- U.S.-based FingerMotion is a technology innovator focused on smart communication applications in China’s mobile-hungry billion-plus population
- The company’s big data services are relatively new in development but already play a significant role in the insurtech industry’s global growth trends
- While most of FingerMotion’s revenues are derived from its SMS and MMS products, executives anticipate its big data services will eventually be the company’s largest driver of profits
- The insurtech industry has already generated record annual deal-making this year as of the third quarter, outpacing all of 2020 by 48 percent
The insurtech industry has turned 2021 into a record year for business, with deals that have already outpaced all of 2020, by approximately 48 percent, as of the end of the third quarter. Analysts at CBInsights reported insurtechs had raised $10.5 billion across 427 deals by the quarter’s end (https://ibn.fm/tyVjH).
China communications technology solutions provider FingerMotion (OTCQX: FNGR) plays a part in the trend, inking a big data outlook deal with global insurer Pacific Life early in the year to provide data analytics for Pacific Life’s Re-insurance division, and adding two brands last month that will generate value-add underwriting services by covering mobile consumer device maintenance needs (https://ibn.fm/5CGwk).
FingerMotion’s revenue generator is its mobile device tech services division, which grew 142 percent year-over-year in its Telecommunications Products and Services business sector and 25 percent quarterly in its SMS (texting) and MMS (phone photo, video and audio sharing) sectors as of the most recent financial report in October (https://ibn.fm/iZHMG).
But the company anticipates the latest insurtech services will begin to come online early next year and generate new revenue channels in several of China’s provinces.
“This is the third consecutive quarter of Big Data revenues and we expect it to continue and eventually outpace our existing revenue streams,” CEO Martin Shen stated last month following the financial report. “This quarter was more of a transition to greater profitability as more of our initiatives started contributing to gross margin.”
FingerMotion’s trademarked big data platform, Sapientus, provides the power behind the company’s services, handling over half a million transactions daily for its mobile payment and recharge services.
Although based in the U.S., FingerMotion is focused on the emerging potential of China’s billion-plus population, more than half of which is avid about communications technology to the point of boosting mobile phone subscriptions higher than the country’s actual total population because of the many consumers that use multiple phones.
More than 750 million are described as proximity mobile payment users who pay for goods or services using a mobile phone while visiting in-person at a point-of-sale terminal (https://ibn.fm/tKgGM). Ninety percent of smartphone users in the country want their next device to be 5G-enabled, according to a review by China Internet Watch (https://ibn.fm/bfd4D).
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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