Finger Motion Completes Beta Testing on China Unicom Platform with $3 Million Daily Gross Transaction Volume
HONG KONG, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Finger Motion, Inc. (OTC Markets: FNGR), a mobile payment and recharge platform company, is pleased to announce that its top-up platform for China Unicom, which derives a majority of its Gross Transaction Volume (GTV) from PingDuoDuo (NYSE: PDD), is fully operational, generating 20 million RMB (USD 3.0 million) in GTV daily. This is a considerable increase in the daily platform activity, which had previously generated 13.25 million RMB (USD 1.95 million) in GTV.
Finger Motion is pleased to report the cooperation deal with PDD hit its first milestone by successfully completing the beta test this past week, with results exceeding expectations. The internal reports show no data loss, no security breaches, and no degradation in transaction speed. With the open platform being extremely stable and having the fastest average transaction speed of all the top tier top-up wholesalers, commercialization began ahead of schedule. From the onset, there were no bottlenecks and the platform was operational on the busiest day of the year (ie. the day before Chinese New Year).
“We are so fortunate to have such excess demand that our only limitation is access to capital,” said Martin Shen, CEO of Finger Motion. “We are operating at our maximum level given our capital limitations and we are negotiating with a number of equity and debt lenders. We are aware that our story is compelling to Wall Street, so we are focused on non-dilutive financing options. We believe we are the best in breed in comparison to our other wholesale competitors since our platform is open, able to onboard any e-commerce platform, extremely reliable, and much faster. We are also forward-thinking, and have prepared our platform to be compatible with the 5G technology that is expected to be available later this year.”
“Our business model is very simple and predictable and most importantly scalable - with sufficient liquidity, as long as we keep our servers running, we generate revenue. And given our current performance, we have accelerated our plans to uplist and are currently waiting on feedback from OTC Markets.”
PingDuoDuo is an innovative e-commerce platform based in China which offers consumers a fun and interactive shopping experience that also offers bargain pricing. Founded just 3 years ago, PingDuoDuo’s platform has accumulated more than 385.5 million members and 2 million merchants, with an annual transaction value of 344.8 billion yuan (USD $51 Billion Dollars). The platform was able to leverage social networks like QQ and Wexin and allow a shared experience of the purchase where friends and families join as a group. PingDuoDuo has transformed into the third largest e-commerce platform in China. In July 2018, PingDuoDuo officially listed on the Nasdaq Stock Exchange.
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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