Chong Sing Holdings FinTech Group Limited (“Chong Sing”, “CSF” or the “Company”; together with its subsidiaries, the “Group”, stock code: 8207.HK), a leading integrated FinTech group in Asia, is pleased to announce its audited financial results for the full year ended 31 December 2017.
The Group has achieved record revenue and profit for the full year ended 31 December 2017. Total revenue reached RMB 4.8 billion, representing a 347% increase year-on-year. Profit attributable to owners of the Company amounted to RMB 803 million, representing 167% year-on-year growth. Basic earnings per share was RMB 3.65 cents, up 147% from RMB 1.48 cents in 2016.
Diversified FinTech Ecosystem Establishes Sound Foundation for “Strategy 3.0 ”
In 2017, CSF has further expanded and diversified its FinTech ecosystem, establishing a solid foundation for the execution of “Strategy 3.0“ in 2018 for the new phase of development, with focus on four core business segments, namely payment, technology-enabled lending, blockchain and other wealth management. The Group has also accelerated its overseas business expansion to Southeast Asian countries, including Vietnam, Singapore and Indonesia. As at the end of 2017, the Group had over 73 million registered users on its multiple operating platforms within the ecosystem, an increase of 125% year-on-year. Total transaction volume exceeded RMB2.7 trillion, representing an increase of 2.4 times from the prior year. All these operating figures demonstrated the Group’s comprehensive business qualifications and risk control capabilities, as well as recognition from local regulatory authorities.
Technology Deployment in Southeast Asia Accelerates International Development
In 2017, CSF adopted its current new company name and commenced execution on its internationalization strategy. The Group established its Southeast Asia headquarter in Singapore and completed the acquisition of 51% stake in Amigo Technologies, a payment company in Vietnam, which allows the Group to export its advanced technology and operating experience in the payment sector to overseas market and realize combinational synergies. In addition, the Group invested in Havenport Asset Management as well as 2 Singapore Life, an online direct life insurance provider in Singapore. In the future, the Group will work closely with more partners in Southeast Asia to jointly develop FinTech businesses, paving the way to achieve financial inclusion worldwide and benefit more individuals and small enterprises in Southeast Asia.
In-depth Blockchain Business Full Value Chain Positioning
In 2017, the Group deepened its business positioning in the blockchain sector by launching blockchain transaction verification and hardware manufacturing businesses. The Group has industrial-level datacenters deployed in the United States, Canada and Georgia. The Group also commenced blockchain hardware production and hardware integrated solution services in the fourth quarter of 2017, and launched two hardware products with high performance and low power consumption, as well as providing customers with a complete blockchain hardware hosting system.
Mr. Phang Yew Kiat, Vice-Chairman and CEO of CSF said, “In 2017, CSF commenced execution of its internationalization strategy and we currently have employees deployed in over six other countries in the world apart from China. We believe that the current regulatory environment is becoming more favourable for the development of FinTech companies with scale. In 2018, CSF will continue to focus on expanding into new markets, scaling up business development as well as maintaining and consolidating its leading position in the Asian FinTech industry.”
Chong Sing Holdings FinTech Group Limited (Stock code: 08207.HK) is a leading integrated FinTech group with a focus on providing 24 x 7 online financial services to SMEs, merchants and individuals in China and Asia through internet and mobile solutions. The four core business segments of the Group are Asia payment, technology-enabled lending, blockchain and other wealth management. With branches established in countries, cities and regions including Hong Kong, Beijing, Shanghai, Singapore, Vietnam and Canada, CSF Group strives to build a comprehensive FinTech ecosystem comprising finance + technology + lifestyle for users.
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