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PR Newswire

Lufax Reports Third Quarter 2022 Financial Results

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SHANGHAI, Nov. 24, 2022 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU), a leading technology-empowered personal financial services platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Financial Highlights

  • Total income decreased by 17.2% to RMB13,193 million (US$1,855 million) in the third quarter of 2022 from RMB15,924 million in the same period of 2021.
  • Net profit decreased by 67.1% to RMB1,355 million (US$190 million) in the third quarter of 2022 from RMB4,115 million in the same period of 2021.

 (In millions except percentages, unaudited)

Three Months Ended September 30,

2021

2022

YoY

RMB

RMB

USD

Total income

15,924

13,193

1,855

(17.2 %)

Total expenses

(9,936)

(11,082)

(1,558)

11.5 %

Total expenses excluding credit and asset impairment losses, financial costs and other (gains)/losses

(7,730)

(6,746)

(948)

(12.7 %)

Credit and asset impairment losses, financial costs and other (gains)/losses

(2,205)

(4,336)

(610)

96.6 %

Net profit

4,115

1,355

190

(67.1 %)

Third Quarter 2022 Operational Highlights

Retail credit facilitation business:

  • Outstanding balance of loans facilitated decreased by 1.3% to RMB636.5 billion as of September 30, 2022 from RMB645.1 billion as of September 30, 2021.
  • Cumulative number of borrowers increased by 15.3% to approximately 18.7 million as of September 30, 2022 from approximately 16.2 million as of September 30, 2021.
  • During the third quarter of 2022, excluding the consumer finance subsidiary, 87.3% of new loans facilitated were disbursed to small business owners, up from 80.5% in the same period of 2021.
  • New loans facilitated decreased by 27.9% to RMB123.8 billion in the third quarter of 2022 from RMB171.7 billion in the same period of 2021.
  • During the third quarter of 2022, excluding the consumer finance subsidiary, the Company bore risk on 21.7% of its new loans facilitated, up from 19.6% in the same period of 2021.
  • As of September 30, 2022, including the consumer finance subsidiary, the Company bore risk on 22.5% of its outstanding balance, up from 14.8% as of September 30, 2021. Credit enhancement partners bore risk on 73.1% of outstanding balance, among which Ping An P&C accounted for a majority.
  • For the third quarter of 2022, the Company’s retail credit facilitation revenue take rate[1] based on loan balance was 7.8%, as compared to 9.7% for the third quarter of 2021.
  • C-M3 flow rate[2] for the total loans the Company had facilitated was 0.8% in the third quarter of 2022, as compared to 0.7% in the second quarter of 2022. Flow rates for the general unsecured loans and secured loans the Company had facilitated were 0.9% and 0.4%, respectively, in the third quarter of 2022, as compared to 0.8% and 0.3%, respectively, in the second quarter of 2022.
  • Days past due (“DPD”) 30+ delinquency rate[3] for the total loans the Company had facilitated was 3.6% as of September 30, 2022, as compared to 3.1% as of June 30, 2022. DPD 30+ delinquency rate for general unsecured loans was 4.2% as of September 30, 2022, as compared to 3.6% as of June 30, 2022. DPD 30+ delinquency rate for secured loans was 1.6% as of September 30, 2022, as compared to 1.4% as of June 30, 2022.
  • DPD 90+ delinquency rate[4] for the total loans facilitated was 2.1% as of September 30, 2022, as compared to 1.7% as of June 30, 2022. DPD 90+ delinquency rate for general unsecured loans was 2.4% as of September 30, 2022, as compared to 2.0% as of June 30, 2022. DPD 90+ delinquency rate for secured loans was 0.9% as of September 30, 2022, as compared to 0.7% as of June 30, 2022.

Wealth management business:

  • Total number of registered users grew to 52.6 million as of September 30, 2022 from 48.7 million as of September 30, 2021.
  • Total number of active investors grew to 15.5 million as of September 30, 2022 from 15.3 million as of September 30, 2021.
  • Total client assets decreased by 2.0% to RMB416.8 billion as of September 30, 2022 from RMB425.1 billion as of September 30, 2021.
  • The 12-month investor retention rate was 95.1% as of September 30, 2022, as compared to 95.9% as of September 30, 2021.
  • Contribution to total client assets from customers with investments of more than RMB300,000 on the Company’s platform increased to 81.8% as of September 30, 2022 from 80.8% as of September 30, 2021.
  • During the third quarter of 2022, the annualized take rate[5] for current products and services on the Company’s wealth management platform was 34.7 bps, down from 43.1 bps during the second quarter of 2022.

Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, “The third quarter was a challenging time for our company and for our industry as a whole. As our core client base of small business owners continued to feel an outsized impact from a deteriorating macro environment, we faced rising credit impairment losses and credit enhancement costs, weighing on our profitability. In contrast, the regulatory environment is becoming increasingly stabilized; oversight has been normalized and there is an absence of significant outstanding issues for our company. While credit quality deterioration advanced across the board in the third quarter, we witnessed growing differences in economic resilience and significant divergence in credit performance by region. Taking Shanghai for example, the C-M3 ratio for general unsecured loans spiked to 2.3% in Q2 2022, but within a short period of time after re-opening, quickly returned to the pre-lockdown level of 0.5% in Q3 2022, demonstrating strong resilience. On average, the C-M3 ratio for top performing regions, which mainly consist of cities and regions with strong economic foundations improved by 1 basis point in the third quarter compared to the second quarter, while the average C-M3 ratio for average performing regions and less desirable performing regions deteriorated by 13 and 20 basis points, respectively, during the same period. Today, about two-thirds of our existing business is in cities and regions where we believe the economic foundations are stronger and will underpin and catalyze our recovery from current downturn. This is clearly a challenge for us but we are confident in our ability to execute. We will adjust our business strategies by deepening our focus on well-rated small business owners, in more resilient cities, with increased reliance on our direct sales force channel. In the nearer-term, we expect this adjusted strategy will generate new loan facilitation volumes at approximately two-thirds of the volumes we have generated in recent years. We will also use this business re-prioritization to continue to upgrade our technology, operations, and risk management with the objective of strengthening our long-term market leadership in the small business owner segment. Fortified by our competitive advantages, our fine-tuned strategy, our pro-regulation business model, our strong balance sheet and long-term partnerships with financial institutions, we will navigate through this difficult period.”

Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, “The deterioration in credit quality during the third quarter negatively impacted our results, with new loan volumes declining and credit impairment losses rising. Overall profitability has also been negatively impacted by higher insurance premium.  In light of the challenges, we have already tightened customer selection and new business initiated in the last several quarters has delivered better and more resilient performance.  We will continue to take the path of strengthening collection on existing vintages and building up a more sustainable and profitable new portfolio, while at the same time we will refine our channel management and optimize our direct sales force to be more nimble, productive and effective in customer targeting and selection. Though this will result in reduced new business volumes and gross revenues in the medium-term, new business should generate better results as compared to the historical loan vintages as a whole and drive a U-shaped recovery in our financial performance. Facing the uncertainties ahead, we will continue strengthening our operating capabilities and our partnerships with financial institutions. We have recently launched a new small business owner ecosystem, LuDianTong, an open-platform design which we populated with digital operating tools and industry-focused content for SBOs to operate their businesses more effectively. We are also continuing to develop LuJinTong, which helps banks with strong risk capabilities acquire borrowers directly through dispersed sourcing agents nation-wide.  In addition, we have also gained 16 new bank partners under our risk-sharing model compared to a year ago. Looking ahead, our bottom-line recovery will be driven by the evolving credit performance and run-off speed of our historical vintages, and our prioritized new businesses’ growth rate. Finally, we would like to thank our shareholders for their continuous support to our business. In October, we distributed our first half 2022 dividends of USD0.17 per ADS, and we will continue to deliver value to our shareholders.”

Mr. David Choy, Chief Financial Officer of Lufax, commented, “Faced with worsening macroeconomic headwinds, we dedicated ourselves to building a more sustainable business model and improving operational resilience. As a result, we recorded RMB13.2 billion in total income for the third quarter and reduced our operating-related expenses by 12.7% year over year. Our balance sheet remains strong, with our cash at bank balance increasing to RMB45.8 billion. In addition, liquid assets[6] maturing in 90 days or less amounted to 46.5 billion as of the end of September 2022. Our guarantee company’s net capital stood at 47.8 billion and the leverage was stable at 2.1x, compared to a regulatory allowance of 10x. Against a challenging macro backdrop, this performance demonstrates the efficacy of our business model and gives us confidence as we strive to deliver long term growth and sustainable value for our shareholders.”

Third Quarter 2022 Financial Results

TOTAL INCOME

Total income decreased by 17.2% to RMB13,193 million (US$1,855 million) in the third quarter of 2022 from RMB15,924 million in the same period of 2021. The Company’s revenue mix changed with the evolution of its business model, as it gradually bore more credit risk and increased funding from consolidated trust plans that provided lower funding costs.

Three Months Ended September 30,

 (In millions except percentages, unaudited) 

2021

2022

YoY

RMB

% of total
income

RMB

% of total
income

Technology platform-based income

9,567

60.1 %

6,672

50.6 %

(30.3 %)

    Retail credit facilitation service fees 

9,100

57.1 %

6,308

47.8 %

(30.7 %)

    Wealth management transaction and service fees

467

2.9 %

364

2.8 %

(22.1 %)

Net interest income

3,802

23.9 %

4,618

35.0 %

21.5 %

Guarantee income

1,293

8.1 %

1,863

14.1 %

44.1 %

Other income

997

6.3 %

(129)

(1.0 %)

(112.9 %)

Investment income

266

1.7 %

168

1.3 %

(36.8 %)

Share of net profits of investments accounted
for using the equity method

(2)

0.0 %

0

0.0 %

(100.0 %)

Total income

15,924

100.0 %

13,193

100.0 %

(17.2 %)
  • Technology platform-based income decreased by 30.3% to RMB6,672 million (US$938 million) in the third quarter of 2022 from RMB9,567 million in the same period of 2021 due to a decrease in new loan sales, client assets, and service fees.
    – Retail credit facilitation service fees decreased by 30.7% to RMB6,308 million (US$887 million) in the third quarter of 2022 from RMB9,100 million in the same period of 2021, mainly due to a decrease in new loan sales and a lower take rate, and changes in the Company’s business model that resulted in more income being recognized in net interest income and guarantee income.
    – Wealth management transaction and service fees decreased by 22.1% to RMB364 million (US$51 million) in the third quarter of 2022 from RMB467 million in the same period of 2021. The decrease was mainly driven by the decrease in fees generated from the Company’s current products, partially offset by the increase in fees generated from platform services[7].
  • Net interest income increased by 21.5% to RMB4,618 million (US$649 million) in the third quarter of 2022 from RMB3,802 million in the same period of 2021, mainly as a result of 1) the Company’s increased usage of trust funding channels that were consolidated by the Company (as of September 30, 2022, the Company’s on-balance sheet loans accounted for 36.9% of its total loan balance under management, as compared to 31.2% as of September 30, 2021), and 2) an increase in the volume of new consumer finance loans.
  • Guarantee income increased by 44.1% to RMB1,863 million (US$262 million) in the third quarter of 2022 from RMB1,293 million in the same period of 2021, primarily due to the increase in the loans for which the Company bore credit risk.
  • Other income was negative RMB129 million (negative US$18 million) in the third quarter of 2022 compared to other income of RMB997 million in the same period of 2021, majority of the decreases were due to 1) a refund of account management fees to the Company’s primary credit enhancement partner as a result of worse-than-expected collection performance, and 2) the narrowing down of service scope and change of fee structure that the Company provided and charged to its primary credit enhancement partner since this quarter.
  • Investment income decreased to RMB168 million (US$24 million) in the third quarter of 2022 from RMB266 million in the same period of 2021, mainly due to a decrease in investment assets.

TOTAL EXPENSES

Total expenses increased by 11.5% to RMB11,082 million (US$1,558 million) in the third quarter of 2022 from RMB9,936 million in the same period of 2021. This increase was mainly driven by credit impairment losses, since credit impairment losses increased by 137.7% to RMB3,956 million (US$556 million) in the third quarter of 2022 from RMB1,664 million in the same period of 2021. Total expenses excluding credit impairment losses, asset impairment losses, finance costs, and other (gains)/losses decreased by 12.7% to RMB6,746 million (US$948 million) in the third quarter of 2022 from RMB7,730 million in the same period of 2021.

Three Months Ended September 30,

 (In millions except percentages, unaudited) 

2021

2022

YoY

RMB

% of total
income

RMB

% of total
income

Sales and marketing expenses

4,609

28.9 %

4,071

30.9 %

(11.7 %)

General and administrative expenses

937

5.9 %

592

4.5 %

(36.8 %)

Operation and servicing expenses

1,660

10.4 %

1,600

12.1 %

(3.6 %)

Technology and analytics expenses

524

3.3 %

484

3.7 %

(7.6 %)

Credit impairment losses

1,664

10.4 %

3,956

30.0 %

137.7 %

Asset impairment losses

410

2.6 %

68

0.5 %

(83.4 %)

Finance costs

168

1.1 %

306

2.3 %

82.1 %

Other (gains)/losses – net

(36)

(0.2 %)

7

0.1 %

(119.4 %)

Total expenses

9,936

62.4 %

11,082

84.0 %

11.5 %
  • Sales and marketing expenses decreased by 11.7% to RMB4,071 million (US$572 million) in the third quarter of 2022 from RMB4,609 million in the same period of 2021.
    – Borrower acquisition expenses decreased by 20.5% to RMB2,030 million (US$285 million) in the third quarter of 2022 from RMB2,553 million in the same period of 2021. The decrease was mainly due to decreased new loan sales and reductions in commissions.
    – Investor acquisition and retention expenses decreased by 62.8% to RMB81 million (US$11 million) in the third quarter of 2022 from RMB218 million in the same period of 2021, mostly due to the decrease in sales of current products.
    – General sales and marketing expenses increased by 6.6% to RMB1,960 million (US$276 million) in the third quarter of 2022 from RMB1,839 million in the same period of 2021. This increase was primarily due to the increase in sales costs related to platform services and the increase in staff costs for sales and marketing personnel.
  • General and administrative expenses decreased by 36.8% to RMB592 million (US$83 million) in the third quarter of 2022 from RMB937 million in the same period of 2021 as a result of the Company’s expense control measures.
  • Operation and servicing expenses decreased by 3.6% to RMB1,600 million (US$225 million) in the third quarter of 2022 from RMB1,660 million in the same period of 2021, primarily due to the decrease of trust plan management expenses and the Company’s expense control measures.
  • Technology and analytics expenses decreased by 7.6% to RMB484 million (US$68 million) in the third quarter of 2022 from RMB524 million in the same period of 2021, as a result of the Company’s improved efficiency.
  • Credit impairment losses increased by 137.7% to RMB3,956 million (US$556 million) in the third quarter of 2022 from RMB1,664 million in the same period of 2021, mainly driven by 1) the increase of provision and indemnity loss driven by increased risk exposure, and 2) the change in credit performance due to the impact of the COVID-19 outbreak.
  • Asset impairment losses decreased by 83.4% to RMB68 million (US$10 million) in the third quarter of 2022 from RMB410 million in the same period of 2021, mainly due to the higher base of impairment loss in the third quarter of 2021 driven by impairment loss of intangible assets and goodwill.
  • Finance costs increased by 82.1% to RMB306 million (US$43 million) in the third quarter of 2022 from RMB168 million in the same period of 2021, mainly due to an increase in interest expense.
  • Other losses were RMB7 million (US$1 million) in the third quarter of 2022 compared to other gains of RMB36 million in the same period of 2021, mainly due to the foreign exchange loss in the third quarter of 2022.

[1] The take rate of retail credit facilitation business is calculated by dividing the aggregated amount of retail credit facilitation service fee, net interest income, guarantee income and the penalty fees and account management fees by the average outstanding balance of loans facilitated for each period.

[2] Flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation.

[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[5] The take rate for the wealth management business is calculated by dividing total wealth management transaction and service fees for current products by average client assets in the Company’s current products. Part of the wealth management transaction and service fees do not generate client assets.

[6] The liquid assets consist of Cash at bank, Financial assets at amortized cost, Financial assets purchased under reverse repurchase agreements and Financial assets at fair value through profit or loss with a maturity of 90 days or less as of September 30, 2022.

[7] Platform services are provided by the Company’s platform, and this income is primarily based on transaction volume.

NET PROFIT

Net profit decreased by 67.1% to RMB1,355 million (US$190 million) in the third quarter of 2022 from RMB4,115 million in the same period of 2021, driven by the aforementioned factors.

EARNINGS PER ADS

Basic and diluted earnings per American Depositary Share (“ADS”) were both RMB0.58 (US$0.08) in the third quarter of 2022.

BALANCE SHEET

The Company had RMB45,803 million (US$6,439 million) in cash at bank as of September 30, 2022, as compared to RMB34,743 million as of December 31, 2021. Net assets of the Company amounted to RMB95,097 million (US$13,369 million) as of September 30, 2022, as compared to RMB94,559 million as of December 31, 2021.

Recent Developments­

Changes in Board Composition

Mr. Rui Li, Mr. Hanjie Ou and Mr. Yunwei Tang have tendered their resignations as directors of the Company and will no longer serve as members of the Company’s board of directors (the “Board”) or any committee of the Board, effective as of November 23, 2022. Ms. Fangfang Cai, Mr. Guangheng Ji and Ms. Xin Fu have each been appointed as a director of the Company, and Mr. David Xianglin Li, currently an independent director of the Company, has been appointed as a member of the audit committee of the Board, effective as of November 23, 2022.

Ms. Fangfang Cai has been serving as an executive director of Ping An Insurance (Group) Company of China, Ltd. (together with its subsidiaries, “Ping An Group”) since July 2014, chief human resources officer of Ping An Group since March 2015, and deputy general manager of Ping An Group since December 2019. Ms. Cai also serves as a director of a number of controlled subsidiaries of Ping An Group, including Ping An Bank, Ping An Life, Ping An Property & Casualty, and Ping An Asset Management. Ms. Cai has over 26 years of experience in the finance industry. Ms. Cai served as vice chief human resources officer of Ping An Group from September 2013 to March 2015, vice chief financial officer and the general manager of the planning department of Ping An Group from February 2012 to September 2013, deputy general manager and then general manager of compensation planning and management department at human resources center of Ping An Group from October 2009 to February 2012. Prior to joining Ping An Group, Ms. Cai served as  consulting director of Watson Wyatt Consultancy (Shanghai) Ltd. from June 2006 to July 2007 and audit director on the financial industry of British Standards Institution Management Systems Certification Co., Ltd from July 2003 to June 2006. Ms. Cai obtained a master’s degree in accounting from The University of New South Wales in May 2000.

Mr. Guangheng Ji has been serving as senior vice president of Ping An Group since March 2022. Mr. Ji served as the chairman of the board of directors of the Company from January 2021 to August 2022 and the co-chairman of the board of directors of the Company from April 2020 to January 2021. Mr. Ji has over 25 years of experience in the finance industry. Mr. Ji served as a number of positions at Industrial and Commercial Bank of China from July 1994 to April 2009, vice president of Shanghai Pudong Development Bank Co., Ltd., a company listed on the Shanghai Stock Exchange (SSE: 600000), from April 2009 to November 2015, chairman of the board of Shanghai Rural Commercial Bank Co., Ltd. from November 2015 to March 2019, and vice chairman of the board and co-president of Baoneng Group from March 2019 to March 2020. Mr. Ji obtained his bachelor’s and master’s degrees in geography and Ph.D. degree in economics from Peking University in July 1991, July 1994 and July 2009, respectively.

Ms. Xin Fu has been serving as the chief operating officer of Ping An Group since March 2022 and director of the strategic development center of Ping An Group since March 2020. She joined Ping An Group in October 2017 as general manager of its planning department, and served as deputy chief financial officer of Ping An Group between March 2020 and March 2022. Prior to joining Ping An Group, Ms. Fu served as a partner of Roland Berger management consulting financial services practices and an executive director of PricewaterhouseCoopers, where she had over ten years of experience in planning and implementing finance and fintech related projects. Ms. Fu has also been serving as a non-executive director of OneConnect Financial Technology Co., Ltd. (NYSE: OCFT; HKG: 6638) since November 2022. Ms. Fu obtained a master’s degree in business administration from Shanghai Jiao Tong University in June 2012.

Business Outlook

For the full year of 2022, the Company expects its new loans facilitated to decrease by 23% to 24% year over year to the range of RMB490 billion to RMB495 billion, client assets to decrease by 1% to 10% year over year to the range of RMB390 billion to RMB430 billion, total income to decrease by 6% to 8% year over year to the range of RMB57.0 billion to RMB58.0 billion, and net profit to decrease by 47% to 49% year over year to the range of RMB8.5 billion to RMB8.9 billion.

These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

The Company’s management will hold an earnings conference call at 8:00 P.M. U.S. Eastern Time on Wednesday, November 23, 2022 (9:00 A.M. Beijing Time on Thursday, November 24, 2022) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a participant dial-in number, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.

Registration Link: https://www.netroadshow.com/events/login?show=bb2672a0&confId=44087

A replay of the conference call will be accessible through November 30, 2022 (dial-in numbers: +1 (866) 813-9403 or +1 (226) 828-7578; replay access code: 399471). A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.lufaxholding.com.

About Lufax

Lufax Holding Ltd is a leading technology-empowered personal financial services platform in China. Lufax Holding Ltd primarily utilizes its customer-centric product offerings and offline to-online channels to provide retail credit facilitation services to small business owners and salaried workers in China as well as tailor-made wealth management solutions to China’s rapidly growing middle class. The Company has implemented a unique, capital-light, hub-and-spoke business model combining purpose-built technology applications, extensive data, and financial services expertise to effectively facilitate the right products to the right customers.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the rate in effect as of September 30, 2022, as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. Statements that are not historical facts, including statements about Lufax’s beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which 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. These forward-looking statements include, but are not limited to, statements about Lufax’s goals and strategies; Lufax’s future business development, financial condition and results of operations; expected changes in Lufax’s income, expenses or expenditures; expected growth of the retail credit facility and wealth management markets; Lufax’s expectations regarding demand for, and market acceptance of, its services; Lufax’s expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax’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 Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2022

2021

2022

RMB

RMB

USD

RMB

RMB

USD

Technology platform-based income

9,566,839

6,672,443

937,997

29,458,153

23,344,095

3,281,661

Retail credit facilitation service fees

9,100,213

6,308,263

886,802

27,959,069

21,920,355

3,081,515

Wealth management transaction and service fees

466,626

364,180

51,196

1,499,084

1,423,740

200,146

Net interest income

3,802,306

4,618,100

649,202

9,940,117

14,611,906

2,054,109

Guarantee income

1,293,440

1,863,293

261,938

2,735,404

5,701,766

801,542

Other income

996,942

(128,500)

(18,064)

3,106,310

1,107,077

155,630

Investment income

266,425

167,809

23,590

792,887

1,031,031

144,940

Share of net profits of investments accounted for
using the equity method

(1,572)

138

19

(29,418)

1,515

213

Total income

15,924,380

13,193,283

1,854,682

46,003,453

45,797,390

6,438,095

Sales and marketing expenses

(4,609,097)

(4,070,803)

(572,264)

(13,158,261)

(12,050,538)

(1,694,038)

General and administrative expenses

(937,181)

(592,216)

(83,252)

(2,588,459)

(2,079,697)

(292,359)

Operation and servicing expenses

(1,660,244)

(1,599,564)

(224,863)

(4,657,930)

(4,770,562)

(670,635)

Technology and analytics expenses

(523,926)

(483,617)

(67,986)

(1,487,347)

(1,414,885)

(198,901)

Credit impairment losses

(1,663,958)

(3,955,506)

(556,056)

(4,110,742)

(10,291,935)

(1,446,817)

Asset impairment losses

(409,547)

(68,051)

(9,566)

(411,596)

(420,007)

(59,044)

Finance costs

(168,090)

(305,879)

(43,000)

(728,156)

(737,950)

(103,739)

Other gains/(losses) – net

36,121

(6,631)

(932)

199,572

(415,322)

(58,385)

Total expenses

(9,935,922)

(11,082,267)

(1,557,920)

(26,942,919)

(32,180,896)

(4,523,919)

Profit before income tax expenses

5,988,458

2,111,016

296,762

19,060,534

13,616,494

1,914,176

Income tax expenses

(1,873,012)

(756,377)

(106,330)

(5,247,768)

(4,035,520)

(567,304)

Net profit for the period

4,115,446

1,354,639

190,432

13,812,766

9,580,974

1,346,872

Net profit/(loss) attributable to:

Owners of the Group

4,129,300

1,326,757

186,513

13,898,293

9,514,661

1,337,550

Non-controlling interests

(13,854)

27,882

3,920

(85,527)

66,313

9,322

Net profit for the period

4,115,446

1,354,639

190,432

13,812,766

9,580,974

1,346,872

Earnings per share

-Basic earnings per share

3.51

1.16

0.16

11.69

8.31

1.17

-Diluted earnings per share

3.31

1.16

0.16

10.91

7.97

1.12

-Basic earnings per ADS

1.76

0.58

0.08

5.85

4.16

0.58

-Diluted earnings per ADS

1.66

0.58

0.08

5.46

3.99

0.56

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of September 30,

2021

2022

RMB

RMB

USD

Assets

Cash at bank

34,743,188

45,802,911

6,438,871

Restricted cash

30,453,539

27,021,836

3,798,670

Financial assets at fair value through profit or loss

31,023,211

25,564,173

3,593,755

Financial assets at amortized cost

3,784,613

4,749,482

667,672

Financial assets purchased under reverse repurchase agreements

5,527,177

–

–

Accounts and other receivables and contract assets

22,344,773

18,477,641

2,597,546

Loans to customers

214,972,110

232,229,739

32,646,340

Deferred tax assets

4,873,370

3,978,163

559,241

Property and equipment

380,081

314,618

44,228

Investments accounted for using the equity method

459,496

41,005

5,764

Intangible assets

899,406

892,068

125,405

Right-of-use assets

804,990

764,247

107,436

Goodwill

8,918,108

8,918,108

1,253,688

Other assets

1,249,424

1,915,345

269,255

Total assets

360,433,486

370,669,336

52,107,870

Liabilities

Payable to platform users

2,747,891

1,987,045

279,334

Borrowings

25,927,417

35,780,452

5,029,936

Bond payable

–

2,150,793

302,354

Current income tax liabilities

8,222,684

1,149,341

161,572

Accounts and other payables and contract liabilities

8,814,255

11,638,679

1,636,140

Payable to investors of consolidated structured entities

195,446,140

193,610,897

27,217,389

Financial guarantee liabilities

2,697,109

4,510,096

634,019

Deferred tax liabilities

833,694

944,792

132,817

Lease liabilities

794,544

764,049

107,408

Convertible promissory note payable

10,669,498

12,618,789

1,773,921

Optionally convertible promissory notes

7,405,103

8,162,603

1,147,481

Other liabilities

2,315,948

2,254,533

316,937

Total liabilities

265,874,283

275,572,069

38,739,308

Equity

Share capital

75

75

11

Share premium

33,365,786

25,857,702

3,635,018

Treasury shares

(5,560,104)

(5,642,769)

(793,248)

Other reserves

9,304,995

7,836,643

1,101,658

Retained earnings

55,942,943

65,457,604

9,201,884

Total equity attributable to owners of the Company

93,053,695

93,509,255

13,145,323

Non-controlling interests

1,505,508

1,588,012

223,239

Total equity

94,559,203

95,097,267

13,368,562

Total liabilities and equity

360,433,486

370,669,336

52,107,870

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2022

2021

2022

RMB

RMB

USD

RMB

RMB

USD

Net cash generated from/(used in) operating activities

1,713,184

2,368,661

332,981

5,617,033

(368,333)

(51,779)

Net cash generated from/(used in) investing activities

2,563,026

(5,559,517)

(781,545)

(2,635,639)

7,384,143

1,038,046

Net cash generated from/(used in) financing activities

(3,102,542)

4,459,025

626,840

(816,325)

(2,843,563)

(399,742)

Effects of exchange rate changes on cash and cash

equivalents

17,417

203,617

28,624

(44,253)

205,975

28,956

Net increase/(decrease) in cash and cash
equivalents

1,191,085

1,471,786

206,900

2,120,816

4,378,222

615,481

Cash and cash equivalents at the beginning of the

period

24,715,382

29,402,746

4,133,373

23,785,651

26,496,310

3,724,792

Cash and cash equivalents at the end of the period

25,906,467

30,874,532

4,340,273

25,906,467

30,874,532

4,340,273

Cision View original content:https://www.prnewswire.com/news-releases/lufax-reports-third-quarter-2022-financial-results-301686199.html

PR Newswire

TPIsoftware Wins Big at Taiwan Excellence Awards 2023 with Its Three Proprietary Software Products

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TAIPEI, Nov. 14, 2022 /PRNewswire/ — Recognized as one of the best ICT software solutions providers in Taiwan, TPIsoftware has won big at the 31st Taiwan Excellence Awards with its three proprietary software products: the enterprise-level API management platform digiRunner, the conversational AI chatbot SysTalk.Chat, and the one-stop log management platform digiLogs. The awards celebrate the innovation and potential of Taiwanese products, which exemplifies TPIsoftware’s R&D commitment and capability to compete against global tech giants. Thousands of products entered the awards, with a total of 186 companies and 348 products standing out from the competition.

The award-winning product digiRunner helps businesses stay on top of the global Open Data trend by creating diverse business scenarios and enabling an innovative ecosystem with third-party service providers. Featuring full life cycle API management, digiRunner significantly reduces up to 90% of API development and deployment time for enterprises to capture business opportunities.

digiLogs is awarded for its holistic features to optimize IT operational efficiency. Supporting more than 55 data formats, it provides centralized log integration, management and analysis for a high volume of logs across heterogeneous systems with troubleshooting time reduced to ⅙ when issues occur. Granted 7 utility model patents and 3 invention patents, digiLogs and digiRunner belong to the product lineup DigiFusion, a comprehensive enterprise service middleware featuring FIDO authentication, SIEM, CI/CD and more.

Harnessing the exclusive dual algorithm technology, SysTalk.Chat delivers human-like dialog services with over 90% accuracy rate complemented with professional training and consultation. TPIsoftware has further rolled out an AI textual analysis solution built with OCR technology to empower smart claims management, underwriting and document administration in the BFSI and government sector.

“This prestigious recognition has proved us reaching new heights,” said Ben Yao, CEO of TPIsoftware, “Our partner network building across the APAC market is in full swing; aside from our branch offices in Singapore and Vietnam, we have strategic partnerships and local business development managers in Japan, Cambodia and Indonesia. Our local teams are growing, and we’re on a mission to facilitate digital transformation in the APAC region.”

About TPIsoftware

TPIsoftware is a Taiwanese software provider with a focus in APIM, AI chatbots, FinTech and more, delivering services and solutions domestically and overseas.

Media Contact:

Peggy Tsai
+886-2-2658-0508 #1606
peggy.tsai@tpisoftware.com
10F-2, No. 335, Ruiguang Road, Neihu District, Taipei, Taiwan
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PR Newswire

X Financial to Report Third Quarter 2022 Financial Results on November 17, 2022

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SHENZHEN, China, Nov. 10, 2022 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company”), a leading online personal finance company in China, today announced that it will release its unaudited financial results for the third quarter ended September 30, 2022, before the open of U.S. markets on Thursday, November 17, 2022.

X Financial’s management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, November 17, 2022 (8:00 PM Beijing / Hong Kong Time on the same day).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-346-8982

Hong Kong:

852-301-84992

Mainland China:

4001-201203

International:

1-412-902-4272

Passcode:

X Financial

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until November 24, 2022:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

3350951

Additionally, a live and archived webcast of the conference call will be available at https://ir.xiaoyinggroup.com.

About X Financial

X Financial is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate loans to prime borrowers under a robust risk assessment and control system.

For more information, please visit: https://ir.xiaoyinggroup.com.

For more information, please contact:

X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@christensencomms.com

In US 
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

Cision View original content:https://www.prnewswire.com/news-releases/x-financial-to-report-third-quarter-2022-financial-results-on-november-17-2022-301674063.html

PR Newswire

MMTEC, Inc. Announces Amendment to Memorandum and Articles of Association

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BEIJING, Oct. 29, 2022 /PRNewswire/ — MMTEC, Inc. (“MMTEC” or the “Company”) (Nasdaq: MTC) filed an Amended and Restated Memorandum and Articles of Association with the Registrar of Corporate Affairs of the British Virgin Islands to increase the maximum number of shares that the Company is authorized to issue from 50,000,000 to 5,000,000,000. This change to the Company’s authorized capital became effective upon the Registrar of Corporate Affairs’s acceptance of the Amended and Restated Memorandum and Articles of Association on October 26, 2022.

About MMTEC, Inc.

Headquartered in Beijing, China, our Company mainly focuses on investment banking and asset management business, providing customers with one-stop and all-round financial services. In addition to traditional incubation and investment in domestic and foreign companies listed in the United States, it also launched the HiFund platform to attracting global institutional and individual investors to invest in the most competitive Chinese assets.

More information about the Company can be found at: www.haisc.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding its continued growth, business outlook, and other similar statements are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

CONTACT: Jessie Chang, jessie@haisc.com, +86 10 5617 2312

Cision View original content:https://www.prnewswire.com/news-releases/mmtec-inc-announces-amendment-to-memorandum-and-articles-of-association-301662506.html

Source: MMTEC, Inc.

PR Newswire

ACE Money Transfer and Bank AL Habib Join Hands to Provide Secure and Free Money Transfers to Pakistan

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MANCHESTER, England, Oct. 27, 2022 /PRNewswire/ — ACE Money Transfer, a leading UK-based international remittance service provider, and Bank AL Habib, one of the largest banking networks across Pakistan, in line with Pakistan Remittance Initiative’s (PRI) vision, have ramped efforts to promote legal channels of remittances by offering free, easy, faster, and secure transfers.

ACE Money Transfer and Bank AL Habib Join Hands to Provide Secure and Free Money Transfers to Pakistan
ACE Money Transfer and Bank AL Habib Join Hands to Provide Secure and Free Money Transfers to Pakistan

An awareness campaign, including 950 buses, 100 roadside posters and 25 underground stations across the UK, is ongoing, educating expats on the kerb market’s downsides that lead to risky and undocumented transfers.

Mr Rashid Ashraf, CEO of ACE Money Transfer, said, “Expats sending remittances consider many factors, but transfer cost, exchange rates, speed, and security are a few primary concerns. With Bank AL Habib’s vast network and our state-of-the-art technology, we can address them all and offer an experience our customers love.”

Mr Aun Ali, Group Head – Business of Bank AL Habib, commented, “This affiliation will help both organisations serve Pakistani expatriates for instant and secure transactions. Bank AL Habib keeps playing a vital role in routing remittances through official channels and in providing our services in collaboration with ACE Money Transfer.”

ABOUT ACE MONEY TRANSFER

ACE Money Transfer (registered name ‘Aftab Currency Exchange Limited’), based out of Manchester, UK, is a growing remittance provider. It offers impeccable online money transfer services to millions of expatriates with an extensive network of 375,000+ locations spread across 100+ countries worldwide.

ABOUT BANK AL HABIB

Dawood Habib Group, the sponsor of Bank AL Habib Limited, has a long track record in banking that dates back to the 1920s. The Group was among the founder members of Habib Bank Limited and played a major role in meeting Pakistan’s financial and banking needs. It was nationalised along with other Banks in Pakistan on January 1, 1974.

Bank AL Habib was incorporated as a Public Limited Company in October 1991 and started banking operations in 1992. It is now one of the leading banks in Pakistan, known for its high level of customer service. It has a strong network of over 1050 branches and sub-branches in 433 cities across the country, including a wholesale branch in Bahrain and Malaysia and representative offices in China, UAE, Turkey and Kenya.

Media Contact:
marketing@acemoneytransfer.com
+44 161 3936 999

PR Newswire

Woolworths Group Partners with Gr4vy to Accelerate Payments Innovation within Its Wpay Payment Platform

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Gr4vy’s payment orchestration platform technology to power Wpay’s payments platform 

SAN MATEO, Calif., Oct. 25, 2022 /PRNewswire/ — Gr4vy, the leading cloud-native payments infrastructure company, today announced a multi-year partnership with Woolworths Group, Australia & New Zealand’s largest retailer. Gr4vy’s payment orchestration platform (POP) technology will power Woolworths Group’s Wpay payment platform to accelerate the company’s product development and innovation agenda. This partnership will make it easy for Wpay to deploy and manage payment complexities and offer advanced payment optionality to Woolworths brands and other Wpay merchants in Australia.

Woolworths Group represents one of the largest processors of card payments in Australia, settling an annual value of more than $60 billion in payments across more than 1.1 billion transactions in 2022 alone. Wpay, a new standalone payment business launched by Woolworths Group in June 2022, extends the benefits of the investments they’ve made in their payments platform to other merchants who may not have the scale to build it themselves. 

“Merchants need payment platforms that deliver customers’ preferred payment methods at checkout while still retaining the ability to streamline, deploy and orchestrate all the back-office payment complexities that come with the retail checkout experience,” said John Lunn, Founder and CEO of Gr4vy. “We’re honored that Gr4vy’s no-code orchestration platform’s technology has been selected to power Wpay’s payments platform to accelerate their growth as an end-to-end payments solution provider to merchants in Australia and New Zealand. We look forward to our continued strong working relationship and future, ongoing collaborations with Wpay and Woolworths Group.” 

Gr4vy’s team collaborated with Wpay to carefully identify and deliver specific Gr4vy product and payment orchestration infrastructure capabilities to implement and enhance the already comprehensive payment platform and product offerings. As a result, merchants onboarded through the Wpay platform can now offer even more exceptional payment optionality, streamline and manage transactions both on the front and back end of the checkout experience and effectively drive better customer payment experiences.

“Wpay is committed to investing in leading-edge payment capabilities and technologies to help service our retail businesses and provide the best possible customer experience as part of our Wpay payments platform,” said Paul Monnington, Managing Director of Wpay. “I’m excited about this partnership, what it will bring to our merchants’ customer payments experiences and look forward to collaborating in the future.”

Gr4vy’s no-code payment orchestration layer seamlessly enables merchants to deploy, manage, customize and optimize the right payment method for the specific user. The company offers merchants dedicated instances of Gr4vy in the Cloud, preventing shared infrastructure or server loads. Merchants can get multiple dedicated instances of Gr4vy to reduce points of failure. Gr4vy also includes everything merchants need for payment infrastructure, including connectors to leading payment service providers, front and backend payment orchestration, no-code admin tools, and a dashboard to control and manage everything within their payments stack. Gr4vy can spin up these individualized cloud Instances from the most simple to the most complex requirements. Merchants can deploy across the globe and even on the Edge to ensure their customers always have the payment solutions and options they need worldwide.

For more information, please visit www.gr4vy.com/wpay.

About Gr4vy

Gr4vy is a cloud-native payments company that takes the complexity out of merchants running payments infrastructure, freeing them to focus on what matters most. We redefine payments by providing an intuitive, cutting-edge payment orchestration platform (POP) that leverages the power of the Cloud to modernize payments infrastructure. Our orchestration layer upgrades merchants’ payments stack to make them more nimble. Our no-code dashboard centralizes the integration and management of a merchant’s payment methods, providers, conditions and transactions and empowers them to do more in less time. We enable merchants to streamline and manage payment methods, services and transactions all in one place. At Gr4vy, we’re passionate about payments, efficiency and extraordinary customer experience.

About Wpay

Wpay is a proven retail payments platform, designed for retailers. Originally developed for the Woolworths Group, Wpay is now available for merchants across Australia. Our understanding in how customers connect through payment experiences at scale and our focus on developing positive payment experiences help merchants to grow their business and move beyond payments. Wpay is a comprehensive merchant platform that can be tailored and will continually evolve to meet clients’ changing needs, helping deliver powerful customer experiences. A platform that combines your expertise and ours, with some of the most innovative thinking in the market.

PR Newswire

Adyen powers the future of financial services by launching embedded financial products

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The product suite enables a potential revenue uplift of up to 70% for platforms and marketplaces

AMSTERDAM, Oct. 24, 2022 /PRNewswire/ — Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, has broadened its offering by taking live two new embedded financial products – Capital and Accounts – which are now available to platform and marketplace businesses in the US and Europe via Adyen’s single integration. Research conducted in partnership with Boston Consulting Group finds that 64% of small and medium-sized businesses (SMBs) are interested in financial services embedded within a platform. To capitalize on this banking-as-a-service opportunity, Adyen has developed an innovative suite of financial products comprising cash advances, business bank accounts, and card issuing. Together with embedded payments, these power the future of financial services by enabling platforms to deliver superior financial experiences to their SMB users. 

“Platforms are at the center of a transforming financial services industry – and Adyen is primed to further drive this revolution,” said Adyen’s co-founder and CEO, Pieter van der Does. “Embedded finance is a logical next step following our embedded payments offering. By historically investing in our banking licenses and industry-leading technology, we have positioned ourselves as the sole provider offering a full embedded financial product suite via a single integration. From this vantage, we are excited to seize the opportunity that banking-as-a-service brings.” 

Traditional financial services are stifled by legacy systems, reactive approaches, slow approvals, and lack of vertical knowledge. These factors have long resulted in the under-serving of SMBs, and lead to 65% of platform users willing to switch financial services providers in favor of solutions better integrated into their business processes. With Adyen’s single integration, platforms can meet this growing user demand by embedding financial services to consolidate SMBs business and financial operations under one roof. 

Adyen’s embedded financial product suite offers a modular solution that brings unparalleled control and customization options for platform business. With 94% of SMBs interested in cash advance solutions stating they would benefit from their loans being pre-approved, Capital enables platforms to proactively offer business financing based on historic payments data. With 72% of SMBs valuing an integrated bank account experience, Adyen’s Accounts product allows users to run their finances where they do business and get instant access to funds. Going hand-in-hand with Capital and Accounts, Issuing completes the offering by enabling users to easily spend their funds on platform-branded payment cards. By adopting the suite, platforms can round out their offering and unlock the capabilities of an end-to-end financial ecosystem.

Learn more about Adyen’s new embedded financial products – Capital and Accounts

About Adyen

Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Facebook, Uber, H&M, eBay, and Microsoft. Adyen continuously improves and expands its product offering as part of its ordinary course of business. New products and features are announced via press releases and product updates on the company’s website. 

Adyen’s investment into its embedded finance suite and the percentages mentioned in this press release are backed by industry research conducted in partnership with Boston Consulting Group. Learn more about their findings here.

Source: Adyen Inc.

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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PR Newswire

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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PR Newswire

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).