Merchantrade to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app.

Merchantrade in Technology Partnership with Ant Group to Offer Inclusive Remittance Services to Consumers in Asia

KUALA LUMPUR, Malaysia, Oct. 20, 2020 /PRNewswire/ — Malaysia’s largest Money Services Business (MSB) operator, Merchantrade Asia Sdn Bhd (Merchantrade) has entered into a partnership with Ant Group, the leader in the development of open platforms for technology-driven inclusive financial services.

Merchantrade to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app.
Merchantrade to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app.

The collaboration allows customers of Merchantrade in Malaysia and Singapore to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app. Alipay is operated by Ant Group and currently serves more than one billion users. 

The service is now available at Merchantrade’s 81 branches and over 450 of its agent locations in Malaysia. It is also available on Merchantrade’s award-winning remittance mobile app, eRemit Malaysia and soon will be available on Merchantrade’s e-wallet, Merchantrade Money as well as at Merchantrade’s Singapore-based subsidiary, Kliq Pte Ltd, on its eRemit Singapore mobile app.

The partnership aims to bring more innovative and convenient financial services to Merchantrade’s customers in Malaysia and Singapore. It will also expand to allow Merchantrade customers to remit funds to persons in the Philippines, Pakistan, Bangladesh and Indonesia, through Ant Group’s partners in these markets.  

“As a leading MSB operator and international remittance hub provider, we continuously explore new ways to apply our technology and connect with partners to make financial services more inclusive, especially for the underserved globally, particularly in Asia, where we have a foothold in the remittance market through local partners,” said Ramasamy, Founder and Managing Director of Merchantrade Asia. The company has built an ecosystem of relevant financial services through industry partnerships and collaborations and continue to welcome future partnership opportunities to enrich the lives of our customers.

For more information on Merchantrade, please visit https://mtradeasia.com/main/. For Partnership & Collaboration enquiries, please contact: partnerships@mtradeasia.com

About Merchantrade Asia

Merchantrade is Malaysia’s largest Money Services Business (MSB) operator and leading money transfer, e-money issuer, retail and wholesale foreign currency exchange service provider. Leveraging on its technology, omnichannel capabilities and global network reach, Merchantrade aims to provide consumers with easy access to a secure, reliable and fast channel for global currency exchange, money transfers, and digital payments.

Merchantrade has developed multiple award-winning digital products and has established a network of 81 branches and over 450 agent locations throughout Malaysia.

eWAY Introduces Click to Pay with Visa and American Express to Improve Online Shopping

BRISBANE, Australia, Oct. 20, 2020 /PRNewswire/ — Leading ecommerce payments provider, eWAY, has become one of the first adopters of a new time-saving payment experience called Click to Pay.

Built on the EMV® Secure Remote Commerce (SRC) industry specification, Click to Pay provides a simpler, faster and frictionless online checkout experience for shoppers in Australia and New Zealand.

Click to Pay brings together Visa Checkout and Amex Express Checkout into the one seamless checkout experience, with Mastercard Masterpass coming soon. The solution is designed to mirror the consistent experience in physical stores with one button to accept all cards. 

eWAY merchants can now activate Click to Pay for free through the MYeWAY portal. Once activated by the eWAY merchant, their customers will be able to quickly pay whenever they see the Click to Pay icon.

eWAY Australia and New Zealand Managing Director Mark Healy said, “Click to Pay removes the friction caused by manual card entry, passwords and other hurdles consumers and businesses face in today’s digital-first world.

“We believe Click to Pay will result in reduced cart abandonment and more sales with a checkout experience that is intuitively more satisfying and fine tuned for repeat shopping experiences, helping Australian and New Zealand businesses to grow faster.

“With the boom in online purchasing, it’s vital that the consumer payment experience is consistent, convenient and secure, which will provide major benefits for merchants, too.”

A YouGov survey commissioned by Visa in May 2020[1] found 37 per cent of Australians had made five or more online purchases in the three months prior, yet more than 40 per cent had given up on an online purchase due to the amount of information required – representing lost sales for Australian businesses.

Mr Healy said that Click to Pay enables one-click buying convenience when shoppers are making purchases online, with the following additional benefits:

  • Consistency – With Click to Pay, the checkout experience each time will be familiar.
  • Convenience – Once enrolled, the card holder can use the Click to Pay button and quickly checkout with their preferred card, negating the need to key in personal information or passwords every time they shop online.
  • Greater security – Clicking to pay combines both dynamic and encrypted data – an enhanced feature for online transactions, which helps reduce the risk of fraud. Helping protect customer data, clicking to pay also reduces the need for merchants to store card information.

Shoppers who previously enrolled in Visa Checkout or Amex Express Checkout are already enabled for Click to Pay.

Shoppers can also choose to enrol either on the Visa or American Express Click to Pay registration pages on their respective websites. Alternatively, shoppers will be prompted to enrol when they make their first click to pay transaction using their Visa or American Express credit, debit or prepaid card details at a participating merchant

American Express, Discover, Mastercard and Visa announced the digital checkout solution based on the EMV® Secure Remote Commerce industry standard in October 2019. In July 2020, the networks announced its global expansion, with Australia and New Zealand among the first markets to adopt click to pay.

For more information, visit: https://www.eway.com.au/click-to-pay/

Since launching in 1998, eWAY has become a dominant player in the Australian and New Zealand eCommerce payments space.

eWAY seamlessly integrates with hundreds of leading eCommerce shopping cart platforms and a network of custom integration development partners, providing a competitive advantage for any business that wants to grow through accepting digital payments.

The EMV® SRC payment icon, consisting of a pentagon design oriented on its side with a stylized depiction of a fast forward symbol on the right, formed by a continuous line, is a trademark owned by and used with permission of EMVCo, LLC.

eWAY is a leading online payment provider that offers merchants a safe, reliable, and frictionless solution which is a cornerstone to their growth and success. eWAY processes billions of transactions for thousands of merchants each year, powering 1 in every 4 eRetail payments made in Australia. eWAY is a division of Global Payments, a leading worldwide provider of payment technology software solutions.

[1]YouGov survey of 1,044 consumers in Australia from 21-25 May 2020, commissioned by Visa.

Related Links :

https://www.eway.com.au

G20 Saudi Secretariat Announces Digital Summit to Discuss Inclusive Growth in Aftermath of Covid-19

RIYADH, Saudi Arabia, Oct. 20, 2020 /PRNewswire/ — The G20 Saudi Secretariat as part of the International Conference program announces a four-day digital event series to explore how businesses, governments, and citizens can drive opportunities for inclusive growth through regulation, new technologies, and long-term strategic approaches in the aftermath of the Covid-19 pandemic.

Titled ‘A New Framework For Inclusive Growth’ and hosted by FT Live, the series will feature influential speakers from the worlds of business, politics, and policy, interviewed by FT writers.

The series, taking place on 21, 22, 28, and 29 October 2020, will examine:

  • How the financial sector can be used for inclusive growth in both developed and emerging markets;
  • The role of policy, regulation, and taxation in promoting national and international growth and stability;
  • The role of the digital economy in promoting inclusive growth – how smart cities and digital health and education can provide opportunities for all;
  • How changing global trade relationships are impacting the business environment for micro-, small- and medium-sized enterprises (MSMEs), and what can be done to support them.

Speakers include:

  • Baroness Catherine Ashton, Former EU Commissioner for Trade and Former High Representative of the Union for Foreign Affairs and Security Policy
  • Ann Cairns, Executive Vice Chair, Mastercard
  • Angel Gurria, Secretary-General, OECD
  • Sir Chris Hohn, Founder and Managing Director, TCI
  • Shameel Joosub, CEO, Vodacom Group
  • Mukhisa Kituyi, Secretary-General, UNCTAD

The series will be live-streamed and delegates can participate in an interactive event platform. A full recording of the event will be available afterward at globalsummitseries.live.ft.com.

BGK agrees with IMF report: “Infrastructure investment is a key priority for the CESEE region to accelerate convergence toward the EU15”

WARSAW, Poland, Oct. 17, 2020 /PRNewswire/ — Infrastructure investment is a key priority for Countries in Central, Eastern, and Southern Europe (CESEE) to accelerate the convergence of the living standards toward the level of the more advance European countries, the EU15 – says the IMF report published on 28th Sep 2020. IMF highlights the Three Seas Initiative Investment Fund (3SIIF) as an initiative with the “aim to address infrastructure needs in CESEE.”

The report estimates that closing 50% of the infrastructure gap until 2030 would require an annual investment of 3-8% of GDP. Attracting private investors should be an important step towards achieving this ambitious challenge.

To engage investors, the state development bank of Poland, Bank Gospodarstwa Krajowego (BGK), took the initiative to establish the Three Seas Initiative Investment Fund (3SIIF). In the report, the IMF mentions the Three Seas Fund as one of “the several initiatives aim to address infrastructure needs in CESEE”.

The Three Seas Fund is the economic dimension of the Three Seas Initiative. The Fund is the most important financial undertaking in Central and Eastern Europe. We set a clear goal for the Fund – financial support for infrastructure investments in the region. Such support is especially important these days as economies struggle with the effects of the COVID pandemic. The initiator and co-founder of the Fund is the Polish development bank BGK. We established the Fund together with our partners from the Romanian development bank EximBank” – says Beata Daszyńska-Muzyczka, the 3SIIF Supervisory Board Chairperson and BGK President.

The Three Seas Fund’s main objective is to invest in transport, energy and digital infrastructure on the north-south axis in the Three Seas countries and to offset the regional development differences in the European Union. The Fund is a commercial and market-driven initiative that will grant a diversified investment and an attractive return.

The IMF team also state that, if done right, infrastructure investment could yield significant dividends in the region. More and better public investment can help repair the economic damage of the pandemic, raise potential output, and speed income convergence with the EU15.

“At this time of economic slowdown, its benefits could be even larger. We estimate that for each percent of GDP spent on infrastructure, the output could rise by 0,5-0,75% in the short run and by 2-2,5% in the long run” – the report reads.

See full IMF report here: https://www.imf.org/en/News/Articles/2020/09/24/na092820-central-eastern-southeastern-europe-after-covid-19-securing-recovery-wise-public-investment

Visit the 3SIIF website here: https://3siif.eu/

Contact with BGK press office:
Bank Gospodarstwa Krajowego
Anna Czyż, tel. +48609220208, media@bgk.pl

The Opening Ceremony of the 11th Pan-Beibu Gulf Economic Cooperation Forum & 2020 Beibu Gulf International Gateway Port Cooperation Summit

The 11th Pan-Beibu Gulf Economic Cooperation Forum & 2020 Beibu Gulf International Gateway Port Cooperation Summit was held on October 15 in Guangxi’s Nanning City

NANNING, China, Oct. 17, 2020 /PRNewswire/ — The 11th Pan-Beibu Gulf Economic Cooperation Forum & 2020 Beibu Gulf International Gateway Port Cooperation Summit, with Guangxi China-ASEAN Panorama Magazine Agency Co., Ltd as the executive organization, was held on October 15, 2020, in Nanning, Guangxi Zhuang Autonomous Region, China.

The Opening Ceremony of the 11th Pan-Beibu Gulf Economic Cooperation Forum & 2020 Beibu Gulf International Gateway Port Cooperation Summit
The Opening Ceremony of the 11th Pan-Beibu Gulf Economic Cooperation Forum & 2020 Beibu Gulf International Gateway Port Cooperation Summit

Lu Xinshe, Secretary of CPC Guangxi Committee, Chairman of the Standing Committee of Guangxi Peoples Congress, China, H.E. Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, Thailand, and Li Xiaopeng, Minister of Transport, China gave live and video remarks for the opening ceremony of the 11th Pan-Beibu Gulf Economic Cooperation Forum respectively. Chen Wu, Governor, Guangxi, China, YB Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah, Minister at Prime Ministers Office, and Minister of Finance and Economy II, Ministry of Finance and Economy, Brunei, and Datuk Seri Ir. Dr. Wee Ka Siong, Minister of Transport, Malaysia gave live and video keynote speeches for the forum and 15 domestic and foreign guests delivered their speeches in the seminars.

The theme of this years Forum is Focusing on International Gateway Port, Jointly Building New International Land-Sea Trade Corridor: A New Era of Pan-Beibu Gulf Cooperation. Two topics are set under the Forum, namely “Jointly Construct Beibu Gulf International Gateway Port and Explore New Model of Interactive Development” and “Build High-Quality New International Land-Sea Trade Corridor to Serve the Development of International Supply Chain”.

Contact: Chen Libing, +86-0771-5807700

 

Suning.com Releases Financial Performance Preview with Net Profit Achieving 670 million to 920 million RMB in Q3 2020

NANJING, China, Oct. 16, 2020 /PRNewswire/ — Suning.com (002024.SZ), China’s leading O2O smart retailer owned by Suning Holdings Group, has released its financial performance preview for the first three quarters of 2020. The projection demonstrates the continued improvement of its profitability, with the net profit attributable to shareholders of listed companies expected to reach 670 million to 920 million RMB.

Driven by the strong demand for air-conditioning during the peak season and 818 sales promotions, the online business of Suning.com has witnessed impressive growth, with commodity transactions on the open platform surging 56.83% year-on-year during the reporting period.

From January to September, Suning.com also leveraged the advantages of its online and offline retail channels to help steadily increase its online sales volume, with transactions volume hitting a 18.15% growth year-on-year.

Suning.com has optimized its online platform with intelligent marketing tools, improved logistics and warehousing services, empowering merchants to enhance traffic distribution and conversion efficiency all with a broader product offering.

Through the power of digital, Suning.com’s retail cloud franchise stores broke down the distinction between online and offline stores to create a new business model that combines the supply chain with offline stores and social eCommerce. As a result, the total sales volume of Suning.com’s retail cloud franchise stores grew by 77.5% year-on-year, with 2,432 new retail cloud franchises opening from January to September. Among them, 871 stores were opened in the Q3, which helped increase sales volume by 108%.

In addition to actively responding to the pandemic, Suning.com accelerated the shift from being a retailer to a retail service provider. Meanwhile, Suning.com continued to drive out-of-store sales in Q3 through push orders, group buying and live streaming promotions. The Group further integrated Carrefour China’s supply chain and seized market opportunities to develop its to-home business. During the reporting period, the platform experienced a steady expansion in product ranges with the number of active users in August up by 22.49% year-on-year.

Through cost reduction measures and boosting operational efficiency, Suning has also optimized its product supply chain, user management and services. The Group will continue to focus on the construction of mid-platform systems, accelerate the transformation of its offline outlets into retail cloud stores and strengthen integration.

With a priority on improving the user experience, the business has reinforced its plans to increase its openness to external suppliers, optimize specialized operations across all product categories and ramp up efforts to consolidate its logistical capacity through infrastructure expansion.

About Suning Holdings Group

Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan. In 2020, Suning Holdings Group ranked second in the top 500 non-state owned enterprises in China with annual revenues of RMB 665.259 billion (approximately US $97 billion) and continued to top the list of Internet retailing category. Adhering to the enterprise mission of “Leading the Ecosystem across Industries by Creating Elite Quality of Life for All”, Suning has strengthened and expanded its core business as retail through a corporate ecosystem comprised by multiple vertical industries, including commercial real estate, financial services and sports. Suning.com, the main subsidiary pioneering in online and offline retailing, has been listed in the Fortune Global 500 for four successive years from 2017 to 2020.

 

Beijing’s digital economy accounts for over half of GDP in 2019

BEIJING, Oct. 16, 2020 /PRNewswire/ — A report from China SCIO:

The digital economy of Beijing accounted for over half of the city’s GDP in 2019, the highest ratio in China, municipal officials announced on Thursday.

The total added value of the Chinese capital’s new economy last year, including new industries, new types of business, and new business models, reached 1.28 trillion yuan (US$190.4 billion), up by 57% compared to 2016, according to figures released at the National Mass Innovation and Entrepreneurship Week yesterday.

With the goal of becoming a national scientific innovation center, Beijing is accelerating its plan of building national labs, major facilities, and other national-level innovation platforms, said Tan Xuxiang, head of the Beijing Municipal Commission of Development and Reform.

He said Beijing is conducting the largest number of major science projects and is also dedicating the largest expenditures on those projects throughout the country.

In 2019, Beijing’s R&D spending accounted for 6.3% of its GDP, with over 15% channeled to basic research. The city has 132 patents for every 10,000 citizens, maintaining the highest ratio in China for years. Six COVID-19 vaccines developed by companies based in Beijing have been approved for clinical trials with three entering phase-3 trials. Seven COVID-19 test kits developed by companies in Beijing have been granted approval to market.

According to official data, 27,000 new tech companies, over 200 maker spaces, and more than 150 incubators and science parks in universities were set up in Beijing in 2019.

The city is home to 200,000 startup service providers, 20,000 angel investors, 670 venture capital firms, nearly 500 innovation platforms, 25,000 national-level high-tech companies, and 93 unicorn companies (startups valued at US$1 billion or more).

Beijing’s digital economy accounts for over half of GDP in 2019
http://english.scio.gov.cn/chinavoices/2020-10/16/content_76813525.htm

 

Related Links :

http://english.scio.gov.cn

Origin Agritech Highlights its GMO Corn Seed Production Capabilities

BEIJING, Oct. 16, 2020 /PRNewswire/ — Origin Agritech Ltd. (NASDAQ: SEED) (the “Company” or “Origin”), an agriculture technology company, today announced that the company has been receiving investors’ questions about the company’s ability to scale-up GMO corn seed production in order to meet the anticipated high demand pending China’s move to GMO positive. The company issued this press release to answer those questions by highlighting its production capabilities.

Origin has established a large-scale corn seed production area and built a state-of-art seed process and conditioning plant through Xinjiang OriginBo Seed Limited, Origin’s subsidiary for seed production. The plant has the potential capability to produce 30,000 Tons of GMO corn seed per year, which would cover a planting area of 20M Mu (1.33M HA).

“We have developed a portfolio of what we believe to be the highest quality GMO corn seed traits in China,” said Dr. Gengchen Han, Origin’s Chairman and Chief Executive Officer. “But in order to be in control of our own destiny and to be positioned to fully capitalize on this huge developing market opportunity we invested heavily to establish our own production capabilities. With our seed traits moving through the approval process, our massive production capacity and our large distribution network we are ideally positioned for success.” 

About Origin Agritech Limited

Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company’s website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/.

Forward-Looking Statements

This communication contains “forward-looking statements” as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and 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. Forward-looking statements address expected future business and financial performance and financial condition, and contain words like “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “will,” “would,” “target,” and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations which may not be realized. They are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause the company’s actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the company’s intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

Contact:

Joe Ramelli
Phone: (310) 845-6238
Email: joeramelli@originseed.com.cn

 

Related Links :

http://www.originseed.com.cn

Renrui HR Group Invests RMB20 Million into Xunteng Group

Establishing One-stop Recruitment Process Connecting Colleges and Workplace

Building an Exclusive Supply Chain of Talents for Flexible Staffing

HONG KONG, Oct. 16, 2020 /PRNewswire/ — Renrui Human Resources Technology Holdings Limited (“Renrui” or “the Company” and its subsidiaries (collectively, the “Group”), stock code: 6919.HK), is pleased to announce that on 15 October 2020, it has entered into a conditional investment agreement and an exclusive strategic cooperation agreement (the “Strategic Cooperation Agreement”) with Tianjin Binhai Xunteng Group Co., Ltd. (“Xunteng Group”). The Company agreed to invest a total of RMB20 million into Xunteng Group and will hold 15% of its shares upon completion. The investment amount from the Company shall be used for the operation of the principal businesses of Xunteng Group, including but not limited to the procurement of equipment, payment of salary and recruitment fees of students for the cooperation projects with the colleges which Xunteng Group cooperates (the “Colleges”) .

Pursuant to the Strategic Cooperation Agreement, the Group shall transfer suitable BPO projects to Xunteng Group, and Xunteng Group shall, under the guidance of the Group, construct facilities and procure equipment for the BPO service training centres to be set up in the Colleges for the operation of these BPO projects. Xunteng Group shall transfer not less than 20% of the total number of students of the Colleges every year to work in the BPO service training centres in the Colleges as interns, and recommend not less than 50% of the total number of graduates from the Colleges to participate in the recruitment events held by the Group’s clients of flexible staffing services and professional recruitment services. Xunteng Group shall also encourage the students of the Colleges to register as members on the Xiang Recruitment Platform, the Group’s proprietary recruitment software, for job seeking purpose. On the other hand, the Group will provide guidance to the Colleges to improve and upgrade the quality of the vocational courses. The term of the cooperation commences from the date of the Strategic Cooperation Agreement and up to 30 June 2024, subject to further extension to 30 June 2028 if so agreed by both parties.

Leveraging on the experience of the Group in the human resources industry and that of Xunteng Group in the education industry and their respective resources, the Group believes that this cooperation will provide a stable source of well-trained candidates to the clients of the Group’s flexible staffing and professional recruitment services in order to satisfy the recruitment demands from the Group’s clients.

Mr. Zhang Jianguo, Chairman and Chief Executive Officer of Renrui Human Resources Technology Holdings Limited, commented, “Currently, global employment patterns are undergoing profound changes. With rapid emergence of new economy sectors such as telecommunication and big data, the demands of flexible staffing have been increasing significantly in order to satisfy the new job positions for seasonal and continuous business development. To capture the enormous market opportunity, we have to establish a stable supply chain of talents. Through the collaboration with Xunteng Group, we can cultivate talents from the root of human resources (“HR”) supply chain, establishing an exclusive and low cost HR ecosystem. There is also a higher chance for graduates from the Colleges to secure their jobs, which can help enhance brand awareness among students of the Colleges, promote the Group’s recruitment platform and enhance the Group’s ability to provide career opportunities to job candidates. As of 31 August 2020, Xunteng Group operated 35 colleges with approximately 10,000 students, which focuses on internet and e-commerce disciplines.”

Mr. Ke Tingjun, Chief Investment Officer of Renrui Human Resource Technology Holdings Limited, added, “In the long run, low cost and sustainable HR ecosystem will further strengthen our flexible staffing business, which will in turn enhance the competitiveness of Renrui HR Group in the HR services industry and the entire recruitment market. Meanwhile, cooperation with education institutions such as Xunteng Group, has fully demonstrated the integration of HR industry and education sector, increasing the employability of graduates while establishing professional connection between the new economy industries and labor force. This will thus lay a foundation for the development of industry and society. Looking forward, the Group will actively look for quality partners and continue to expand the HR ecosystem, supporting the evolution and transformation of China’s economic development.”

About Renrui Human Resources Technology Holdings Limited

Renrui HR Group is a fast growing pioneer in HR solutions In China. The company services a large number of industry leaders in new economy and other sectors as their strategic partner. Renrui HR Group provides the largest-scale of Flexible Staffing services and other complementary HR services including Professional Recruitment, BPO services, Labor Dispatch and Corporate Training. The company has reinvented traditional human resources services with comprehensive digital and cutting-edge technology, to effectively solve large-scale talent recruitment and management problems in the market. Currently Renrui HR Group operates more than 31 branch offices across China and provides one-stop HR services to clients in over 150 cities, enabling a strong national linkage and cross-region talent transfer. By the end of 2018, the company has about 600 employees and 27800 contract employees.

About Tianjin Binhai Xunteng Group Co., Ltd.

Xunteng Group principally engaged in the cooperation with colleges in the PRC focusing on internet or electronic commerce education. With 15 years of business operation since 2004, it generally develops courses, recruits students for the Colleges, dispatches teachers to the Colleges to teach and sets up BPO service training centres in the Colleges to provide training opportunities to students.

Company website: http://www.renruihr.com/ 

For enquiries, please contact

DLK Advisory

Michelle Shi (michelleshi@dlkadvisory.com)
Rachel Chung (rachelchung@dlkadvisory.com)
Alvin Tam (alvintam@dlkadvisory.com)
Ivy Cheung (ivycheung@dlkadvisory.com)
Phone: +852 2857 7101
Fax: +852 2857 7103

 

Related Links :

http://www.renruihr.com/

MMTEC, Inc. Announces Half Year 2020 Unaudited Financial Results

BEIJING, Oct. 16, 2020 /PRNewswire/ — MMTEC, Inc. (NASDAQ: MTC) (“MMTEC”, “we”, “our” or the “Company”), a China based technology company that provides access to the U.S. financial markets, today announced its unaudited financial results for the six months ended June 30, 2020.

First Half 2020 Summary

  • Revenues increased by 85.35% from $177,543 to $329,070 following the October 18, 2019 consolidation of MMBD Trading Limited and MM Global Securities, Inc. into the Company. MM Global generated commission fees on customer securities transactions by providing brokerage service.
  • Cost of revenue decreased by 89.39% from $66,215 to $7,026 due to the 90.35% decline of revenues from the investor relationship advisory services.
  • Gross profit increased by 189.27% to $322,044 as compared to $111,328 for the same period in 2019, while the gross profit margin was 97.86%, as compared to 62.70% for the same period in 2019.
  • Loss from operations was $1,041,361 for the six months ended June 30, 2020, as compared to $1,308,583 for the same period of 2019. The decrease was primarily attributable to the increase in revenue and the decrease in payroll and related benefits in selling and marketing costs and general and administrative.
  • Net loss was $1,011,152 for the six months ended June 30, 2020, as compared to net loss of $1,326,941 for the same period of 2019.
  • Loss per share both on a basic and fully diluted basis were $0.05 for the six months ended June 30, 2020, as compared to loss per share on a basic and fully diluted basis of $0.07 for the six months ended June 30, 2019.

Xiangdong Wen, the Company’s Chief Executive Officer and Chairman, commented, “Our revenue increased to $329,070 for the first half of 2020 as a result of our increased sales force in the broker- dealer business. Loss from operations decreased significantly as a result of the revenue increase and decrease in the size and distribution of support team for investor relations management services business and market data services business.”

Mr. Wen continued, “As for the Company’s future strategy, in the face of the trade tension between China and the United States, the Company intend to increase its investment in the following two areas to address challenges of the changing market environment. 

First, the Company believes that Chinese investors will continue demand investments in U.S. securities and diversified asset allocations. To this end, the Company set up the asset management department to form a series of Manager of Managers (“MOM”)  funds, with the main goal of attracting small and medium-sized institutional investors and helping them set up the fund to issue securities fund products. The Company will also help those investors with marketing and promotion of subscriptions by ordinary investors, to help ordinary investors realize the allocation of overseas assets and obtain high-quality asset management services. In addition, the Company remains optimistic about the opening up of China’s securities markets, and plans to establish a new U.S. team to service small and medium-sized overseas investment institutions, especially Wall Street institutions, to invest in Chinese securities market, acting as a bridge for Sino-US securities investment transactions.”

Operating Results for Six Months Ended June 30, 2020

Revenues

We derive our revenues from (1) data services and related technical support (the “Market data services”); (2) investor relations management services business to help maintain the relationship between listed companies and the company’s equity, debt investors or potential investors(the “Investor relations management services”); and (3) commissions through customer securities transactions (“Commissions”).

The following tables illustrate the Company’s revenue by revenue type:

For the six months Ended
June 30,

2019

2020

US$

US$

Market data services

34,363

44,146

Investor relations management services

143,180

13,807

Commissions

271,117

Total revenues

177,543

329,070

Cost of Revenue

Cost of revenue consists primarily of internal labor cost and related benefits, and other overhead costs that are directly attributable to services provided.

Cost of revenues decreased by $59,189, or 89.39%, to $7,026 for the six months ended June 30, 2020 from $66,215 for the same period last year. The decrease in cost of revenues is directly linked to the 90.36% decline of investor relationship advisory services revenues. Commissions revenue disclosed net revenue without cost.

Gross Profit and Gross Margin

Gross profit was $322,044 for the six months ended June 30, 2020, representing gross margin of 97.86%.

Operating Expenses

During the six months ended June 30, 2020 and 2019, respectively, operating expenses included selling and marketing, payroll and related benefits, professional fees, and other general and administrative expenses.

Selling and Marketing Costs

All costs related to selling and marketing are expensed as incurred. Selling and marketing costs decreased by $80,772, or 51.30%, to $76,668 for the six months ended June 30, 2020 from $157,440 for the same period last year.

Payroll and Related Benefits

Payroll and related benefits totaled $479,261 for the six months ended June 30, 2020, as compared to $404,405 for the six months ended June 30, 2019, an increase of $74,856.

Professional Fees

For the six months ended June 30, 2020, professional fees primarily consisted of audit fees, legal service fees, financial consulting fees, industry consulting fee, and other fees associated with being a public company. Professional fees totaled $403,300 for the six months ended June 30, 2020, as compared to $472,638 for the six months ended June 30, 2019, a decrease of $69,338.

Other General and Administrative Expenses

For the six months ended June 30, 2020 and 2019, other general and administrative expenses were $404,176 and $385,428, respectively.

Loss from Operations

For six months ended June 30, 2020, loss from operations amounted to $1,041,361, as compared to loss from operations of $1,308,583 for the six months ended June 30, 2019, a decrease of $267,222, or 20.42%, which was mainly attributable to the increase revenue and the decrease selling and marketing costs and professional fees. In order to respond to the impact of COVID-19, the Company reduced the market data service and investor relations management services business lines, and decreased the size and distribution of its support team, especially the sales personnel. As COVID-19 delayed the launch of business initiatives, professional fees decreased as compared with the same period of last year. In turn, the expansion of the Company’s overall business scale has led to increases in payroll and related benefits and other general and administrative expenses.

Other Income (Expense)

Other income (expense) includes interest income from bank deposits, other income, other miscellaneous expense, loss on equity method investment, and foreign currency transaction gain. Other income totaled $30,209 for six months ended June 30, 2019, as compared to other expense of $18,358 for six months ended June 30, 2019, a change of $48,567, which was mainly attributable to the increase in interest income and other income.

Income Taxes

We did not have any income taxes expense for the six months ended June 30, 2020 and 2019 since we did not generate any taxable income in these two periods.

Net Loss

As a result of the factors described above, our net loss was $1,011,152, or $0.05 per share (basic and diluted), for the six months ended June 30, 2020. Our net loss was $1,326,941, or $0.07 per share (basic and diluted), for the six months ended June 30, 2019.

Foreign Currency Translation Adjustment

Our reporting currency is the U.S. dollar. The functional currency of our parent company, MMTEC INC., MM Future Technology Limited, MM Fund SPC, MM Global Capital Limited, MMBD Trading Limited, MMBD Investment Advisory Company Limited and MM Global Securities, INC, are the U.S. dollar, and the functional currency of Gujia (Beijing) Technology Co., Ltd., is the Chinese Renminbi (“RMB”). The financial statements of our subsidiaries whose functional currency is the RMB are translated to U.S. dollars using period end rates of exchange for assets and liabilities, average rate of exchange for revenue and expenses and cash flows, and at historical exchange rates for equity. Net gains and losses resulting from foreign exchange transactions are included in the results of operations. As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation loss of $23,138 and a foreign currency translation loss of $20,588 for the six months ended June 30, 2020 and 2019, respectively. This non-cash loss had the effect of increasing our reported comprehensive loss.

Comprehensive Loss

As a result of our foreign currency translation adjustment, we had comprehensive loss of $1,034,290 and $1,347,529 for the six months ended June 30, 2020 and 2019, respectively.

Financial Conditions

As of June 30, 2020, the Company had cash of $1,829,837, compared to $3,642,521 at December 31, 2019. Total working capital was $1,797,362 as of June 30, 2020, compared to working capital $3,542,211 as of December 31, 2019.

Net cash used in operating activities for the six months ended June 30, 2020 was $1,101,161, compared to $1,676,458 for the same period last year. Net cash used in investing activities was $742,236 for the six months ended June 30, 2020, compared to $148,890 for the same period last year. Net cash provided by financing activities was $41,250 for the six months ended June 30, 2020, compared to $6,682,673 for the same period of last year.

As an entity that operates in the financial industry in China and the United States, the Company finds itself subject to the challenges posed by the ongoing tension in the trade relations between the countries.

Shares Authorized and Issued

The Company is authorized to issue 500,000,000 shares with a par value of $0.001 per share.

There were 56,070,000 shares issued and 20,070,000 shares outstanding as of June 30, 2020 and December 31, 2019.

Recent Developments

Pursuant to the investment agreement dated July 21, 2020, the company paid 750,000 shares to Tony Wayne Network Technology Co., Limited as compensation of a Hong Kong and China based consulting program. There were treasury stock of 36,000,000 shares at June 30, 2020 and December 31, 2019. The company cancelled the 36,000,000 treasury stock at August 20, 2020. After the treasury stock was cancelled, there were 20,820,000 shares issued and outstanding as of October 15, 2020.

Notice

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

About MMTEC, Inc.

Headquartered in Beijing, China, our Company develops and deploys a series of platforms, such as the ETN Counter Business System, the PTN Private Fund Investment Management System, which comprise a business chain that enables Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms to engage in securities market transactions and settlements globally. In 2020, the company used internally designed and built system with the US brokerage license and the Cayman fund management qualification to form a series of MOM funds, with the main goal of discovering small and medium-sized institutional investors and helping them set up the fund to issue securities fund products.

More information about the Company can be found at: www.51mm.com

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding its continued growth, business outlook, and other similar statements are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

 

 

 

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL DATA

MMTEC, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

(IN U.S. DOLLARS) 

As of

June 30,
2020

December 31,
2019

(UNAUDITED)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,829,837

$

3,642,521

Accounts receivable, net

15,011

16,029

Other receivable

78,624

Loan to employee

169,503

172,013

Security deposits – current

10,875

46,512

Prepaid expenses and other current assets

376,701

392,011

Total Current Assets

2,401,927

4,347,710

NON-CURRENT ASSETS:

Security deposit – noncurrent

604,047

605,588

Property and equipment, net

130,385

132,016

Operating lease right-of-use asset

767,159

979,885

Long-term investment

928,199

143,346

Total Non-current Assets

2,429,790

1,860,835

Total Assets

$

4,831,717

$

6,208,545

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Deferred revenue

$

18,137

$

63,246

Salary payable

160,162

174,741

Accrued liabilities and other payables

39,200

222,152

Due to related parties

8,000

6,030

Operating lease liabilities – current

379,066

339,330

Total Current Liabilities

604,565

805,499

NON-CURRENT LIABILITIES:

Operating lease liabilities – noncurrent

465,530

648,334

Loan payable

41,250

Total Non-current Liabilities

506,780

648,334

Total Liabilities

1,111,345

1,453,833

SHAREHOLDERS’ EQUITY:

Common shares ($0.001 par value; 500,000,000 shares authorized; 56,070,000
shares issued and 20,070,000 shares outstanding at June 30,2020 and
December 31, 2019)

56,070

56,070

Additional paid-in capital

11,229,289

11,229,339

Less: treasury stock, at cost;

(36,000,000 shares at June 30, 2020 and December 31, 2019)

(36,000)

(36,000)

Accumulated deficit

(7,386,455)

(6,375,303)

Accumulated other comprehensive loss

(142,532)

(119,394)

Total Shareholders’ Equity

3,720,372

4,754,712

Total Liabilities and Shareholders’ Equity

$

4,831,717

$

6,208,545

 

 

 

MMTEC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(IN U.S. DOLLARS)

(UNAUDITED)

For the Six
Months
Ended

For the Six
Months
Ended

June 30,
2020

June 30,
2019

REVENUE

$

329,070

$

177,543

COST OF REVENUE

7,026

66,215

GROSS PROFIT

322,044

111,328

OPERATING EXPENSES:

Selling and marketing

76,668

157,440

General and administrative

Payroll and related benefits

479,261

404,405

Professional fees

403,300

472,638

Other general and administrative

404,176

385,428

Total Operating Expenses

1,363,405

1,419,911

LOSS FROM OPERATIONS

(1,041,361)

(1,308,583)

OTHER INCOME (EXPENSE):

Interest income

27,571

1,768

Other income

25,204

Other expenses

(721)

(114)

Foreign currency transaction gain (loss)

(3,525)

3,764

Loss on equity method investment

(18,320)

(23,776)

Total Other Income (Expense)

30,209

(18,358)

LOSS BEFORE INCOME TAXES

(1,011,152)

(1,326,941)

INCOME TAXES

NET LOSS

$

(1,011,152)

$

(1,326,941)

COMPREHENSIVE LOSS:

NET LOSS

(1,011,152)

(1,326,941)

OTHER COMPREHENSIVE LOSS

 Foreign currency translation adjustments

(23,138)

(20,588)

COMPREHENSIVE LOSS

$

(1,034,290)

$

(1,347,529)

NET LOSS PER COMMON SHARE

Basic and diluted

$

(0.05)

$

(0.07)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic and diluted

20,070,000

19,955,635

 

 

 

MMTEC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)

(UNAUDITED)

For the Six
Months
Ended

For the Six
Months
Ended

June 30,
2020

June 30,
2019

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(1,011,152)

$

(1,326,941)

Adjustments to reconcile net loss from operations to net cash used in operating
activities:

Depreciation expense

10,338

10,315

Loss on equity method investment

18,320

23,776

Noncash lease expense

145,246

150,011

Loss on acquisition

721

Changes in operating assets and liabilities:

Operating lease liability

(75,003)

(157,631)

Accounts Receivable

1,018

Security deposit

35,194

(1,107)

Prepaid expenses and other current assets

14,733

(104,903)

Deferred revenue

(44,485)

(34,363)

Salary payable

(12,456)

(73,471)

Accrued liabilities and other payables

(183,636)

(162,144)

NET CASH USED IN OPERATING ACTIVITIES

(1,101,162)

(1,676,458)

CASH FLOWS FROM INVESTING ACTIVITIES:

Collection of loan to third party

78,002

Cash proceeds from acquisition

279

Purchase of property and equipment

(10,636)

(16,885)

Loan to employee

(44,243)

Payment in equity method investment

(809,881)

(87,762)

NET CASH USED IN INVESTING ACTIVITIES

(742,236)

(148,890)

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash proceeds from long-term loan

41,250

Proceeds from issuance of stocks

6,851,401

Repayments to related parties

(168,728)

NET CASH PROVIDED BY FINANCING ACTIVITIES

41,250

6,682,673

EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS

(10,536)

(16,355)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(1,812,684)

4,840,970

CASH AND CASH EQUIVALENTS – beginning of period

3,642,521

93,625

CASH AND CASH EQUIVALENTS – end of period

$

1,829,837

$

4,934,595

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for:

Interest

$

$

Income taxes

$

$

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Remeasurement of the lease liabilities and right-of-use assets due to lease
modification

$

29,904

$

Proceeds from issuance of stocks deposited in escrow

$

$

500,000

Consideration of acquisition payable to related party

$

1,000

$

 

 

Related Links :

http://www.51mm.com