- U.S.-based mobile communications technology services provider FingerMotion is a China-focused innovator building revenues in the cell phone and reinsurance markets
- China recently reinforced its interest in seeing mobile payments and financial technology platforms playing a larger part in its developing economic strategy for strengthening its internal domestic consumerism
- FingerMotion recently reported annual financial data that showed revenue had grown by 37 percent during last year with 297 percent growth in its big data revenue and 170 percent growth in telecommunications products and services
- China has an estimated 1.4 billion mobile users, and market analysts predict mobile engagement there will grow at a CAGR of 44.7 percent between 2020 and 2027
Evolving mobile technology services provider FingerMotion (NASDAQ: FNGR) is building a deeper channel for revenue in its services for China’s mobile phone users and big data clients as the nation’s government signals new interest in finding solutions to some of its regulatory concerns for the market in general.
China President Xi Jinping recently encouraged mobile payments and financial technology platforms to “play a bigger role” in strengthening the country’s economy, which is the second-largest in the world (https://ibn.fm/mlTwA). The technology platforms are viewed as key players in supporting the country’s dual circulation economic goal — a new buzzword that describes the nation’s growing emphasis on strengthening its domestic consumer market while continuing to sustain its international exports (https://ibn.fm/I3hhy).
FingerMotion’s central competencies are in mobile payment and mobile recharge platform solutions, but the company has been expanding into big data services through its Sapientus division. The data services have primarily been marketed as a tool for reinsurance companies as they they look for effective measures of risk scoring and ways to simplify policy underwriting purchasing, but FingerMotion has acknowledged it could expand into other industries at some in the future.
“We’ve always thought of the ability of the algorithms that we have. It’s not really just to perfect those algorithms but it’s also to have them exportable and replicated in other jurisdictions, in other markets,” CEO Martin Shen said during a corporate conference call last year (https://ibn.fm/LbDcC). “But again, that takes time to develop. … Right now, let’s just build and make sure that our foundation is strong first.”
The year-end financial summary presented by FingerMotion in early June showed annual revenue had grown by 37 percent during last year to $22.93 million, with 170 percent growth in the company’s telecommunications products and services as well as 297 percent growth in its big data revenue (https://ibn.fm/U0LtZ).
Mobile top-up and short and multimedia messaging (SMS and MMS) services have remained the primary drivers of the company’s revenues, serving the interests of China’s estimated 1.4 billion mobile users, most of whom were born after Internet and mobile technology began to develop at a breakneck pace in the 1990s and are now actively the country’s manner of interpersonal communication through social media as “digital natives” (https://ibn.fm/zqkCJ).
China’s leading world position as a developer of 5G wireless technology and its use have further made it fertile ground for expanding marketing and purchasing services (https://ibn.fm/a8ocr).
Market analysts at Reportlinker.com forecast mobile engagement in China growing at a CAGR of 44.7 percent between 2020 and 2027, commanding $22.4 billion of the global $90.7 billion in revenues predicted by that point (https://ibn.fm/p6PgH).
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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