Platform Expansion to Over 30 Channel Partners realizing USD 88 million in Gross Transaction Volume
HONG KONG, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Finger Motion, Inc. (OTC Markets: FNGR), a mobile payment and recharge platform company, today announced its financial results for the third quarter ended November 30, 2018.
Third Quarter 2018 Highlights
- For the period ending November 30, 2018, FingerMotion Inc., recorded Gross Transaction Value (GTV) of RMB 597,123,595 (USD 88 million) on its Mobile Payment and Recharge services in China. These results are for the 45 day period of October 16, 2018 through November 30, 2018. Based on this time period the 12 month run rate of GTV without any contribution from PingDuoDuo (PDD) is RMB 4.843 billion (USD 712 million). The platform ran continuously during this period without any downtime.
- Company onboarded more than 30 local digital platform providers offering its Mobile Payment and Recharge services in China. Channel partners signed agreements, to offer direct payment and recharge services to China Unicom subscribers in different provinces of China.
- During the period the company was constantly monitoring the performance of the Mobile Payment and Recharge platform while integrating performance enhancements to it. This resulted in a faster, more efficient, and stable backend platform capable of supporting exponential throughput. Integration with additional channel partners should be seamless to all China Unicom subscribers, regardless of the size of their active user base.
- Cooperation Agreement with PingDuoDuo’s e-commerce platform will offer services to its active user base of over 385.5 million. Beta service will be completed by end of January 2019, and has a goal to officially begin commercializing its services after the Chinese New Year Holidays.
- An arrangement with top tier e-commerce partner or digital platform will close within the next quarter.
“We are very pleased with our monthly GTV which is a key metric in measuring our future performance” said Martin Shen, CEO of Finger Motion. “We have an amazing technical team in place that has been optimizing our platform for speed and reliability. In our eyes it is fully operation and performing at exceptional levels and currently capable of accommodating top tier e-commerce platforms. We are platform neutral and focusing on performance, which means that the typical service disruptions which occur around the billing cycle on older platforms could trigger a migration to a more secure and reliable platform. Operationally, we have very low marketing and customer acquisition costs, which means most of our cash flow is to maintain our wholesale availability of Top-up minutes for sale. We are in active discussion with long term financials partners who understand the structural issues with the business model and the opportunity for exponential growth that additional capital provides. In the coming months our goal is to get non-dilutive expansion capital, land a top tier e-commerce channel partner, and complete our first uplisting. Our vision is to serve over 1 billion users in the China market, and with this latest release it no longer an issue of if we can reach this metric, but when we will hit the mark. Our business is very predictable and we are confident that the next quarter will be even stronger than this one with the addition of PingDuoDuo.”
About Finger Motion Inc.
Finger Motion is an evolving technology company located in China with a core competency in mobile payment and recharge platform solutions. It is one of five companies in China with access to wholesale rechargeable minutes through top-up credits on the mobile phone. As the primary business continues to grow its user base, the company is developing value added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases and eventually drive a consolidation of the top five wholesalers. Finger Motion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
In order for Finger Motion to realize its vision it must continue to aggressively invest in research and development. The primary area of focus is the development of “must have” applications for consumers and businesses. The longer term focus is to develop a marketing platform capable of leveraging all the meta data that is collected by the top telcos into a predictive model that is able to isolate and extract consumer behavior and habits for future monetization.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
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