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Mobile data services company FingerMotion Inc.’s FNGR presentation at the Planet MicroCap Showcase 2022 on May 4 at the Bally’s Las Vegas Hotel & Casino was reportedly well-received.
The New York-based company also said it had a nice turnout at the one-on-one interview sessions it hosted during the three-day conference.
Founded in 2016, FingerMotion states that it partners with China’s largest telecommunications companies to offer access to real-time data covering a massive market. The company’s top-up and recharge services are available to consumers nationwide.
FingerMotion’s Shanghai JiuGe Information Technology Co. Ltd. reached an agreement with China Mobile to create a device protection insurance product for mobile phones. The plan offers coverage for broken mobile phone screens, warranty extensions and trade-ins.
The agreement, which could be a milestone in the device-protection arena as it represents 80% of the Chinese market, follows the rollout of the China Unicom device-protection product in January.
When China Mobile launches the new service, it will have more than 1 billion users who can redeem their loyalty points to upgrade their phones and package plans to 5G.
“This newest cooperation agreement gives us incredible dominance over the market and the ability to set the narrative with respect to device insurance protection,” FingerMotion CEO Martin Shen said.
On The Road To 1 Billion Customers?
FingerMotion says its goal is to serve more than 1 billion users in China and expand the model to other regional markets. The company believes it is well-positioned to capitalize on China’s digital transformation to 5G and will drive sales by developing value-added products such as phone devices, sales bundles and package upgrades.
Apple Inc. AAPL dominates the mobile phone market in China, where it shipped 50 million new phones in 2021. Other players in the market include Meridian Bioscience Inc.’s VIVO Vivo Mobile.
A McGill University Study found that China continues to have the most smartphones in the world with 900 million users.
FingerMotion’s top-up business reportedly continues to grow through three leading e-commerce portals — Alibaba Group Holding Ltd.’s BABA Tmall, Pinduoduo Inc. PDD and JD.com Inc. JD.
“One of the other things that we are finding out is that the top-up business is extremely resilient to any recessionary pressures,” Shen said. “The recurring revenue streams that we have created are very predictable and stable thereby creating a solid foundation on which to expand. The company also has a tailwind with respect to the implementation of 5G. A massive 5G replacement cycle has begun that we expect will push service revenues and hardware sales.”
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