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Finger Motion Updates Gross Transaction Volume Run RateNEW YORK, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Finger Motion, Inc. (OTC QB: FNGR), a US FinTech company with mobile payment and recharge platform operations in China, is pleased to announce that the company’s preliminary Gross Transaction Volume (GTV) for the second quarter was $184 million, which represents a 16% quarter over quarter increase versus the $158 million achieved in the first fiscal quarter ending May 31st. This translates to an annual run rate of $736 million. This was also the Company’s first full quarter of operations in its new SMS business. While the top-up business is continuing to ramp and grow organically, the SMS business has started and has exceeded our internal projections. SMS preliminary revenues were 8.6 million RMB (USD $1.2 million) in the second quarter, which we believe is a result of existing customers seeing our value proposition and asking our business to do more. Martin Shen, CEO of FingerMotion, Inc. said, “Profitability is our next major milestone as we hope to join a very select group of large cap Chinese e-commerce companies that are operating in the black. Many of our peers in this sector with multi-billion-dollar valuations have positioned themselves to focus on user growth. Our top-up platform has allowed us to partner with the largest e-commerce platforms in China, providing us with access to one of the largest aggregate user bases in the country; thus, our focus is on monetizing this source of over two billion users. We have built the foundation to reach our milestones organically, and we look for opportunities to accelerate our growth as our story gets progressively better. About Finger Motion Inc. FingerMotion, is an evolving technoogy company with a core competency in mobile payment and recharge platform solutions in China. It is one of five companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers that can be resold to consumers. 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 the company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. Safe Harbor Statement For further information e-mail: [email protected] |