Fintech PR
JCET Revenues of Q3 2024 and Q3 YTD 2024 Hit New Record High, Q3 Net Profit after Deducting Non-Recurring Items Increased by 19.5% Year-on-Year
Q3 2024 Financial Highlights:
- Revenue was RMB 9.49 billion, an increase of 14.9% year-on-year and 9.8% quarter-on-quarter, a record quarter in the company’s history.
- Net profit attributable to owners of the parent was RMB 0.46 billion. Net profit attributable to owners of the parent after deducting non-recurring gains and losses was RMB 0.44 billion, an increase of 19.5% year-on-year.
Q3 YTD 2024 Financial Highlights:
- Revenue was RMB 24.98 billion, an increase of 22.3% year-on-year, a record high in the company’s history.
- Net profit attributable to owners of the parent was RMB 1.08 billion, an increase of 10.6% year-on-year.
- Earnings per share was RMB 0.60, as compared to RMB 0.54 in Q3 YTD 2023.
SHANGHAI, Oct. 25, 2024 /PRNewswire/ — Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, announced its financial results for the third quarter of 2024. The financial report shows that in the third quarter of 2024, JCET achieved revenue of RMB 9.49 billion, an increase of 14.9% year-on-year, a record quarter in the company’s history, and net profit attributable to owners of the parent of RMB 0.46 billion. Net profit attributable to owners of the parent after deducting non-recurring gains and losses was RMB 0.44 billion in Q3 2024, an increase of 19.5% year-on-year. In Q3 YTD 2024, JCET achieved revenue of RMB 24.98 billion, an increase of 22.3% year-on-year, a record high in the company’s history, and net profit attributable to owners of the parent of RMB 1.08 billion, an increase of 10.6% year-on-year.
The operations of JCET factories have rebounded since 2024, and the company’s capacity utilization rate is continuously increasing. In the first three quarters of this year, all business sector recovery has stabilized, and the company’s earlier strategic layout began to contribute incremental growth. In the first three quarters, the revenues of the four major applications, including communications, consumer, computing, and automotive electronics all achieved double-digit year-on-year growth, with communication electronics achieving a significant growth of nearly 40% year-on-year. The company strengthened inventory control and supply chain management to ensure efficient circulation of capital, generating RMB 3.93 billion cash from operations in Q3 YTD 2024, a year-on-year increase of 29.7%.
JCET’s acquisition of 80% equity of SanDisk (Shanghai), a global leading factory for memory chip packaging, has completed. This will further enhance the company’s intelligent manufacturing and expand its market share in the memory and computing electronics. JCET microelectronics microsystem integration high-end manufacturing base has been put into use, providing one-stop IC back-end manufacturing services and addressing global customers’ demand for high-performance chips.
Mr. Li Zheng, CEO of JCET, said, “JCET has actively promoted innovation in advanced packaging technology and capacity layout in recent years. Since the beginning of this year, the company business has continued to rebound, and its revenue in the first three quarters hits a new high in the company’s history. JCET will continue to focus on advanced technology and high value-added markets to support sustainable development.”
For more information, please refer to the JCET Q3 2024 Report.
CONSOLIDATED BALANCE SHEET (Unaudited) |
RMB in millions |
||||||||
Sep 30, 2024 |
Dec 31, 2023 |
||||||||
ASSETS |
|||||||||
Current assets |
|||||||||
Currency funds |
9,257 |
7,325 |
|||||||
Trading financial assets |
2,003 |
2,306 |
|||||||
Derivative financial assets |
3 |
4 |
|||||||
Accounts receivable |
5,916 |
4,185 |
|||||||
Receivables financing |
35 |
38 |
|||||||
Prepayments |
133 |
104 |
|||||||
Other receivables |
117 |
87 |
|||||||
Inventories |
4,740 |
3,195 |
|||||||
Other current assets |
514 |
375 |
|||||||
Total current assets |
22,718 |
17,619 |
|||||||
Non-current assets |
|||||||||
Long-term receivables |
33 |
33 |
|||||||
Long-term equity investments |
826 |
695 |
|||||||
Other equity investments |
434 |
447 |
|||||||
Investment properties |
83 |
86 |
|||||||
Fixed assets |
21,431 |
18,744 |
|||||||
Construction in progress |
2,728 |
1,053 |
|||||||
Right-of-use assets |
515 |
563 |
|||||||
Intangible assets |
745 |
662 |
|||||||
Goodwill |
3,546 |
2,248 |
|||||||
Long-term prepaid expenses |
10 |
17 |
|||||||
Deferred tax assets |
493 |
364 |
|||||||
Other non-current assets |
57 |
48 |
|||||||
Total non-current assets |
30,901 |
24,960 |
|||||||
Total assets |
53,619 |
42,579 |
|||||||
LIABILITIES AND EQUITY |
Sep 30, 2024 |
Dec 31, 2023 |
|||||||
Current liabilities |
|||||||||
Short-term borrowings |
1,187 |
1,696 |
|||||||
Notes payable |
338 |
223 |
|||||||
Accounts payable |
8,143 |
4,782 |
|||||||
Contract liabilities |
316 |
185 |
|||||||
Employee benefits payable |
751 |
781 |
|||||||
Taxes and surcharges payable |
275 |
167 |
|||||||
Other payables |
385 |
354 |
|||||||
Current portion of long-term liabilities |
4,215 |
1,491 |
|||||||
Other current liabilities |
1 |
3 |
|||||||
Total current liabilities |
15,611 |
9,682 |
|||||||
Non-current liabilities |
|||||||||
Long-term borrowings |
7,331 |
5,777 |
|||||||
Lease liabilities |
504 |
530 |
|||||||
Long-term payables |
833 |
0 |
|||||||
Long-term employee benefits payable |
15 |
14 |
|||||||
Deferred income |
424 |
384 |
|||||||
Deferred tax liabilities |
393 |
0 |
|||||||
Other non-current liabilities |
28 |
41 |
|||||||
Total non-current liabilities |
9,528 |
6,746 |
|||||||
Total liabilities |
25,139 |
16,428 |
|||||||
Equity |
|||||||||
Paid-in capital |
1,789 |
1,789 |
|||||||
Capital reserves |
15,230 |
15,237 |
|||||||
Accumulated other comprehensive income |
410 |
543 |
|||||||
Specialized reserves |
1 |
0 |
|||||||
Surplus reserves |
257 |
257 |
|||||||
Unappropriated profit |
9,137 |
8,239 |
|||||||
Total equity attributable to owners of the parent |
26,824 |
26,065 |
|||||||
Minority shareholders |
1,656 |
86 |
|||||||
Total equity |
28,480 |
26,151 |
|||||||
Total liabilities and equity |
53,619 |
42,579 |
|||||||
CONSOLIDATED INCOME STATEMENT (Unaudited) |
RMB in millions, except share data |
||||||||
Three months ended |
Nine months ended |
||||||||
Sep 30, 2024 |
Sep 30, 2023 |
Sep 30, 2024 |
Sep 30, 2023 |
||||||
Revenue |
9,491 |
8,257 |
24,978 |
20,430 |
|||||
Less: Cost of sales |
8,331 |
7,071 |
21,748 |
17,596 |
|||||
Taxes and surcharges |
21 |
36 |
56 |
82 |
|||||
Selling expenses |
69 |
55 |
187 |
155 |
|||||
Administrative expenses |
100 |
190 |
533 |
536 |
|||||
Research and development expenses |
413 |
413 |
1,232 |
1,082 |
|||||
Finance expenses |
119 |
26 |
108 |
77 |
|||||
Including: Interest expenses |
105 |
84 |
297 |
215 |
|||||
Interest income |
69 |
35 |
210 |
70 |
|||||
Add: Other income |
39 |
103 |
125 |
176 |
|||||
Investment income / (loss) |
0 |
(12) |
(14) |
(34) |
|||||
Including: Income / (loss) from investments in associates and joint ventures |
(14) |
(12) |
(43) |
(34) |
|||||
Gain / (loss) on changes in fair value of financial assets/liabilities |
3 |
17 |
(2) |
62 |
|||||
Credit impairment (loss is expressed by “-“) |
6 |
(2) |
(1) |
(3) |
|||||
Asset impairment (loss is expressed by “-“) |
(13) |
(26) |
(51) |
(26) |
|||||
Gain / (loss) on disposal of assets |
(2) |
5 |
3 |
21 |
|||||
Operating profit / (loss) |
471 |
551 |
1,174 |
1,098 |
|||||
Add: Non-operating income |
0 |
0 |
1 |
3 |
|||||
Less: Non-operating expenses |
1 |
1 |
3 |
5 |
|||||
Profit / (loss) before income taxes |
470 |
550 |
1,172 |
1,096 |
|||||
Less: Income tax expenses |
16 |
72 |
101 |
122 |
|||||
Net profit / (loss) |
454 |
478 |
1,071 |
974 |
|||||
Classified by continuity of operations |
|||||||||
Profit / (loss) from continuing operations |
454 |
478 |
1,071 |
974 |
|||||
Classified by ownership |
|||||||||
Net profit / (loss) attributable to owners of the parent |
457 |
478 |
1,076 |
974 |
|||||
Net profit / (loss) attributable to minority shareholders |
(3) |
0 |
(5) |
0 |
|||||
Add: Unappropriated profit at beginning of period |
8,680 |
7,293 |
8,239 |
7,154 |
|||||
Less: Cash dividends declared |
0 |
0 |
178 |
357 |
|||||
Unappropriated profit at end of period (attributable to owners of the parent) |
9,137 |
7,771 |
9,137 |
7,771 |
|||||
Other comprehensive income, net of tax |
(181) |
(70) |
(133) |
280 |
|||||
Comprehensive income attributable to owners of the parent |
(181) |
(70) |
(133) |
280 |
|||||
Comprehensive income not be reclassified to profit or loss |
0 |
(7) |
(13) |
10 |
|||||
Remeasurement gains or losses of a defined benefit plan |
0 |
0 |
0 |
1 |
|||||
Change in the fair value of other equity investments |
0 |
(7) |
(13) |
9 |
|||||
Comprehensive income to be reclassified to profit or loss |
(181) |
(63) |
(120) |
270 |
|||||
Exchange differences of foreign currency financial statements |
(181) |
(63) |
(120) |
270 |
|||||
Total comprehensive income |
273 |
867 |
938 |
1,254 |
|||||
Including: |
|||||||||
Total comprehensive income attributable to owners of the parent |
276 |
408 |
943 |
1,254 |
|||||
Total comprehensive income attributable to minority shareholders |
(3) |
0 |
(5) |
0 |
|||||
Earnings per share |
|||||||||
Basic earnings per share |
0.25 |
0.26 |
0.60 |
0.54 |
|||||
Diluted earnings per share |
0.25 |
0.26 |
0.60 |
0.54 |
|||||
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) |
RMB in millions |
||||||||
Three months ended |
Nine months ended |
||||||||
Sep 30, 2024 |
Sep 30, 2023 |
Sep 30, 2024 |
Sep 30, 2023 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||
Cash receipts from the sale of goods and the rendering of services |
9,011 |
7,574 |
25,601 |
20,737 |
|||||
Receipts of taxes and surcharges refunds |
139 |
52 |
337 |
267 |
|||||
Other cash receipts relating to operating activities |
92 |
126 |
375 |
289 |
|||||
Total cash inflows from operating activities |
9,242 |
7,752 |
26,313 |
21,293 |
|||||
Cash payments for goods and services |
6,742 |
5,840 |
17,996 |
14,293 |
|||||
Cash payments to and on behalf of employees |
1,198 |
899 |
3,446 |
2,972 |
|||||
Payments of all types of taxes and surcharges |
284 |
180 |
573 |
646 |
|||||
Other cash payments relating to operating activities |
111 |
221 |
364 |
349 |
|||||
Total cash outflows from operating activities |
8,335 |
7,140 |
22,379 |
18,260 |
|||||
Net cash flows from operating activities |
907 |
612 |
3,934 |
3,033 |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||
Cash receipts from returns of investments |
3,600 |
3,601 |
12,650 |
11,881 |
|||||
Cash receipts from investment income |
15 |
15 |
30 |
68 |
|||||
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets |
1 |
99 |
6 |
131 |
|||||
Total cash inflows from investing activities |
3,616 |
3,715 |
12,686 |
12,080 |
|||||
Cash payments to acquire fixed assets, intangible assets and other long-term assets |
1,219 |
845 |
3,089 |
2,434 |
|||||
Cash payments for investments |
4,000 |
5,181 |
12,350 |
11,161 |
|||||
Net cash payments for acquisition of subsidiaries and other business units |
1,520 |
0 |
1,520 |
0 |
|||||
Total cash outflows from investing activities |
6,739 |
6,026 |
16,959 |
13,595 |
|||||
Net cash flows from investing activities |
(3,123) |
(2,311) |
(4,273) |
(1,515) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||
Cash proceeds from investments by others |
0 |
32 |
776 |
262 |
|||||
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries |
0 |
0 |
765 |
86 |
|||||
Cash receipts from borrowings |
2,050 |
4,823 |
5,057 |
6,487 |
|||||
Total cash inflows from financing activities |
2,050 |
4,855 |
5,833 |
6,749 |
|||||
Cash repayments for debts |
1,048 |
3,723 |
3,011 |
5,464 |
|||||
Cash payments for distribution of dividends or profit and interest expenses |
83 |
78 |
435 |
545 |
|||||
Other cash payments relating to financing activities |
21 |
22 |
74 |
69 |
|||||
Total cash outflows from financing activities |
1,152 |
3,823 |
3,520 |
6,078 |
|||||
Net cash flows from financing activities |
898 |
1,032 |
2,313 |
671 |
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(46) |
(7) |
(42) |
30 |
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
(1,364) |
(674) |
1,932 |
2,219 |
|||||
Add: Cash and cash equivalents at beginning of period |
10,621 |
5,346 |
7,325 |
2,453 |
|||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
9,257 |
4,672 |
9,257 |
4,672 |
About JCET Group
JCET Group is the world’s leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive, and industrial, through advanced wafer-level packaging, 2.5D/3D, System-in-Package, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, eight manufacturing locations in China, Korea, and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to our global customers.
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Fintech PR
China’s AIMA brand electric motorbike is now in Bangladesh
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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Fintech PR
China Telecom Gulf Officially Launches in Saudi Arabia for Business
HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.
In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.
Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.
China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.
During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.
The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.
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Fintech PR
Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
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The CfC St. Moritz Announces New Speakers from BlackRock, Binance, Bpifrance, Temasek, PayPal, and More for Upcoming 2025 Conference