- China-focused communications technology company FingerMotion is riding a wave of optimism following FYE 2020 reporting that showed revenues have nearly reached $17 million and gross profits rose 71 percent
- The company also saw the initial revenues from its new venture into big data, which it expects to become a primary driver of its business profile as it draws on mobile users’ information to power its predictive services
- FingerMotion’s Sapientus platform for predictive services was a huge draw in establishing a landmark agreement with Pacific Life Re-insurance for Pacific Life’s insurtech solutions in China
- Sapientus’ predictive database has the potential to become a powerful B2B resource for other industries as well, including health care, financial services and consumer e-commerce applications
Building on a trajectory of repeated reports of record revenue gains, evolving communications and insurance technology company FingerMotion (OTCQX: FNGR) is anticipating significant growth in mobile phone service sales during the coming year — potentially 20 to 30 percent in SMS short messaging services and as much as 1,000 percent in top-up airtime credit transfers.
The company’s focus on rich communication services (“RCS”) and big-data insights in China’s huge marketplace for mobile products has positioned the U.S-based company for growth in the insurtech industry, particularly, where it anticipates acquiring service for more than a billion customers in the Southeast Asian nation.
FingerMotion aims to build a communications ecosystem of active users of its innovative applications, drawing on partnerships with Alibaba’s (NYSE: BABA) TMALL sites, plus PinDuoDuo’s (NYSE: PDD) and JD.com’s (NASDAQ: JD) platforms.
The company expects to thereby develop its access to users’ data to strengthen its Sapientus database IP, which has already led to a landmark agreement with Pacific Life Re-insurance that will help Pacific Life enhance its insurance solutions among Chinese clients and develop predictive consumer information that can serve as a substitute for a credit score system where a standard for such a system doesn’t already exist.
“The Company is rapidly evolving and we saw the first indication of revenue (during the just-concluded fiscal year), albeit small ($33,077), from the Big Data Insights division,” CEO Martin Shen stated in reporting the company’s year-end financial position (https://ibn.fm/R39CC). “We are a technology company and believe our future lies in the Big Data Insights division. By the end of calendar 2021, we expect multiple contracts relating to our Insuretech products.”
FingerMotion foresees the possibility of its Sapientus database’s predictive services eventually serving the needs of other market sectors such as health care, financial services and consumer e-commerce applications as well.
The FYE 2021 financial results reported an annual gross profit of $1.65 million, which was an increase of $0.68 million or 71 percent compared to FYE 2020. Annual revenues grew 82 percent to $16.68 million from all its sectors.
While general and administrative expenses also grew during the year, FingerMotion remains “steadfast in our belief that we will reach profitability in the near future,” Shen stated.
The company’s shareholder equity, or its ability to cover its liabilities with its assets, ended the year in positive territory of $2.11 million, which Shen hailed as “a big step forward” for the company in meeting the qualifications for listing with senior exchanges.
“For the past two years we have been driving revenue and profitability at the same time,” Shen stated. “We are constantly striving to optimize our resources.”
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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