Fintech PR
UP Fintech Reports a Net Profit for the First Time
Despite being faced with a challenging start in 2020 due to the outbreak of the COVID-19 pandemic and the accompanying global economic volatility, UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR), a leading online brokerage firm focusing on global Chinese investors, recently posted impressive first-quarter financial results.
In the first quarter of 2020, UP Fintech’s total securities trading volume was $44.1 billion, up 58.3% year-over-year. The number of clients who opened an account increased by approximately 94,000 from the previous quarter and the number of accounts with deposits increased by approximately 20,900. The quarterly growth rate in funded accounts was about 2.5 times that of the same quarter last year and marked a record high for a single quarter. The company also reported total client account balance of $5.5 billion as of March 31, 2020, a 79.9% increase from a year ago.
Increased trading activities from more client accounts contributed to an increase in UP Fintech’s revenues. UP Fintech’s total revenues increased by 136.7% year-over-year to $23.2 million for the first quarter of 2020. Commissions increased by 124.6% year-over-year to $14.3 million. Interest and other related income (financing service fees) jumped by 128.9% to $6.41 million from a year ago. Other revenues, driven by a growing institutional businesses, increased by 291.3% to $2.51 million from the first quarter of 2019.
Due to the solid results from multiple business segments, UP Fintech reached profitability for the first time since its launch in 2015, with a net income attributable to UP Fintech of $3.03 million for the quarter, representing a milestone for the company.
Mr. Wu Tianhua, CEO of UP Fintech commented, “During the unprecedented market conditions caused by the pandemic, we managed to grow our user base and remain agile in our business operations; there is still strong demand in the market for our services. By constantly adding new features and investment products to our proprietary trading platform, we continue to improve our user experience and enhance user stickiness. We are also expanding our institutional business, particularly investment banking, equity underwriting, and ESOP services, all of which helped us grow our revenue streams substantially.”
UP Fintech’s growing capability to serve corporate clients is well-recognized. In 2019, UP Fintech’s subsidiaries served as an underwriter in 12 Chinese ADR IPOs in the U.S. In the first quarter of 2020, only six Chinese companies listed on U.S. exchanges and four of them had UP Fintech’s subsidiaries act as the underwriter for their offerings, including Phoenix Tree Holdings Ltd (DNK), Lizhi Inc (LIZI), Huize Holding Ltd (HUIZ), and Zhongchao Inc (ZCMD). It should also be noted that UP Fintech led U.S. IPO underwriting of Chinese companies by deal count among brokerages in the first quarter of 2020. Between the end of 2017 and the first quarter of 2020, UP Fintech helped 44 China-based companies go public in the U.S.
“The lockdowns enforced in many cities in the wake of the coronavirus dealt a blow to traditional in-person IPO roadshows. UP Fintech overcame this challenge by moving face-to-face meetings online. Our ability to organize virtual roadshows for prospective issuers demonstrates our flexibility and the strong relationships that we built with more than 500 institutional investors across North America and Asia-Pacific,” said Mr. Wu.
According to Mr. Wu, the company further strengthened its market position in ESOP management services after a year of heavy investment in system architecture. UP Fintech now counts over 50 client firms across more than 10 industries, including Xiaomi Corp (1810) and Viomi Technology Co. (VIOT). The ESOP management system has been updated over 11 times and has over 109 specific features to address clients’ diversified needs.
In addition, UP Fintech also saw a surge in client engagement with its wealth management business. Due to market volatility in the first quarter of 2020, some investors moved their money into relatively lower volatility investments; many of them chose “Cash Plus,” an innovative cash management feature that the company launched in late 2019. In the first quarter “Cash Plus” reported an increase in assets under management of 170% and a 1000% increase in client numbers.
Besides “Cash Plus”, UP Fintech recently launched its “Fund Mall”, a brand new wealth management feature that provides a one-stop-shop for investing in global mutual funds. The Fund Mall includes over 50 well-known mutual funds managed by top-tier global asset managers with deep investment expertise and rigorous risk management capabilities.
Mr. Wu noted that the number of mutual funds in the Fund Mall will reach 100 in the second quarter of fiscal 2020. UP Fintech will also launch a proprietary “fund rating system” to enable clients to screen funds based on custom criteria such as return and fund size. Mr. Wu said that the company would make more specialized features available in the future to further increase clients’ ability to analyze prospective investment opportunities.
UP Fintech’s efforts to accelerate its international expansion continue in 2020. Its wholly owned Singapore subsidiary, Tiger Brokers (Singapore) Pte Ltd, received a Capital Markets Services License from the Monetary Authority of Singapore (MAS) in 2019 and has already commenced providing securities trading services to Singapore nationals. In addition, the company has offices in the U.S. and New Zealand and it expects to offer services to a wider spectrum of investors located in other countries and regions as it continues to scale internationally.
“Our proprietary technology is the backbone for our growth and enables us to provide efficient and first-rate services in a cost-effective manner. In the near future, by leveraging the best available technology, we aim to continuously deliver new solutions to offer our users a personalized investing experience and grow our company for many years to come,” Mr. Wu said.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of 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” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
SOURCE UP Fintech Holding Limited
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
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View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
Fintech PR
GCL Energy Technology and Ant Digital Technologies Launch First Blockchain-Based RWA Project in Photovoltaic Industry
SUZHOU, China, Dec. 23, 2024 /PRNewswire/ — GCL Energy Technology Co., Ltd., a leader in the clean energy sector, and Ant Digital Technologies, a pioneer in digital technology services and blockchain technology, have achieved a significant milestone by successfully completing the first-ever Real World Asset Tokenization (RWA) issuance in China’s photovoltaic industry, securing 200 million yuan in cross-border financing. The groundbreaking initiative on December 23 not only injects substantial new capital into GCL Energy Technology’s ambitious growth plans but also establishes a novel financing model for Chinese photovoltaic companies seeking to fund green projects internationally.
RWA represents a transformative approach to asset management, where physical assets are digitized as tokens on the blockchain, enhancing liquidity and market accessibility. For this inaugural issuance, GCL Energy Technology has tokenized two strategically significant solar power plants in Hunan and Hubei, with a combined capacity of approximately 82MW, to spearhead this new financing frontier.
As the core entity of China’s largest private power conglomerate, GCL (Group) Holdings Co., Ltd., GCL Energy Technology is at the forefront of integrating clean energy production with comprehensive energy services and advanced digital operations. The company has significantly expanded its renewable energy footprint, with its total installed capacity reaching 5976.36 megawatts as of September 30, 2024, and renewable sources constituting 57.81% of this capacity. Notably, under the GCL SUN brand, residential photovoltaic installations have surged to 1105.89 megawatts across more than 36,500 households, demonstrating robust growth.
This RWA initiative is a cornerstone in GCL Energy Technology’s strategy to harness data for asset valorization, involving around 3000 residential photovoltaic systems. By integrating cutting-edge artificial intelligence, blockchain, and IoT technologies, the project packages and stores operational and revenue data on the blockchain. This dual-chain and one-bridge architecture has garnered strong backing from prominent global investors, reinforcing RWA’s role as a pivotal green finance tool that underscores the company’s commitment to sustainable development and transparency.
The move not only bolsters GCL Energy Technology’s global ESG credentials but also strengthens its position in the international market, aligning investor interests with the burgeoning demand for environmentally responsible, low-carbon investments. Looking ahead, GCL Energy Technology remains dedicated to leading the charge in renewable energy, with a strategic focus on leveraging data to drive innovation across the sector and foster a transparent, effective ESG ecosystem.
During the issuance event, Ant Digital Technologies emphasized that industries are increasingly adopting renewable energy and sustainable assets to drive sustainable growth, and its partnership with GCL Energy Technology aims to better support this trend. Leveraging blockchain and smart contract technologies, the collaboration has dramatically improved the transparency and efficiency of asset management, operations, and transactions, while also reducing costs associated with these activities. The strategic alliance is a response to the growing market demand in the photovoltaic sector, bringing substantial practical benefits to the real economy and demonstrating the scalability of these advanced technologies.
At the same event, strategic ties were further cemented with a comprehensive partnership agreement signed with Ant Digital Technologies in Suzhou. The partnership will broaden to include joint construction, acquisition, and securitization of new energy assets, covering distributed, commercial, industrial, and residential photovoltaic power stations.
In addition, both parties will collaborate to develop AI large model applications for various scenarios including new energy generation forecasting, energy management optimization, and intelligent operations, driving the industry’s move towards enhanced intelligence and sustainability.
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View original content:https://www.prnewswire.co.uk/news-releases/gcl-energy-technology-and-ant-digital-technologies-launch-first-blockchain-based-rwa-project-in-photovoltaic-industry-302338353.html
Fintech PR
FXCess CFD Broker Now Empowers Partners with up to $5,000 Monthly Earning Opportunity via Referrals
HAMILTON, Bermuda, Dec. 23, 2024 /PRNewswire/ — FXCess CFD broker, a leading brand in the trading landscape, has introduced a new opportunity for its partners. The IB Reward program is a recently launched initiative that pays participants up to $5,000 per month for referring active traders. Unlike other income opportunities, this program involves zero risk, which makes it a perfect option for partners who want to maximize their financial potential.
“We are genuinely excited to bring this opportunity to our partners. The IB Reward Program is designed with simplicity and high returns in mind,” stated Thomas Pavlatos, the spokesperson for FXCess. “Participants will be able to earn substantial monthly rewards by referring new traders to our platform while enjoying the thrill of a risk-free earning process. This showcases our efforts to help our clients achieve consistent financial success.”
A Structure That Rewards Effort and Success
The FXCess CFD broker offers a Reward Program that is structured into five unique tiers. Starting at the Bronze level, partners can earn $450 if their network meets a net deposit of $10,000 and 100 traded lots in a month. Rewards grow progressively on Silver, Gold, and Platinum tiers, and reach the Master level with a maximum of $5,000 earnings for $150,000 net deposits and 1,250 traded lots. The eligibility is checked at the end of every qualifying month to make sure the participants get their due rewards for fluffing the criteria.
“Our Reward Program is more than a simple referral initiative. It is a reflection of our commitment to providing high-value benefits that align with the needs of our partners,” Pavlatos added. “With no risk of loss and the potential to earn up to $5,000 every month, this program sets a new standard in rewards. Moving forward, we remain dedicated to introducing further innovative programs for all of our valued partners.”
About FXCess
FXCess CFD broker is a trusted name for traders worldwide. The company offers over 300 trading instruments, from forex pairs to futures, for both beginners and seasoned professionals. Moreover, they provide competitive trade conditions, multiple account options, and solid customer support so that every client is served with the best services. Supported by advanced platforms like MT4 and PMAM, FXCess CFD broker delivers trading excellence with a focus on transparency and trust.
FXCess is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
All trading involves risk. It is possible to lose all your capital.
View original content:https://www.prnewswire.co.uk/news-releases/fxcess-cfd-broker-now-empowers-partners-with-up-to-5-000-monthly-earning-opportunity-via-referrals-302338245.html
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