Finger Motion Subsidiary, JiuGe, Lands Top-up Cooperation Deal Giving Direct Access to a Portion of PingDuoDuo’s 385.5 Million Subscriber Base
HONG KONG, Jan. 17, 2019 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (OTC Markets: FNGR), a mobile payment and recharge platform company, is pleased to announce the rapid expansion of its top-up initiatives with a cooperation deal through its wholly owned subsidiary JiuGe Information Technology (“JiuGe”) and PingDuoDuo (NYSE: PDD). After integration is achieved, this deal represents PingDuoDuo’s first exposure to B2C services on the platform. The primary thrust of the cooperation deal allows JiuGe to offer its mobile recharge and top up services directly to the end consumer or subscribers of China Unicom. China Unicom, the 2nd largest mobile telecom provider in China, had more than 385.5 million mobile subscribers in 2018.
In the past month of beta service, the Finger Motion team has focused on improving the user experience by optimising its backend platform and integrated response services. During this beta period, the Company transacted more than 20,000 orders every day, with a Gross Transaction Value (GTV) of more than 1 million RMB (USD $125,000) daily. This activity level will see an exponential increase when Finger Motion makes the platform available to all of PingDuoDuo’s registered users.
“Our monthly GTV is very strong with our current initiatives, but we believe this cooperation agreement with PingDuoDuo could reshape our trajectory significantly higher over the coming months” said Martin J. Shen, CEO of FingerMotion. “We have been approached by top tier e-commerce platforms that understand our value added business model, and we believe that they will likely be watching our rollout with PingDuoDuo with keen interest. The payment and recharge platform business scales very quickly as we have demonstrated from our beta test. We believe a successful rollout would strongly position the company for expansion, but our business model has a structural need for capital in order to sustain the exponential growth. It’s important for shareholders to realize that we are keenly aware that only long term financial partners offering non-dilutive financing fit within our business model. This is just one of the reasons why we will be seeking to uplist, initially to the OTCQB platform, and thereafter to a senior US exchange, in the coming months.”
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 FingerMotion Inc.
FingerMotion is a 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. FingerMotion eventually hopes to serve a significant portion of the over 1 billion users in the China market and eventually expand the model to other regional markets.
In order for FingerMotion to realize its vision, it must continue to aggressively invest in research and development, with the primary area of focus the development of “must have” applications for consumers and businesses.
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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