FingerMotion (OTCQX: FNGR), a mobile data and services company, has entered into a volume-based contract with China Mobile Fujian. The company anticipates that the contract will show an approximate 30% improvement in gross margin on its SMS business. FingerMotion, along with its subsidiary, JiuGe, has been working for years on this collaboration, with the end result of offering high-quality service to the end user. China Mobile Fujian currently has an estimated 70% of the market in the province of Fujian, which is approximately 30 million or more online subscribers. The agreement represents FingerMotion’s commitment to continuously enhancing its platform, resulting in positive customer response rates and distinguishing itself from other competitors. “Our focus over the past year was on improving margins,” said FingerMotion CEO Martin Shen in the press release. “This volume-based agreement is expected to increase our margins from 6.1% to approximately 30% and is a testament to our incredibly talented team that continues to impress our business partners. With SMS demand remaining strong, we are able to meet the new pressures through operational efficiencies but continue to be limited by the capital required to adequately fund operations. In addition to this expected increase in gross margin, we also expect the top-up revenue growth to dramatically accelerate in the next quarter and through the rest of our fiscal year ended February 28, 2022. With the forthcoming arrival of two exciting new business segments in insuretech and 5G, and their corresponding revenues, we want to assure our shareholders that are working diligently towards positive earnings this year.”
To view the full press release, visit https://ibn.fm/7403b
About FingerMotion Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the company is developing additional 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 FingerMotion to onboard larger customer bases. FingerMotion eventually hopes to serve more than 1 billion users in the China market and expand the model to other regional markets. For more information about the company, visit www.FingerMotion.com.
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