, JS Global Lifestyle has leveraged the opportunities presented by online shopping, increased the use of new media to reach consumers, enhanced communication and interactions with consumers, and improved the awareness and reputation of its brands and products.

At the same time, JS Global Lifestyle has continued focusing on international expansion by partnering with local sales teams and major retailers to launch products while continuing to build a closed shopping loop by integrating online and offline channels. In the online segment, JS Global Lifestyle worked closely with platforms such as Amazon and Tmall, while, as for offline, the company secured prime locations at retailers in various markets, while adding more of its brand stores in shopping malls, to ensure that products are available to shoppers regardless of what channel they choose.

Multi-pronged measures to focus on sustainable long-term growth

Comparing H1 2021 financials with those for the same period in 2020 and 2021, JS Global Lifestyle not only saw significant year-over-year growth in revenue and net profit, but also maintained high profitability through supply chain synergies, product portfolio optimization and cost control, with net margin improving by 2.7 percentage points year-over-year.

Since 2020, JS Global Lifestyle has achieved growth amid a market downturn, increasing its market share in existing categories and steadily advancing its expansion of new categories and in international markets. Looking ahead, despite the uncertainties in the macro market environment, JS Global Lifestyle expects to continue innovating its products and categories and developing new ones, to maintain rapid growth by providing consumers with better solutions for small appliances.

To drive sustainable long-term growth, JS Global Lifestyle plans to leverage its leading position in the global market by innovating products, expanding categories and sales networks, maximizing synergies, strengthening brand awareness, and enhancing consumer engagement, as well as seek out strategic partnerships and acquisitions.

About JS Global

JS Global Lifestyle Company Limited (Hong Kong: 1691) is a world leading producer of small household appliances. It ranks fifth globally in the small household appliance industry and third among small household appliance-focused companies. It primarily operates three major brands: Shark, Ninja and Joyoung. The Company’s success is centered around its deep understanding of consumer needs, and is built on its strong product innovation and design capability powered by a global research and development platform, marketing strengths driving high brand engagement, and an omni-channel distribution coverage with high penetration. For more information, please visit www.jsgloballife.com

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http://www.jsgloballife.com

PR Newswire

GCash cements fintech leadership and innovation thrust in the Philippines

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MANILA, Philippines, Aug. 30, 2021 — GCash, the number 1 mobile wallet in the Philippines, continues to be a rising star in Asia as it sets the bar higher for fintech innovation in the region. The company achieved unprecedented growth as it saw an exponential increase in its number of users from 20 million in January 2020 to 46 million in June 2021. The app also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.

GCash served as a lifeline for millions of Filipinos during the pandemic as users were able to perform various digital financial payments and solutions nationwide
GCash served as a lifeline for millions of Filipinos during the pandemic as users were able to perform various digital financial payments and solutions nationwide

 

GCash is the undisputed mobile wallet in the Philippines and continues to strengthen its vision to promote financial inclusion for all
GCash is the undisputed mobile wallet in the Philippines and continues to strengthen its vision to promote financial inclusion for all

 

This year, GCash processed an average of PHP 300 billion in monthly transactions, and is on track in breaching its PHP 3 trillion Gross Transaction Value (GTV) target. The company boasts of its wide network of more than 2.5 million merchant partners and social sellers via its QR and P2P features, enabling the app to cater to a diverse set of stakeholders in the country. As one out of every 3 Filipinos is now using the app, GCash sets its eyes on achieving more game changing milestones to uplift the lives of many and contribute to building an even stronger and more robust Philippine economy.

With its clear vision of promoting financial inclusion for all, GCash has quickly adapted to the needs of the Filipino people by being a digital payment essential for individuals and entrepreneurs, especially during the pandemic. The company has launched trailblazing products and programs to reach out to more sectors in the country, including underserved and vulnerable groups like overseas workers, the youth, small businesses and even market vendors and cab/tricycle drivers. The top mobile wallet company worked with the Philippine government last year and became its financial aid tool for communities affected by COVID 19, disbursing over P16 billion to more than 2 million Filipinos. It was likewise able to raise over P40 million in donations via digital bayanihan or resource mobilisation, helping at least 3 million Filipinos impacted by typhoons and other calamities.

A fast-rising regional fintech brand

The fintech brand was recently included in the Top 100 Brands in the Philippines, according to Campaign Asia-Pacific and NielsenIQ. GCash is also one of Asia’s top 1,000 brands this 2021.

Asia’s Top 1000 Brands is a consumer opinion survey across 14 markets in Asia-Pacific and measures brand preference in 15 product/service categories. It shows brands that are succeeding with their marketing and brand-building efforts and reveals the favorite brands among consumers. This year’s study saw the changing consumer behavior among brands and their increasing digital services.

"We are honored to be part of the top brands in the Philippines and in Asia. This award further inspires us to continue with our mission to empower as many Filipinos as possible by giving them access to digital financial solutions that can make their lives better and more convenient especially during this pandemic," said Martha Sazon, President and CEO of GCash.

No other fintech brand made it to the top 50 of the prestigious list, where the ranking of GCash rose from the previous year’s 51st spot to this 24th in the country in 2021.  Among the high-ranking brands in the list are Samsung, Apple, LG, Sony, Panasonic, Nike, Nestle, Google, Colgate, and Starbucks.

Solidifying customer experience through value-adding services

GCash provides customers with an easy and secure cashless payment platform through digital products and services like free money transfers from user to user, frictionless bank transfers, and bills payments. The mobile wallet company also offers businesses, especially MSMEs, a contactless way to accept payment for goods through the use of QR codes and its P2P platform, which has empowered over 2.5 million GCash merchants and social sellers.

Currently, a third of GCash’s monthly active users utilize at least one of the app’s digital products like GCredit, GSave, GInvest, or GInsure. GCash provides customers easy access to a pre-approved credit line to pay for bills or QR transactions with GCredit, safely deposit money with GSave, easily invest in a market fund with GInvest, and buy essentials on GLife.  With the health risks of the pandemic, GCash also offers customers  COVID-19 health insurance for as low as P39 (~USD 0.78) a month via GInsure.

"We are glad to see that GCash has become an extension of the Filipino digital life everyday. It is our goal to democratize access to financial services because everyone deserves to have ways to protect and grow their money, especially during these difficult times," said Martha Sazon, GCash President and CEO.

GCash feted as outstanding fintech company promoting nation building

GCash was recently named as an "Outstanding Partner" by the Bangko Sentral ng Pilipinas (BSP) – the Central Bank of the Philippines, at the agency’s 2021 Stakeholders Appreciation Ceremony. The recognition is for GCash’s continued support and commitment to deliver innovative financial solutions for all Filipinos, especially the unbanked and underbanked segments. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, in a recent webinar, described his vision for the country becoming a digital-heavy, cash-light society to help achieve inclusive growth. "50% or half of all transactions should be digital by 2023, and 70% of Filipino adults should have formal bank accounts by 2023," Governor Diokno said.

GCash also garnered two awards from the prestigious Asian Banker Awards 2021, and was the sole Philippine fintech company to do so. It won awards for the "Best Financial Inclusion Initiative/Application" for its Social Amelioration Program together with the country’s Department of Social Welfare and Development (DSWD), and "Best Digital Brand Campaign" for its CSR response to COVID-19, further solidifying the company as the e-wallet app in the country.

GCash continues to empower more Filipinos everyday as it strengthens its "One with the Nation" corporate social responsibility program employing various initiatives including NGO partnerships, programs on disaster response and environmental stewardship, as well as grassroots finlit education campaigns nationwide.

Many Filipinos have come to rely on GCash for their daily cashless payment transactions, helping sustain the economy during the pandemic and propelling the mobile wallet to becoming one of the most respected and widely used brands in the Philippines today.

According to Visa’s latest Consumer Payment Attitudes study, Filipinos using digital commerce platforms like GCash helped boost the usage of digital payments in the country. It was also expected that it will continue to grow as more Filipinos appreciate the benefits of contactless payments like GCash during the pandemic.

For more information, visit www.gcash.com. For partnerships and sustainability initiatives, please email chito.maniago@mynt.xyz.

About GCash

GCash (G-Xchange, Inc.) is the Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 2.5M partner merchants and social sellers; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.) since 2015.

GCash was recognized by The Asian Banker (TAB) in 2021 for its outstanding digital financial inclusion programs impacting more than 46 million Filipinos in the country today.

For more information, please contact:
Chito Maniago
Vice President, Corporate Communications and Public Affairs
GCash
Email Address: corpcomm@mynt.xyz │ Facebook: http://www.facebook.com/gcashofficial  

PR Newswire

CLPS Incorporation Announces Signing of Framework Agreement with A China A-Share Company to Develop Financial IT Services in Domestic Market

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HONG KONG, Aug. 27, 2021 — CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today announced that, through its majority-owned subsidiary, JAJI (Shanghai) Co., Ltd. ("JAJI"), it has entered into a framework agreement (the "Agreement") with an A-share listed company ("the Client"), which provides financial information software products and integrated services. Pursuant to the Agreement, CLPS and the Client will leverage their respective industry expertise in financial IT services to expand client base and establish a common ground in identifying the demand for IT talent and technology requirement from the financial institutions.

Fintech industry is one of the key drivers in China’s economic growth. Despite the impact of COVID-19, the demand for IT services in the fintech industry remains robust, and it is forecasted that this trend will continue going forward. The cooperation with the Client aims to further streamline CLPS’s key business, the IT consulting services, with focus in the banking sector. CLPS and the Client will join forces to strengthen research and development capability and improve the competitiveness of IT service deliverables.

Mr. Oscar Yuan, General Manager of JAJI, said, "Our cooperation with the Client signifies the recognition of our competitive advantages in the financial IT services. We hope that this initial step will translate into more cooperation in the future, with the purpose of providing broader brand exposure and developing an industry-recognized financial IT services."

Mr. Henry Li, Chief Operating Officer of CLPS, said, "We are very pleased to start a new chapter of cooperation with the Client. While we actively implement our global expansion strategy, we also focus on strengthening our core competencies, further improving the margin of our IT consulting services revenue, and creating more business opportunities that will serve as engines for the Company’s growth."

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT") consulting and solutions service provider focusing on the banking, insurance, and financial service sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial service industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong SAR, and their PRC-based IT centers. The Company maintains 18 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Baoding, Xi’an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining seven global centers are located in Hong Kong SAR, USA, Japan, Singapore, Malaysia, Australia, and India. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, LinkedIn, and Twitter.

Forward-Looking Statements

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company’s expectations of the Company’s future growth, performance and results of operations, the Company’s ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company’s most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Contact:

CLPS Incorporation
Rhon Galicha
Investor Relations Office 
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com

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PR Newswire

China Finance Online Announces Changes to the Board of Directors

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BEIJING, Aug. 27, 2021 — China Finance Online Co. Limited ("China Finance Online," or the "Company," "we," "us" or "our") (Nasdaq GS: JRJC), a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced the following changes to the board of directors of the Company (the "Board").

The Board has approved the appointments of Ms. Ying Zhu, Mr. Frank J. Mitsch and Mr. Haimin Xu as directors of the Company, effective as of August 27, 2021. Each of Mr. Zhiwei Zhao and Mr. Yaowei Zhang has resigned as a director of the Company, effective as of August 23, 2021, and August 20, 2021, respectively. The Board has also elected Dr. Z. James Chen as the Chairman of the Board, effective as of August 27, 2021.

Ms. Ying Zhu has been serving as our Chief Financial Officer since May 2021. She joined our Company in July 2010 and has served as our Director of Investor Relations, Director of Strategy, Assistant to the Chairman, Head of President’s Office and the Acting Chief Financial Officer. She also serves as Vice President of Rifa Securities Limited in Hong Kong. Ms. Zhu obtained her Master of Law and Bachelor of Economics degrees majoring in Finance from International Business School of Beijing Language and Culture University. Ms. Zhu has been awarded HKSI Institute Specialist Certificates on Securities, Futures and Asset Management.

Each of Mr. Frank J. Mitsch and Mr. Haimin Xu has been appointed as an independent director of the Board and will serve as members of the Audit Committee, Compensation Committee and Corporate Governance and Nominating Committee, respectively.

Mr. Frank J. Mitsch co-founded and is currently the President of Fermium Research following seven years at Wells Fargo Securities, where he was a Managing Director. Beginning his financial services career with Merrill Lynch, Mr. Mitsch has over 20 years of experience in the industry, including BB&T Capital Markets and JP Morgan H&Q. He’s a member of the 2017 and 2018 Institutional Investor’s All-America Research Team and received the Top Gun designation from Brendan Wood Intl in 2020. Mr. Mitsch has also been named four times in The Wall Street Journal’s Best on the Street analyst survey for stock selection. Frank received his Bachelor of Engineering degree from Stevens Institute of Technology and an MBA in Finance from Montclair State University.

Mr. Xu Haimin is a partner of Cybernaut Investment Group. He has worked in China Ministry of Aerospace, PricewaterhouseCoopers China, as Financial Management Consultant, and China United Assets Appraisal Group as Vice General Manager. He graduated from Nankai University with a bachelor’s degree and from School of Economics at Peking University with a Master’s degree.

The Board is thankful for Mr. Zhiwei Zhao and Mr. Yaowei Zhang’s long-term services and significant contributions to the Company and wishes them the best in their future endeavors. The Board is confident that the Company will be able to drive its business growth under the new leadership of the Board, with the addition of Mr. Frank J. Mitsch, Mr. Haimin Xu and Ms. Ying Zhu’s valuable expertise and experience.

About China Finance Online

China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company’s prominent flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the web-based securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the Company provides financial database and analytics to institutional customers including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements which 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. The statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, this release contains the following forward-looking statements regarding:

  • liquidity and sources of funding, including our ability to continue operating as a going concern;
  • our prospect and our ability to attract new users;
  • our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
  • our prospect on stabilization in cash attrition and improvement of our financial position;
  • our initiatives to address customers’ demand for intuitive online investment platforms and alternative investment opportunities; and
  • the market prospect of the business of securities-trading, securities investment advisory and wealth management.

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, substantial doubt about ability to continue as a going concern, the outbreak of COVID-19 or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market, Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China’s high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology, tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill, intangible assets and investment impairments may adversely affect our net income. Furthermore, we have recurring losses from operation and inability to generate sufficient cash flow to meet our obligation and sustain our operations and face uncertainty as to the operation impact of the COVID-19 outbreak, that raise substantial doubt about our ability to continue as a going concern. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company 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 more information, please contact:

China Finance Online
+86-10-8336-3100
ir@jrj.com

Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com

Related Links :

http://www.jrj.com

PR Newswire

2021 UnionPay Study Shows More Consumers are Adopting Mobile Payments Compared to 2018

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SINGAPORE, Aug. 27, 2021 — According to UnionPay’s Cashless Payment Adoption Study conducted from January to February 2021, almost three in four (74%) local residents surveyed used mobile wallet to make QR Code payment at least once in the past six months. This was a 7% increase from UnionPay’s last survey on cashless payment in September 2018, whereby 67% said they used their mobile wallet to make QR Code payments.

Top 5 Most Often Used Payment Methods (%)
in the Past 6 Months

The UnionPay online survey on Cashless Payment Adoption was conducted by Nielsen, with over 1,200 Singapore residents aged 18 to 55 from January to February 2021. Those surveyed cited convenience, rewards, cashback, and discounts as the main reasons for using mobile wallets.


In the absence of card, categories where mobile wallets are ranked in the top 5 preferred payment methods include F&B, supermarkets, entertainment outlets, convenience stores and departmental stores. The survey results also showed that DBS PayLah!, Google Pay and GrabPay are the top three mobile wallet apps with the highest consumer awareness, and most often used. 

"With the government’s push to encourage QR Code payment at everyday usage scenarios like hawker centres, we had expected a bigger increase in mobile wallet adoption compared to 2018. However, with locals getting used to scanning QR Code everywhere they visit, coupled with more choices for QR Code payment applications and wider merchant acceptance, we believe that more consumers will embrace mobile wallets for payment," said Huiming Cai, General Manager, UnionPay International South East Asia. 


Credit card remained the most often used (47%) payment instrument among those surveyed, with Debit card (18%) and mobile wallet (13%) a distant second and third.

Non-Mobile Wallet Users: Security Remains The Top Concern

Among non-users of mobile wallets who are also not open/interested to use mobile wallets in the future, 61% cited security and concerns of safeguarding personal information by merchants, mobile phones manufacturer and mobile wallet apps as the key factors discouraging them from using this payment mode.


For mobile wallet users, the top five challenges mentioned are the hassle of topping up wallet (39%), merchants’ non-acceptance (38%), phone could not read QR Code (30%), slow internet connection interrupting the transactions (26%) and security concerns (23%).

UnionPay’s Role in Promoting Secure Mobile Payment and
Building a More Inclusive Cashless Society

Huiming Cai said "It is crucial to take collective steps to address consumers’ concerns about mobile wallets payment security as we continue to accelerate Singapore’s journey towards a cashless society. UnionPay works closely with mobile wallet providers to ensure that consumers’ QR Code payment transactions are safe and secured. In addition, UnionPay’s QR Code uses the EMV specification which is in line with global payment security standards. As a leader in enabling QR Code for payment globally, UnionPay QR Code acceptance has expanded to over 30 million merchants around the world. With the current safe distancing measures in place, I believe more consumers and merchants will adopt contactless payment. Our continuous push to encourage usage of QR Code payment will play an important role in promoting a more hygienic and inclusive cashless environment as QR Code payment can be adopted quickly and easily."

In Singapore, UnionPay QR Code payment is enabled at hawker centres and popular merchants such as Dian Xiao Er, Heytea, i.Jooz vending machines, Jumbo Seafood Restaurant, Old Chang Kee and more. Consumers can use the AP-1 app (membership fees apply), Bank of China app, Industrial and Commercial Bank of China app and Nestia app to make UnionPay QR Code payment.

About UnionPay Payments Adoption Study

The UnionPay Payments Adoption Study was conducted by Nielson from January to February 2021 with 1,202 local residents including Singapore citizens, permanent residents, E/S Pass holders with representation from the age group of 18 – 24 years old (9%), 25 – 34 years old (26%), 35 – 44 years old (33%) and 45 – 55 years old (32%) with 45% male and 55% female.

About UnionPay International

UnionPay International (UPI) focuses on the international business of UnionPay. In partnership with more than 2400 institutions worldwide, UPI has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UPI provides high quality, cost effective and secure cross-border payment services to the world’s largest Cardholder base and ensures convenient local services to a growing number of global UnionPay Cardholders and merchants.

In Southeast Asia, UPI has enabled ATM, POS acceptance and card issuance across all 10 countries. In Singapore, UPI partners Bank of China (BOC), DBS Bank, Industrial and Commercial Bank of China (ICBC) and United Overseas Bank (UOB) to provide a wide array of payment products and services. Local residents can download the AP-1 app (membership fees apply), BOC app, ICBC app and Nestia app to make UnionPay QR Code payment.

For more information, visit www.unionpayintl.com/sg/info

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PR Newswire

UnionPay Provides Tuition Fee Payment Refund to Encourage International Students to Pay Online and Stay Safe

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SYDNEY, Aug. 27, 2021 — In response to the back-to-school season, UnionPay International ("UPI"), a leading global payment services provider, has launched a campaign offering a refund of AUD 68 for tuition fee payments over AUD 6,800 to Australian universities.

The campaign runs from July 16 to October 31, 2021, and students can simply use the "Australia Payment" service in the UnionPay App to pay and claim refunds. Cardholders with the same device, ID, phone number, or bank card can only redeem the refund once. For more details, please visit here. Besides tuition fees, UPI cardholders can also pay utilities, car rego, fines, and government rates here.

As many international students are unable to return to campus or even unable to travel to Australia, this campaign offers an alternative and effective way to pay their tuition fees and encourages staying safe during the pandemic. Since the campaign went live on July 16, UPI has experienced a surge of 269% in transaction volume during the first two weeks.

For some cardholders that are unable to travel to Australia to attend lectures, they can pay remotely with automatic conversion using UnionPay’s official real-time exchange rate.

"Partnering with local finance institutes ChinaPayments and BPAY, the cooperation was first introduced in 2020, and soon received highly positive feedback. Now with new school year starting, we are happy to launch a refund campaign to encourage students to make their payments safer and more convenient," said Jian Jiangtao, head of UnionPay International South Pacific Branch.

UPI will continue to gain insights into market changes, respond to the emerging needs of the Australian market, extend partnerships with local institutes, and promptly launch campaigns and offerings that meet the increasing demands for its cardholders.

About UnionPay International

UnionPay International (UPI) is focused on the growth and support of UnionPay’s global business. In partnership with more than 2400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions, covering over 63 million merchants. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

Related Links :

http://www.unionpayintl.com

PR Newswire

Former Vice-Chairman of Nasdaq, Sandy Frucher, joins OwlTing’s board of directors

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TAIPEI, Aug. 26, 2021 — OwlTing Group, a blockchain technology company, announces that Meyer Sandy Frucher, a former Vice-Chairman of Nasdaq, has joined the company’s board of directors. OwlTing’s success in its home market in Taiwan has proven the company has a compelling value proposition that is ready for international competition. Mr. Frucher’s appointment comes as the firm focuses on scaling globally.

Meyer Sandy Frucher joins OwlTing's board of directors
Meyer Sandy Frucher joins OwlTing’s board of directors

Mr. Frucher’s service with Nasdaq began in 2008 when, as CEO of the Philadelphia Stock Exchange (PHLX), he negotiated it’s acquisition by Nasdaq. Continuing on as Vice-Chairman of Nasdaq, he led Nasdaq’s relationships with international exchanges, representing Nasdaq on the board of directors of the World Federation of Exchanges. He continues to represent Nasdaq on the board of the Options Clearing Corporation (OCC), where he is the longest-serving board director.

"Stock Exchanges have enabled capital formation and job growth in the most developed countries, but far too many companies in the developing world have been left behind, unable to absorb the enormous costs of public listing or Environmental, Social and Governance reporting capabilities, and in some cases, simple payment systems. OwlTing’s affordable blockchain solutions are game-changing for growing companies around the world. I’m excited to support the management team’s global ambitions," Mr. Frucher stated.

"Blockchain are systems of automated trust. This industry is in its infancy. Consumers and regulators alike are changing their expectations. Consumers want proof that their goods did not exploit vulnerable people and investors want proof that their portfolio companies are reducing their carbon emissions. Shortages and trade disruptions are causing companies to reconsider their supply chains and whether automation via smart contracts can improve their bottom line. Distributed ledgers and blockchain have transformative potential for a world with new expectations," said Mr. Frucher.

OwlTing provides easy access to blockchain solutions for industries such as finance, hospitality, agriculture, logistics and mobility that share needs for cost-effective resilience and transparency in the digital era.

OwlTing’s strategic partners include SBI Holdings, the leading Japanese financial technology company, which placed a significant investment in OwlTing in 2018.

Darren Wang, Founder and CEO of OwlTing said, "It is our pleasure to welcome Sandy to the OwlTing Group. Sandy’s embrace of technology at PHLX was visionary, and his leadership at Nasdaq and in the global exchange community guided the transformation of capital markets in the internet era. We are very early in the blockchain era, only recently moving from predictions and ‘hype’ to applications in production. Sandy’s experience in transforming capital markets and his global relationships will guide our growth strategy and add to our momentum."

About OwlTing Group

OwlTing Group is a blockchain technology company headquartered in Taiwan and has branch offices in the U.S., Japan, Singapore, Hong Kong, Thailand, Malaysia, and U.A.E.. Darren Wang, a serial entrepreneur and blockchain industry angel investor, founded OwlTing in 2010, and it has since received venture backing from leading VCs, including an eight-figure USD investment from the Japanese financial giant SBI Holdings in 2018. In 2019, OwlTing collaborated with U.S. companies, forming partnerships across borders to develop innovative blockchain applications. To learn more, please visit: https://www.owlting.com

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