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Public company info - Chong Sing Holdings FinTech Group Limited , 08207.HK
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Chong Sing Holdings FinTech Group Limited, 08207.HK - Company Profile
Chairman Hu Xiuren
Share Issued (share) 23,141,000,000
Par Currency Hong Kong Dollar
Par Value 0.02
Industry Other Financials
Corporate Profile Business Summary: Credit China is a leading integrated Fintech company in China focused on online third-party payment as well as online P2P lending and investment platforms. The principal activities of the Company’s subsidiaries are the provision of traditional financing services and related financing consultancy services including entrusted loan service, real estate-backed loan service, pawn loan service, other loan service and microfinance service, and internet financing services including third party payment service, online investment and technology-enabled lending services and related activities on loan portfolio management, as well as provision of social gaming, IT solution services and provision of blockchain service. Performance for the year: For the year ended 31 December 2019, the Group reported revenues of approximately RMB1,784 million, representing a decrease of 29.9% year-on-year. The loss for the year ended 31 December 2019 was approximately RMB3,762.6 million, compared to the loss of RMB836.4 million as of 31 December 2018. Loss attributable to owners of the Company for the year ended 31 December 2019 was approximately RMB3,486.5 million, compared to a loss attributable to owners of the Company of approximately RMB857.6 million for the year ended 31 December 2018. Business Review Third party payment Shanghai Jifu, our mobile point of sale (“POS”) provider which is owned by the Group as to 35%, recorded a total transaction volume of RMB4.15 trillion in 2019, representing a year-on-year growth of around 21%. The accumulated number of registered users reached 42.67 million as of December 2019. Focused on the strategic positioning of “data services provider for small and micro-sized merchants”, Shanghai Jifu provides the third party payment service for individuals, small and micro businesses and industry customers through sales of various types of major POS terminals in the market, including mobile POS, traditional POS and smart POS, and expands the penetration of service channels for bank cards in various industries, and has achieved a rapid growth in the fees income. In 2019, K&R International Limited (“K&R International”) continues to develop new payment products and service platforms to meet the customers needs and better the user experience. K&R International is committed to strengthen its products and service capabilities. It has partnered with various corporate customers in multiple level to expand its outreach. During this year, K&R International has obtained the qualification from the VISA for card issuance business and conducted a joint system testing. It has also launched Hong Kong’s first group buy card in the catering industry, POPCOIN, together with the local merchants to provide high quality and affordable dining choices to the local customers. K&R International has also established the connections with different acquiring institutions, and this has increased top up channels and sales channels for K&R International’s future business. Amigo Technologies Joint Stock Company (“Amigo Technologies”) (in which the Group holds a 51% interest), our payment services provider in Vietnam, processed 217 million transactions representing 12% growth rate compared to 2018. The total transaction volume grew only 2%, recorded VND207 trillion during the year. All these were processed via our proprietary Paypost without any single system failure/error incident. Amigo Technologies has also built a feature-rich functions mobile wallet A-Pay with 02 versions for both merchants, and end-users. Significant investments Significant investments were mainly classified into two categories, including a) financial assets through other comprehensive income and b) financial assets through profit or loss/held for trading investment. Prospects: Third party payment In 2020, Shanghai Jifu will focus on the innovation and integration of financial services by fully leveraging on Jifu payment ecosystem. Starting from the payment and other FinTech applications, it will serve the real economy and small and micro businesses to further enhance its capabilities in technology and solutions in big data and the cloud services of Software-as-a-service (“SaaS”) and provide a series of comprehensive FinTech services for small and micro businesses, so as to establish a FinTech platform based on third party payment, e-commerce and big data service pattern. Together with Vietnam Post as strategic alliance, we plan to offer A-Pay mobile wallet to more than Vietnam Post’s 50,000 postmen and millions of end-users subsequently. This approach will help us achieve mobile wallet users with minimum cost and drive transactions volume against e-commerce competitors. In 2020, K&R International will focus on: 1) E-wallet account products. To cater for the market trend of FinTech and mobile payment, in 2020, K&R International plans to launch an e-wallet account with functions such as application, recharge, stored value and consumption based on the EKYC technology of artificial intelligence and with an effective antimoney laundering mechanism in place. The e-wallet account no longer requires complicated processes involved in offline card opening verification processes and is free from the specific requirements of offline outlets. The application and approval process is carried out online, which has shortened the distance with customers. Applications are accepted 24 hours online, thus saving customers’ time and efforts. This will significantly increase their willingness to open accounts. Besides, online remote account opening will decrease operating costs and mitigate the potential uncertainties caused by the epidemic. 2) Export of e-wallet account technology. Due to the impact of the social environment in 2019 and the epidemic outbreak in 2020, enterprises in Hong Kong have a great demand for electronic stored value facilities, including membership cards, consumer cards and other products that can support online payment. By leveraging the open and sound financial system in Hong Kong and the Open API mode based on SDK, K&R International will provide e-wallet accounts to enterprises in need, help them to complete the electronic business transformation and expand into the online sales, thereby getting rid of geographical restrictions and attracting more consumers. E-wallet accounts provided by K&R International accept applications from consumers around the world, provide enterprises with a borderless valueadded, stored-value, and consumer e-payment solutions. K&R International can also customise a proprietary member network for an enterprise according to its needs to keep customers, funds and consumption activities in its own ecological circle. This helps to more accurately locate potential customers, stimulate consumption, cultivate loyalty, direct customer acquisition, and reduce the barrier to consumption payment. The export of e-wallet accounts technology will expand K&R International’s product line from a single B2C model to a B2B2C model. 3) Expansion of sales channels. We newly launched convenience store recharge channels to sell gift cards of K&R International through major convenience stores in Hong Kong, provide customers with cash recharge services (already tested), and enhance online sales channels.

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