- U.S.-based mobile tech services provider FingerMotion is laser-focused on the Chinese phone consumer market, building revenues primarily from SMS and MMS services there but expanding into insurance data services with other corporate partners
- The company’s trademarked big data platform Sapientus handles over half a million transactions daily for its mobile payment and recharge services
- Analysts have noted the huge potential for upgrade services in China given consumer interest in replacing their high-end smartphones and acquiring 5G network capability
- Although there were 180 million 5G users at the end of last year, the government has promoted the fast-speed network and among 1.62 mobile phone subscriptions, 90 percent of those who replied to a Strategy Analytics survey stated they want to upgrade to a 5G phone
China’s hungry smartphone market appears poised for a very strong upgrade cycle if analysis by Strategy Analytics holds true in regard to the country’s technology buying trends.
The market watch company reported on a recent survey that found 35 percent of high-end smartphone users in the Asian nation will change their phones in the next six months and that 90 percent of users want their next smartphone to be 5G-enabled, according to a subsequent review by China Internet Watch (https://ibn.fm/OcjbY).
The appetite for mobile products and services among China’s 1.4 billion-person user base underscores the strength of communications technology solutions provider FingerMotion (OTCQX: FNGR) in positioning itself to deliver new value-added phone products to China’s consumers.
Seeking Alpha recently noted that there were 180 million 5G subscribers as of the end of last year but 1.62 billion mobile phone subscriptions within China (thanks largely to the fact that many Chinese consumers prefer to have multiple phones), showing the potential for phone upgrades (https://ibn.fm/WeGD8).
FingerMotion’s primary revenue stream has been from short and multimedia messaging (SMS and MMS) services but the company recently announced the addition of two brands partnered with a large American insurance company to provide mobile device protection program services such as coverage of broken phone screens, accidental damage repairs and compensation, and older device trade-ins (https://ibn.fm/W4lwF).
The partnership is emblematic of FingerMotion’s new forays into the insurtech market by drawing on the big data capabilities of its Sapientus platform, which handles over half a million transactions daily for its mobile payment and recharge services, and using those big data resources to help insurers efficiently process claims while screening for fraud and abuse, thereby providing FingerMotion a new revenue stream in the process.
FingerMotion gained the attention of global insurer Pacific Life earlier this year, inking an agreement to provide consumer risk data for Pacific Life’s Re-insurance division in China (https://ibn.fm/gLQiB).
FingerMotion’s mobile device protection services are expected to launch early next year, although beta testing is already taking place this month in Shanghai, Guangdong, Anjui, Zhejiang, and Henan provinces.
“This latest development demonstrates the flexibility of our business model to explore ways to monetize our vast active user base,” CEO Martin Shen stated in regard to the protection program services.
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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