finvolution-group-reports-third-quarter-2021-unaudited-financial-results

FinVolution Group Reports Third Quarter 2021 Unaudited Financial Results

 

FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

For the Three Months Ended

YoY Change

September 30, 2020

September 30, 2021

Total No. of New Individual
Borrowers[3] 
(000)

408

1,184

190.2%

New Individual Borrowers China’s
Mainland (‘000)

207

827

299.5%

New Individual Borrowers International (‘000)

201

357

77.6%

No. of Small Business Owners served
in China’s Mainland  (
000)

98

488

398.0%

Total Transaction Volume[4]

17.3

38.1

120.2%

Transaction Volume China’s Mainland
(RMB in billion)

17.0

37.1

118.2%

Transaction Volume International
(RMB in billion)

0.3

1.0

233.3%

Third Quarter 2021 Operational Highlights

Third consecutive quarter with over 1 million new global borrowers

  • Total cumulative registered users[1] reached 135.6 million as of September 30, 2021.
  • Total number of unique borrowers[2] was 3.9 million as of September 30, 2021.
  • Total number of new borrowers[3] was 1.18 million, an increase of 190.2% compared to the same period of 2020.

Total Transaction Volume and outstanding loan balances continue record breaking momentum

  • Total Transaction Volume reached RMB38.1 billion, an increase of 120.2% compared to the same period of 2020.
  • Transaction volume facilitated for total new borrowers[5] was RMB7.2 billion, an increase of 287.8% compared to the same period of 2020.
  • Total outstanding principal of loans reached RMB45.0 billion, an increase of 100.9% compared to the same period of 2020.

Small business owner’s loans continue to scale up with steady growth

  • Transaction volume facilitated for small business owners was RMB7.9 billion, representing 20.7% of Total Transaction Volume.
  • Total number of small business owners served in the third quarter of 2021 was 488.0 thousand, an increase of 398.0% compared to the same period of 2020.

International expansion continues to accelerate with diversified business models

  • Number of new borrowers acquired in the International Markets reached 357.0 thousand, an increase of 77.6% compared to the same period of 2020.
  • Entered into a strategic cooperation with PT Bank Jago, increasing loan facilitation capabilities and broadening presence across different market segments in Indonesia.
  • Commenced Buy-Now-Pay-Later cooperation with e-commerce partners in Indonesia.
  • Transaction volume facilitated in the International Markets exceeded RMB1.0 billion, an increase of 233.3% compared to the same period of 2020.

More operational highlights

  • Executed initial issuance of RMB200 million asset-backed-securities (“ABS”) which was listed on and traded on China’s Shenzhen Stock Exchange.
  • 90 day+ delinquency ratio[6] was 1.04% as of September 30, 2021, compared to 3.4% in the same period of 2020.
  • Average loan size[7] was RMB5,102 for the third quarter of 2021, compared to RMB4,095 in the same period of 2020.
  • Average loan tenor[8] was 8.2 months for the third quarter of 2021.

Third Quarter 2021 Financial Highlights

Sustainable growth with progressive improvement

  • Net revenue was RMB2,525.1 million (US$391.9 million) for the third quarter of 2021, an increase of 40.8% from RMB1,793.3 million compared to the same period of 2020.
  • Operating profit was RMB729.9 million (US$113.3 million) for the third quarter of 2021, an increase of 5.9% from the same period of 2020.
  • Non-GAAP adjusted operating income[9], which excludes share-based compensation expenses before tax, was RMB751.3 million (US$116.6 million) for the third quarter of 2021, an increase of 7.7% from the same period of 2020.
  • Diluted net profit per American depositary share (“ADS”) was RMB2.15 (US$0.33) and diluted net profit per share was RMB0.43 (US$0.07) , an increase of 4.9% from the same period of 2020. Non-GAAP diluted net profit per ADS was RMB2.21 (US$0.34) and non-GAAP diluted net profit per share was RMB0.44 (US$0.07), an increase of 6.3% from the same period of 2020. Each ADS of the Company represents five ordinary shares of the Company.

[1] On a cumulative basis, total number of users registered on the Company’s platforms as of September 30, 2021.

[2] Represents the total number of borrowers whose transactions were facilitated on the Company’s platforms during the period presented.

[3] Represents the total number of new borrowers on the Company’s platforms during the period presented.

[4] Represents total transaction volume facilitated on the Company’s platforms during the period presented.

[5] Represents transaction volume facilitated for total number of new borrowers on the Company’s platforms during the period presented.

[6] “90 day+ delinquency ratio” refers to the outstanding principal balance of on- and off-balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans on the Company’s platform as of a specific date. Loans that originated outside China’s Mainland are not included in the calculation.

[7] Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.

[8] Represents the average loan tenor period on the Company’s platform in China’s Mainland during the period presented.

[9] Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating income.

Mr. Feng Zhang, the Chief Executive Officer of FinVolution, commented, “Given our stronger-than-expected results, greater confidence in business trends and successful strategy execution, we have raised our total transaction volume outlook for 2021. We now expect transaction volume for the year to reach between RMB130 billion and RMB135 billion, representing a year-over-year increase in the range of 102.8% to 110.6%, above our prior guidance of RMB100 billion to RMB120 billion.”

“Total transaction volume maintained its strong growth trajectory during the third quarter, reaching a new record high of RMB38.1 billion, representing an increase of 120.2% year over year and 14.1% sequentially.”

“Transaction volume for small business owners grew rapidly to RMB7.9 billion, accounting for 20.7% of total transaction volume for the period. The total number of small business owners we served in the third quarter grew to 488 thousand, representing a 19.6% increase from the previous quarter.”

“Our international expansion continues to flourish. During the third quarter, we strengthened our local partnerships and generated over RMB1 billion in transaction volume. Our strategic cooperation with PT Bank Jago increased our loan facilitation capabilities and broadened our presence across different market segments in Indonesia. We have also teamed up with local e-commerce partners to launch operations in the Buy-Now-Pay-Later sector. Looking ahead, we will continue to pursue premium quality growth in China while capturing massive growth opportunities in international markets,” concluded Mr. Zhang.

Mr. Jiayuan Xu, the Chief Financial Officer of FinVolution, commented, “We  successfully issued and listed our first ABS  on China’s Shenzhen Stock Exchange, marking an important milestone in our strategic transition towards better quality borrowers. With the diversification in funding sources through different avenues, we expect future improvement in funding efficiency. Our profitability also continued to improve with non-GAAP operating profit9 of RMB751.3 million, an increase of 7.7% year over year and a sequential increase of 3.5%. These results are a powerful testament to our effective business strategy and skillful execution,” concluded Mr. Xu.

Third Quarter 2021 Financial Results

Net revenue for the third quarter of 2021 increased by 40.8% to RMB2,525.1 million (US$391.9 million) from RMB1,793.3 million in the same period of 2020, primarily due to the increase in loan facilitation service fees and post facilitation service fees.

Loan facilitation service fees increased by 121.1% to RMB1,075.1 million (US$166.8 million) for the third quarter of 2021 from RMB486.3 million in the same period of 2020, primarily due to the increase in transaction volume.

Post-facilitation service fees increased by 123.8% to RMB361.2 million (US$56.1 million) for the third quarter of 2021 from RMB161.4 million in the same period of 2020, primarily due to the increase in outstanding loans serviced by the Company and the rolling impact of deferred transaction fees.

Guarantee income was RMB644.5 million (US$100.0 million) for the third quarter of 2021 compared to RMB747.1 million in the same period of 2020, as a result of improved asset quality. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. As we transitioned our business towards better quality borrowers, the fair value of quality assurance commitment upon loan origination decreased due to better asset quality which resulted in the decrease in guarantee income.

Net interest income increased by 27.5% to RMB332.6 million (US$51.6 million) for the third quarter of 2021 from RMB260.9 million in the same period of 2020, primarily due to increase in transaction volume originated in the international markets.

Other revenue decreased by 18.8% to RMB111.7 million (US$17.3 million) for the third quarter of 2021 from RMB137.6 million in the same period of 2020, primarily due to the decrease in customer referral fees from other third-party platforms.

Origination and servicing expenses increased by 35.6% to RMB459.6 million (US$71.3 million) for the third quarter of 2021 from RMB338.9 million in the same period of 2020, primarily due to the increase in employees’ expenditure and fees paid to third party service providers.

Sales and marketing expenses increased by 236.1% to RMB387.5 million (US$60.1 million) for the third quarter of 2021 from RMB115.3 million in the same period of 2020, primarily due to the increase in online customer acquisition expenses as a result of increased efforts in acquiring new borrowers on the Company’s platform.

Research and development expenses increased by 12.4% to RMB104.5 million (US$16.2 million) for the third quarter of 2021 from RMB93.0 million in the same period of 2020, due to increased investments in technology development.

General and administrative expenses increased by 16.9% to RMB123.2 million (US$19.1 million) for the third quarter of 2021 from RMB105.4 million in the same period of 2020, due to increased expenditures in employees benefits.

Provision for accounts receivables and other receivables decreased by 6.3% to RMB32.9 million (US$5.1 million) for the third quarter of 2021, from RMB35.1 million in the same period of 2020 as a result of improved credit quality partially offset by the increase in outstanding loan balances.

Provision for loans receivables was RMB142.5 million (US$22.1 million) for the third quarter of 2021, compared with RMB90.0 million in the same period of 2020, and the increase was primarily due to the higher transaction volume originated in international markets.

Credit losses for quality assurance commitment were RMB545.1 million (US$84.6 million) for the third quarter of 2021 compared to RMB326.6 million in the same period of 2020, primarily due to the increase in outstanding loan balances partially offset by improved asset quality.

Operating profit increased by 5.9% to RMB729.9 million (US$113.3 million) for the third quarter of 2021 from RMB689.0 million in the same period of 2020.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB751.3 million (US$116.6 million) for the third quarter of 2021, representing an increase of 7.7% from RMB697.6 million in the same period of 2020.

Other income decreased by 43.7% to RMB14.8 million (US$2.3 million) for the third quarter of 2021 from RMB26.3 million in the same period of 2020, mainly due to fair value change of investments.

Income tax expenses were RMB112.2 million (US$17.4 million) for the third quarter of 2021, compared with RMB118.4 million in the same period of 2020, and the decrease was mainly due to change in preferential tax rate for certain qualified subsidiaries, partially offset by the increase in pre-tax profit.

Net profit was RMB632.4 million (US$98.2 million) for the third quarter of 2021, compared to RMB596.9 million in the same period of 2020.

Diluted net profit per ADS was RMB2.15 (US$0.33) and diluted net profit per share was RMB0.43 (US$0.07), an increase of 4.9% year over year. Non-GAAP diluted net profit per ADS was RMB2.21 (US$0.34) and Non-GAAP diluted net profit per share was RMB0.44 (US$0.07), an increase of 6.3% year over year. Each ADS represents five Class A ordinary shares of the Company.

As of September 30, 2021, the Company had cash and cash equivalents of RMB3,349.8 million (US$519.9 million) and short-term investments, mainly in wealth management products, of RMB1,738.6 million (US$269.8 million).

The following table provides the delinquency rates for all outstanding loans on the Company’s platform in China’s Mainland as of the respective dates indicated.

As of

15-29
days

30-59
days

60-89
days

90-119 days

120-149 days

150-179 days

March 31, 2019

0.80%

1.61%

1.45%

1.29%

1.31%

1.20%

June 30, 2019

0.86%

1.42%

1.37%

1.19%

1.26%

1.21%

September 30, 2019

0.90%

1.50%

1.35%

1.31%

1.17%

1.20%

December 31, 2019              

1.34%

2.40%

1.86%

1.76%

1.62%

1.53%

March 31, 2020

1.34%

3.03%

2.33%

2.44%

2.64%

2.17%

June 30, 2020

0.71%

1.36%

1.70%

2.00%

2.75%

2.38%

September 30,2020

0.46%

0.72%

0.74%

0.90%

1.07%

1.43%

December 31, 2020

0.35%

0.55%

0.48%

0.52%

0.49%

0.55%

March 31, 2021

0.29%

0.52%

0.43%

0.39%

0.38%

0.36%

June 30, 2021

0.30%

0.45%

0.39%

0.32%

0.36%

0.33%

September 30, 2021

0.34%

0.51%

0.43%

0.39%

0.33%

0.32%

The following chart display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage in China’s Mainland for all loan products facilitated through the Company’s online platform as of September 30, 2021:

Click here to view the chart.

Business Outlook

With the COVID-19 recent resurgence in China and other regions around the world, the Company will continue to closely monitor the pandemic situation and remain vigilant in its business operations. As such, the Company holds a cautious view on its operations and anticipates its transaction volume guidance for the full year 2021 to be in the range of RMB130 billion to RMB135 billion, representing a year-over-year increase of 102.8% to 110.6%, above its prior guidance of RMB100 billion to RMB120 billion.

The above forecast is based on current market conditions and reflects the Company’s current  preliminary views and expectations with respect to market and operational conditions, the regulatory and operating environment, as well as customer and institutional investor demands, all of which are subject to change.

Shares Repurchase Program Update

On November 17, 2021, the board of directors of the Company approved an extension of the Company’s existing US$60 million share repurchase program for another twelve months, effective January 1, 2022 through December 31, 2022. Since August 25, 2020, in accordance with the Company’s existing share repurchase program, the Company has repurchased its own Class A ordinary shares in the form of ADS in the amount of US$20.3 million. As such, the Company is authorized to repurchased its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$39.7 million through December 31, 2022.  The share repurchase program shall be subject to general business conditions and market conditions.

As of November 17, 2021, in combination with the Company’s previous repurchase programs, the Company had repurchased its own Class A ordinary shares in the form of ADSs with an total aggregate value of approximately US$131.4 million.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 18, 2021 (8:00 PM Beijing/Hong Kong time on November 18, 2021).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

Canada (toll free):

1-855-669-9657

International:

1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

852-3018-4992

Mainland, China:

400-120-1203

Participants please dial-in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 25, 2021, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

Canada (toll free):                

1-855-669-9658

International:

1-412-317-0088

Replay Access Code:

10161823

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2021, the Company had over 135.6 million cumulative registered users.

For more information, please visit  https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use Non-GAAP operating profit, Non-GAAP basic and diluted net profit per share and per ADS which are Non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating profit helps identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating profit provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating profit, Non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. These Non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net (loss)/income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this Non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4434 to US$1.00, the rate in effect as of September 30, 2021 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of September 30,

2020

2021

RMB

RMB

USD

Assets

Cash and cash equivalents

2,632,174

3,349,759

519,874

Restricted cash

3,484,227

3,915,870

607,733

Short-term investments

1,970,958

1,738,575

269,823

Investments

950,515

972,277

150,895

Quality assurance  receivable, net of credit loss allowance for
quality assurance receivable of RMB223,514 and
RMB245,367 as of December 31, 2020 and September 30, 2021,
respectively 

1,121,554

977,564

151,716

Intangible assets

98,947

98,947

15,356

Property, equipment and software, net

93,876

114,142

17,715

Loans receivable, net of credit loss allowance for loans receivable
of RMB382,012 and RMB366,982 as of December 31, 2020 and
September 30, 2021, respectively

2,354,882

1,539,951

238,997

Accounts receivable,  net of credit loss allowance for accounts
receivable  of RMB188,725 and RMB255,354 as of December
31, 2020, and September 30, 2021, respectively 

863,906

1,589,293

246,654

Deferred tax assets

155,758

329,147

51,083

Right of use assets

54,968

33,967

5,272

Prepaid expenses and other assets

1,050,009

1,558,433

241,865

Goodwill

50,411

50,411

7,824

Total assets

14,882,185

16,268,336

2,524,807

Liabilities and Shareholders’ Equity

Payable to platform customers

103,453

83,947

13,028

Deferred guarantee income

1,259,396

1,129,076

175,230

Expected credit losses for quality assurance commitment

2,390,501

2,918,423

452,932

Payroll and welfare payable

220,989

190,656

29,589

Taxes payable

154,398

103,532

16,068

Funds payable to investors of consolidated trusts

1,661,841

1,023,251

158,806

Contract liability

3,447

2,085

324

Deferred tax liabilities

103,548

112,964

17,532

Accrued expenses and other liabilities

510,986

647,899

100,552

Leasing liabilities

43,296

19,971

3,099

Total liabilities

6,451,855

6,231,804

967,160

Commitments and contingencies

FinVolution Group Shareholders’ equity

Ordinary shares

103

103

16

Additional paid-in capital

5,659,990

5,676,879

881,038

Treasury stock

(401,621)

(342,761)

(53,196)

Statutory reserves

458,058

458,058

71,089

Accumulated other comprehensive income

(5,142)

(2,754)

(425)

Retained Earnings

2,651,918

4,187,442

649,881

Total FinVolution Group shareholders’ equity

8,363,306

9,976,967

1,548,403

Non-controlling interest

67,024

59,565

9,244

Total shareholders’ equity

8,430,330

10,036,532

1,557,647

Total liabilities and shareholders’ equity

14,882,185

16,268,336

2,524,807

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

INCOME

 (All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

RMB

RMB

USD

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

486,291

1,075,070

166,848

1,265,565

2,789,100

432,862

Post-facilitation service fees

161,376

361,192

56,056

497,236

887,236

137,697

Guarantee income

747,143

644,520

100,028

2,718,598

1,969,407

305,647

      Net interest income

260,931

332,597

51,618

909,046

921,514

143,017

Other revenue

137,592

111,733

17,341

319,650

454,848

70,591

Net revenue

1,793,333

2,525,112

391,891

5,710,095

7,022,105

1,089,814

Operating expenses:

Origination and servicing expenses

(338,879)

(459,569)

(71,324)

(860,689)

(1,327,627)

(206,044)

Sales and marketing expenses

(115,305)

(387,468)

(60,134)

(273,254)

(1,194,878)

(185,442)

Research and development expenses

(92,988)

(104,505)

(16,219)

(263,941)

(302,936)

(47,015)

General and administrative expenses

(105,392)

(123,219)

(19,123)

(303,772)

(361,973)

(56,177)

Provision for accounts receivable and other receivable

(35,143)

(32,878)

(5,103)

(91,539)

(120,106)

(18,640)

Provision for loans receivable

(89,986)

(142,526)

(22,120)

(505,698)

(243,243)

(37,751)

Credit losses for quality assurance commitment

(326,610)

(545,095)

(84,597)

(1,699,231)

(1,381,087)

(214,341)

Total operating expenses

(1,104,303)

(1,795,260)

(278,620)

(3,998,124)

(4,931,850)

(765,410)

Operating profit

689,030

729,852

113,271

1,711,971

2,090,255

324,404

Other income, net

26,314

14,777

2,293

114,393

83,305

12,929

Profit before income tax expense

715,344

744,629

115,564

1,826,364

2,173,560

337,333

Income tax expenses

(118,398)

(112,181)

(17,410)

(355,045)

(327,926)

(50,893)

Net profit

596,946

632,448

98,154

1,471,319

1,845,634

286,440

Net profit attributable to non-controlling ,interest
shareholders

(5,719)

(3,892)

(604)

(7,442)

(7,459)

(1,158)

Net profit attributable to FinVolution Group

602,665

636,340

98,758

1,478,761

1,853,093

287,598

Foreign currency translation adjustment, net of nil tax

(37,082)

4,264

662

(34,820)

2,388

371

Total comprehensive income attributable
to FinVolution Group 

565,583

640,604

99,420

1,443,941

1,855,481

287,969

Weighted average number of ordinary shares used in                 

computing net income per share

Basic

1,453,795,176

1,424,864,643

1,424,864,643

1,496,832,088

1,417,509,224

1,417,509,224

Diluted

1,467,348,248

1,481,375,238

1,481,375,238

1,509,090,474

1,481,579,205

1,481,579,205

Net profit per share attributable to FinVolution

Group’s ordinary shareholders

Basic

0.41

0.45

0.07

0.99

1.31

0.21

Diluted

0.41

0.43

0.07

0.98

1.25

0.19

Net profit per ADS attributable to FinVolution

Group’s ordinary shareholders (one ADS equal

five ordinary shares)

Basic

2.07

2.23

0.35

4.94

6.54

1.01

Diluted

2.05

2.15

0.33

4.90

6.25

0.97

              

FinVolution Group 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (All amounts in thousands, except share data, or otherwise noted)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2021

2020

2021

RMB

RMB

USD

RMB

RMB

USD

Net cash provided by operating
activities

791,240

136,837

21,237

1,458,450

411,189

63,816

Net cash provided by/(used in)
investing activities

(175,887)

63,027

9,782

(389,740)

1,738,655

269,835

Net cash provided by/(used in)
financing activities

(602,873)

328,444

50,973

(2,035,703)

(996,113)

(154,594)

Effect of exchange rate changes on
cash and cash equivalents

(28,131)

4,161

645

(21,267)

(4,503)

(701)

Net increase/(decrease) in cash, cash
equivalent and restricted cash

(15,651)

532,469

82,637

(988,260)

1,149,228

178,356

Cash, cash equivalent and restricted
cash at beginning of period

5,038,136

6,733,160

1,044,970

6,010,745

6,116,401

949,251

Cash, cash equivalent and restricted
cash at end of period

5,022,485

7,265,629

1,127,607

5,022,485

7,265,629

1,127,607

                    

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

RMB

RMB

USD

RMB

RMB

USD

Net Revenues

1,793,333

2,525,112

391,891

5,710,095

7,022,105

1,089,814

Less: total operating expenses

(1,104,303)

(1,795,260)

(278,620)

(3,998,124)

(4,931,850)

(765,410)

Operating Income

689,030

729,852

113,271

1,711,971

2,090,255

324,404

Add: share-based compensation expenses

8,600

21,437

3,327

25,329

58,289

9,046

Non-GAAP adjusted operating income

697,630

751,289

116,598

1,737,300

2,148,544

333,450

Operating Margin

38.4%

28.9%

28.9%

30.0%

29.8%

29.8%

Non-GAAP operating margin

38.9%

29.8%

29.8%

30.4%

30.6%

30.6%

Non-GAAP adjusted operating income

697,630

751,289

116,598

1,737,300

2,148,544

333,450

Add: other income, net

26,314

14,777

2,293

114,393

83,305

12,929

Less: income tax expenses

(118,398)

(112,181)

(17,410)

(355,045)

(327,926)

(50,893)

Less: tax effects on non-GAAP

adjustments

(1,323)

(2,786)

(432)

(3,971)

(9,708)

(1,506)

Non-GAAP net profit

604,223

651,099

101,049

1,492,677

1,894,215

293,980

Net profit attributable to

non-controlling ,interest

shareholders

(5,719)

(3,892)

(604)

(7,442)

(7,459)

(1,158)

Non-GAAP net profit attributable

to FinVolution Group

609,942

654,991

101,653

1,500,119

1,901,674

295,138

Weighted average number of ordinary shares used in
computing net income per share

Basic

1,453,795,176

1,424,864,643

1,424,864,643

1,496,832,088

1,417,509,224

1,417,509,224

Diluted

1,467,348,248

1,481,375,238

1,481,375,238

1,509,090,474

1,481,579,205

1,481,579,205

Non-GAAP net profit per share

attributable to FinVolution

Group’s ordinary shareholders

Basic

0.42

0.46

0.07

1.00

1.34

0.21

Diluted

0.42

0.44

0.07

0.99

1.28

0.20

Non-GAAP net profit per ADS

attributable to FinVolution

Group’s ordinary shareholders

(one ADS equal five ordinary

shares)

Basic

2.10

2.30

0.36

5.01

6.71

1.04

Diluted

2.08

2.21

0.34

4.97

6.42

1.00

SOURCE FinVolution Group

squaretalk-is-now-accepting-crypto-as-a-form-of-payment

Squaretalk is now accepting crypto as a form of payment

 

We’re delighted to inform you that Squaretalk has become a pioneer in the contact center software market to start accepting cryptocurrencies by partnering with CoinGate. Squaretalk decided to join Wikipedia, Microsoft, AT&T, Namecheap, ExpressVPN, and many other big firms, by accepting Bitcoin as a legitimate source of funds in addition to Stripe, PayPal, Visa, Mastercard, and American Express.

Thanks to the new partnership with CoinGate, a winner of the Global Brands Award 2021 of Most Innovative Cryptocurrency Payment Gateway in Europe, Squaretalk’s customers can make instant payments with Bitcoin, Ethereum, Litecoin, XRP and other popular cryptocurrencies.

While there is still a long way to go until companies accept Bitcoin directly and not through payment processors or Bitcoin debit cards, Squaretalk continues to innovate and respond rapidly to market changes.

Squaretalk will utilize one of CoinGate’s key strengths – a wide array of supported cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and more than 70 other digital assets. The abundance of various currencies will let Squaretalk tap into the crypto-sphere, broaden its own customer base, and receive cross-border payments from users all around the world – all with just one click of a button.

“Squaretalk has chosen CoinGate as it has been a pioneer in the field of cryptocurrency and has shown adaptability in client’s needs, in functionality, and an extensive list of supported currencies. CoinGate provides the tools and proper environment to operate and integrate with most platforms,” emphasizes Elisha Attia, Squaretalk Business Development Manager.

“This partnership boils down to being a great business deal for both parties. Squaretalk is an innovative company with a mature mindset – they offer cloud-based services, and have no trouble understanding that the adoption of crypto has numerous benefits: crypto-transactions are seen as fast, efficient and ease the burden of cross-border payments,” points out- Dmitrijus Borisenka, CEO of CoinGate.

payu-finance-continues-to-bolster-senior-leadership-team,-elevates-bhavik-kaul-as-chief-product-officer

PayU Finance continues to bolster senior leadership team, elevates Bhavik Kaul as Chief Product Officer

 

PayU Finance, which owns LazyPay, India’s preferred Buy Now Pay Later solution and PaySense, a full stack personal loans company, has elevated Bhavik Kaul as the company’s Chief Product Officer (CPO), further strengthening its leadership team to scale up the business and pave the way for the next phase of growth. He will be responsible for building and expanding the product portfolio aligned to PayU Finance’s ambition of creating a full-stack digital financial services platform to serve all financial needs of consumers in India.

In his new position as Chief Product Officer, Bhavik will lead a 40-member team across product, design and program management and will focus on building product portfolios under ‘Buy Now, Pay Later’ (BNPL) deferred payment, EMI at checkout, cards, personal loans up to INR. 10 lakhs, savings & investment products including gold, crypto and personal finance management. Bhavik has over a decade of experience in building products in the consumer internet space with expertise across content, gaming, social, commerce, hyperlocal logistics, organic farming and now FinTech. He has played an instrumental role in growing revenue lines for businesses and has demonstrated strong product management, strategic and operational leadership.

Commenting on Bhavik’s elevation, Prashanth Ranganathan, CEO, PayU Finance, saidIndia’s credit ecosystem remained resilient despite the pandemic and consumer demand especially for products such as Buy Now, Pay Later gained momentum. Bhavik has demonstrated exceptional capabilities by laying a strong product foundation and bringing multiple and unique possibilities of the PayU Finance offering to life, such as BNPL via UPI and flexible repayments for small ticket sizes. He will play a vital role in the evolution of our existing products, while also driving the development of innovative new products and revenue streams to fuel further growth. Through our innovative product offerings, we aim to achieve $1.5 billion in credit disbursals in the next five years”.

Bhavik Kaul, Chief Product Officer, PayU Finance, saidIndia is highly underserved in the retail credit space with a deficit of over $300 billion. While the top of the pyramid has always enjoyed access via big banks, the same has not been the case for the rest of India. At PayU Finance, our goal is to enable financial inclusion by focusing on data & ML algorithms to provide responsible credit to the next 250 million Indian users. To this end, we have developed a strong culture of innovating quickly, testing, learning and then scaling. We will continue to listen closely to our customers and work with our merchants, banking and network partners to enable diverse fintech experiences which are frictionless, easy to understand and anti-predatory”.

Bhavik joined PayU Finance in 2020 and spearheaded the development of LazyPay (India’s largest BNPL product) with the objective of enabling more Indians with easy access to credit solutions. In his previous role as the Vice President and Product Head at LazyPay, Bhavik launched several innovative products such as BNPL through UPI, converting UPI transactions to EMIs, flexible repayments for small ticket sizes and most recently, a fully functional deep integration with merchants with a grey labelled credit product, called Dunzo Pay Later. Under his leadership, LazyPay witnessed a 5X growth in the BNPL segment.

Before working with PayU Finance, Bhavik was the Director of Products for User, Growth & Marketplace at Dunzo, heading the product and design team and helped Dunzo grow to over 2 million orders per month by revamping the entire B2C platform and user flows in less than a year. He has also contributed to growth of companies such as Hike, Microsoft, Deloitte and was previously the Co-Founder of Ek Titli, a Pune based Organic farming startup.

amar-bank-awarded-innovative-tech-companies-of-the-year-award-at-the-aces-awards-2021

Amar Bank awarded Innovative Tech Companies of the Year award at the ACES Awards 2021

 

PT Bank Amar Indonesia Tbk (“Amar Bank“), Indonesia’s first and only pure-play digital bank, was awarded the Innovative Tech Companies of the Year award, at the Asia Corporate Excellence & Sustainability (ACES) Awards 2021.

Organized by MORS Group, the ACES Awards honours inspiring companies and individuals for excellence in leadership and sustainability. The Innovative Tech Companies of the Year award recognises companies that showcase significant technological innovation in their business and demonstrate a clear vision in their approach to software and technology.

Amar Bank is committed to revolutionizing the banking experience, educating people to improve their financial awareness/security and saving habits through state-of-the-art technology. Since its acquisition by Singapore’s Tolaram Group in 2014, the bank has undergone a significant digital transformation to become Indonesia’s pioneer in FinTech, with the launch of Tunaiku. Tunaiku provides unsecured personal loans to the underserved segment and MSMEs by leveraging big data and predictive analytics. Tunaiku has disbursed a total of more than Rp6.6 trillion loans and distributed more than 700,000 loans, which are mostly for home renovations (36%), business capital (25%), and education (13%).

“The use of FinTech in microcredit is a powerful way to help people with little or no access to conventional loan systems. Microcredit allows borrowers to prove their creditworthiness in increments, without exorbitant finance rates. In providing a well-managed, fair channel to the people of IndonesiaAmar Bank has found a need, and is filling it ethically and respectfully”, said Shanggari B, CEO of MORS Group.

Upon receiving the award, Vishal Tulsian, President Director of Amar Bank said, “We are honoured that our technological innovation is being recognized by ACES Awards 2021. We believe that technology plays a pivotal role in improving people’s lives and helping them to achieve their financial goals, resulting in better and robust economic growth. We are committed to continuously innovate to serve underserved communities by widening access to financial services and literacy.”

Adopting the new technology of AI and cloud, in August 2020Amar Bank partnered with Google to launch Senyumku, Indonesia’s first digital bank on the cloud. Senyumku encourages good savings habits while augmenting discipline for better control of personal finances.

SOURCE PT Bank Amar Indonesia Tbk

mirae-asset-mutual-fund-launches-etf-scheme-replicating/tracking-hang-seng-tech-index

Mirae Asset Mutual Fund launches ETF scheme replicating/tracking Hang Seng TECH Index

 

Mirae Asset Mutual Fund, one of the fastest growing fund houses in India which invests in the equities and debt segments, today announced the launch of ‘Mirae Asset Hang Seng TECH ETF’, an open-ended scheme replicating/tracking Hang Seng TECH Total Return Index and the ‘Mirae Asset Hang Seng TECH ETF Fund of Funds’, an open-ended fund of fund scheme predominantly investing in units of Mirae Asset Hang Seng TECH ETF.

The NFO for both the funds will open for subscription on November 17, 2021. While the Mirae Asset Hang Seng TECH ETF will close on November 29, 2021 & the Mirae Asset Hang Seng TECH ETF Fund of Fund will close on December 1, 2021.

The Mirae Asset Hang Seng TECH ETF will be managed by Mr. Siddharth Srivastava, while the Mirae Asset Hang Seng TECH ETF Fund of Fund will be managed by Ms. Ekta Gala. The Mirae Asset Hang Seng TECH ETF Fund of Fund will also offer investors the options for a Regular Plan and Direct Plan with Growth Option.

The minimum initial investment in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter.

Key Highlights:

  • Provides exposure to 30 largest Tech-centric Chinese companies listed on Hong Kong Stock Exchange
  • Market Cap of US$1.8 Tn, exceeding Market Cap of all BSE Sensex Index companies by 15%, and Revenue of US$463 Bn, exceeding Combined Revenue of all BSE Sensex 30 Companies by 15%
  • Portfolio aims to provide exposure to multiple tech themes including Cloud, AI, IOT etc. Hang Seng TECH Index has outperformed Nifty50 Index in 5 out of 7 calendar years with significant outperformance in 2019 and 2020 but underperformance in 2018 and 2021 YTD. With recent corrections, the China market may provide an attractive investment opportunity at lower valuations. Hang Seng TECH Index is currently trading at 38% discount to its historical average
  • Tech and Digital Economy has paved its way toward contributing to the China’s overall GDP exponentially. It is expected to contribute significantly in the coming years to the country’s GDP.
  • China is now ranked 2nd in terms of facilitating number of unicorn companies across the globe with major focus on consumer driven technology companies
  • The Hang Seng TECH Index may provide Indian investors with the opportunity to get exposure in innovation leaders from a wide range of sectors such as Semiconductors, Software, IoT, Gaming, Industrial Automation, Autonomous Vehicles, Healthcare, IT, E-commerce, FinTech, Online Travel etc.

“This is the Asian century with China being one of the dominant economies, with a focus on achieving major breakthroughs in core technologies such as AI, semiconductors, cloud computing, and other key areas for its future growth. The recent correction in Hang Seng TECH Index may provide Indian investors an attractive opportunity to diversify and get exposure in the growing digital economy of China,” said Mr.Swarup Mohanty, Director & CEO, Mirae Asset Investment Managers (India) Pvt. Ltd.

thailand-establishes-the-international-medical-cannabis-research-center

Thailand Establishes the International Medical Cannabis Research Center

 

Thailand’s Public Health Ministry has signed a Memorandum of Understanding  (MOU) with RxLeaf World Medica on establishing the International Medical Cannabis Research Center. The latest movement is a part of Thailand’s plan to be a world-class cannabis production and development hub. The center aims to be a knowledge hub for genetic research on medical cannabis, bringing together doctors, researchers, experts from Canadathe Netherlands and other countries to conduct cannabis products research and development while at the same time exchanging the medical cannabis knowledge.

Mr. Anutin Charnvirakul, Deputy Prime Minister of Thailand and Minister of Public Health, said the ministry has been promoting medical cannabis and its safe treatment. According to the study, cannabis can treat various diseases such as cancer, epilepsy, multiple sclerosis with muscle pain, and neuralgia.

The minister also acknowledged the COVID-19 situation has affected the Thai economy, and to alleviate the situation, the economic reform and new opportunities required. The center is one of the catalysts to support the economic recovery. This also conforms to the Thai government’s plans to promote the country as a comprehensive medical hub in Asia, and to encourage the development of the cannabis value chain, including product cultivation, standardization, market expansion and support for investments in new products.

The medical industry is a key prospect for economic reform due to its global valuation at US$8.3 trillion, while the legalized cannabis market is at approximately US$12.5 billion (source from WHO and Prohibition Partners). Therefore, this is a tremendous opportunity for the country as Thailand has both the personnel and physical capability and potential to accept this challenge.

Creating a medical and wellness tourism hub will attract those who prefer integrative medicine and plant-based products such as those developed from herbs for cancer or seizure patients, as well as cosmetics and dietary supplements. Additionally, these products will add value to the food and drink market and allow both farmers and entrepreneurs to grow and develop sustainable products.

This policy led to a partnership between public and private sectors in establishing the International Medical Cannabis Research Center under an MOU signing with RxLeaf World Medica Company Limited, a subsidiary of Amara Asia Company Limited. Amara possesses expertise in cannabis growing and plant using solvent-free technology for medical use.

global-millennial-capital:-a-data-driven-venture-capital-investor-bringing-global-unicorns-from-silicon-valley-to-gcc-region

Global Millennial Capital: A Data Driven Venture Capital Investor Bringing Global Unicorns from Silicon Valley to GCC Region

 

An exclusive interview with Global Millennial Capital Founder & General Partner, Andreea Danila

  • Please introduce yourself and tell us more about Global Millennial Capital strategy and its area of specialty?

My name is Andreea Danila, I am the founder of Global Millennial Capital, I am a strategist, innovator, venture capitalist and entrepreneur. Global Millennial Capital is the first venture capital firm from the Arab world to introduce the concept of deep learning and artificial intelligence and revolutionize the traditional way of investments evaluation and decision approach. We invest in global scalable, tech enabled and highly transformational consumer-centric early-stage opportunities in Silicon Valley making these unique opportunities accessible to a private group of investors from the region.

  • Please tell us more about your areas of focus, and please describe your company’s strategy towards utilizing data science and AI.

I developed the concept of deep learning while studying at MIT in 2020 in parallel to doing my general management program at Harvard Business School. I wanted to solve the challenge of venture capital random returns distribution and understand how many bets a fund manager needs to place to generate above 50x CoC return for at least 6% of its investment portfolio. Today, 90% of the venture capital funds do not return more than 1x of investor capital due to lack of access or quality deal pipeline. For venture capital funds to generate between 2x to 4x cash on cash return, investment managers would require multiple offices in various jurisdictions, with teams comprising 30 to 40 analysts or losing control of the deal process by outsourcing to fee-based referral networks.

Millennial Ai, a proprietary data science algorithm of Global Millennial Capital presents a revolutionary solution to the ongoing issue of access to quality deal pipeline. We constructed a world of opportunities by analyzing global venture capital big data and being able to assess with confidence investment data points within clusters, investment stages, models and context as well as provide unique company linked algorithm assessments. We can analyze between 15,000 to 20,000 companies today with an increased potential in the coming months.

  • Please tell us more about your areas of focus with the fund and investments completed to date.

Global Millennial Capital private investment fund has completed 10 investments in the US with an aggregate portfolio value of USD 152 million as of October 2021. Our vision is to become the venture capital fund of choice for regional investors, positioned at the intersection of fintech and investment management by providing access to Silicon Valley curated opportuntities. We are extremely excited about the outlook of our technology as well as our portfolio companies as we continue to disrupt the traditional wealth management space in collaboration with the financial regulators within various jurisdictions which enable us to carry our activities within the institutional grade guidelines as a regulated private investment fund.

  • Please tell us about your investments completed to date.

Our portfolio strategy focuses on the fintech vertical where we observe attractive statistics such as funding velocity and investor propensity but also shorter investment period to unicorn status. Financial services are transforming driven by digitization, on demand and hyper-personalization led by the requirements of millennials and GenZs, the emergency of DEFI, crypto and blockchain as well as accessibility of financial solutions to masses for banked and unbanked consumer groups. We surely excited about various of our portfolio winners with companies like Envel, a fintech which uses artificial intelligence to automate your personal finances, as well as Rocket Dollar who provides investment freedom by unlocking the retirement plan into alternatives, Financial Choice a robo-advisor who provides liquidity for mutual funds, bonds and equity markets instantly by transforming your checking account and adding investment features. We have sourced and analyzed around 10,000 fintech companies globally with our team of data scientists creating a fund collective intelligence which enables us to understand clusters, trends, statistics, criteria and benchmarking globally across investment stages.

  • Data is the new oil for the future economy. How do you use data and technology in planning and finalizing strategic decisions for the venture capital industry?

Venture capital (VC) has been growing rapidly in recent years. So far, the screening and evaluation of potential startups as investment objects depends on the venture capitalist’s personal experience, network and qualitative evaluations. In the era of big data, the advent of new data sources and analytic techniques enables a data-driven investment process. Our analysis shows that the data-driven approach impacts the deal origination and screening stages of investment. It leads to informational and transactional benefits, which lower operational costs in the short term and enlarge the potential return on investment of a VC firm in the long term. We believe that the introduction of automation or data driven assessment models are providing us a significant competitive advantage over our competitors along with an advanced knowledge-based approach which will significantly differentiate our investment returns.

atfx:-leading-the-industry-featured-in-forbes

ATFX: Leading the Industry Featured in Forbes

 

ATFX, a leading global CFD broker, is witnessing exponential growth. Despite the impact of COVID-19, ATFX has maintained its stellar track record in the past two years. According to Finance Magnates’ Q2 2021 Forex industry report, ATFX had $142 billion in monthly MT4 trading volume and $426 billion in total trading volume for the quarter, cementing its position as a global leader in the forex brokerage industry. In addition, from Q1 2020 to Q1 2021, its institutional business platform ATFX Connect saw an annualised increase in total trading volume of over 500%.

ATFX has received recognition from leading media outlets for its rapid growth. Recently, ATFX was featured in Forbes Asia. After a rigorous review process,  ATFX finally made its appearance in the global magazine, a first within the CFD industry.

As the first broker in the industry to be extensively reviewed by Forbes, ATFX went through multiple assessments. The decision was made based on an overall assessment of the broker’s industry regulation, honours & awards, media interviews, corporate news coverage and employee credentials, growth projections, business size and prospects.

Multiple regulations

As a global CFD broker, ATFX is focused on meeting its clients’ needs by providing industry-leading products backed by stellar customer service. Given the broker’s worldwide presence, it is committed to providing clients with competitive products. To date, ATFX has opened 12 offices on four continents that provides its clients with localised services in over 20 languages. We also has over 200 products, including currency pairsindicesprecious metals and share CFDs.

ATFX is globally regulated by the most respected Financial regulators, led by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Mauritius FSC. ATFX operates in strict compliance with the rules set by all its regulators, which require it to prioritise the safety of its client’s funds and operate transparently.

Multi award-winning

For companies, industry awards are an honour and represent an endorsement of their services from their clients and organisers based on their experience with the broker. Since its inception, ATFX has provided credible and transparent services based on a “customer-centric” philosophy and has offered a convenient, fast and secure trading experience in strict accordance with international regulatory requirements. In recognition of its continued excellence in its trading platform and services, stellar customer service, fintech and philanthropy, ATFX has been awarded with numerous honours.

ATFX is the recipient of over 60 international awards for its excellent products and services. In 2021 alone, the broker has won 12 industry awards, including “Best MT4 Broker in Asia“, “Best Fintech Broker”, “Top 10 Brands of 2021 “, and “Best MT4 CFD Broker in Asia 2021″.

Industry-leading fintech

As the new technological revolution evolves, the global economy is experiencing an unprecedented shift from old to new drivers, accompanied by the increasingly frequent introduction of technology into the financial markets. In addition, the application of emerging technologies such as big data, cloud computing and blockchain in financial markets hints at the arrival of the new fintech era. ATFX, the industry’s leading fintech broker, keeps up with the times and has invested heavily in exploring the momentum embedded in fintech by building technology-centric services for its clients that set new industry standards.

Dedicated to Fintech, ATFX has been committed to growing its fintech services from its very inception and has achieved remarkable success. By offering services such as Adobe Sign (an online signing service system), facial recognition for account opening, a revamped Membership Center 2.0 and low latency accelerators, ATFX has established itself as a leader within the online brokerage industry a global clientele.

ATFX has been recognised as an industry-leading fintech broker for being the first to introduce Adobe Sign and facial recognition account opening. In addition, with the launch of AT Premier in the Middle East and ATFX TeamUp in Latin America, clients in these areas now have access to a unique user experience.

To ensure the safety of clients’ funds, ATFX has partnered with “Electronic Identification” (eID), an international KYC expert, to deter malicious attacks, a critical aspect to both the company and its clients.

As a global CFD broker, ATFX has proven to be well-regulated, reputable and highly reliable. ATFX was subjected to rigorous reviews before being featured on Forbes. The company’s excellence in its chosen field became clear to the Forbes editors based on its business performance, market share, customer services and products, and industry awards.

In the future, ATFX will continue pursuing its “customer-centric” philosophy to offer a greater volume of financial market analysis, launch new fintech solutions, and thus contribute to the industry’s drive for innovation.

(ATFX website:  https://www.atfx.com/en/ )

ATFX             

ATFX is an award-winning FX/CFD broker with a global presence offering customer support in over 15 languages. With over 300 tradable financial assets, including forex, cryptocurrency, precious metals, energy, indices, and shares traded as CFDs, ATFX is regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Services Commission (FSC) in Mauritius, and the Financial Services Authority (FSA) in Saint Vincent and the Grenadines.

SOURCE ATFX

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