CLPS Incorporation (Nasdaq: CLPS) (“CLPS” or “the Company”), a leading information technology consulting and solutions service provider focusing on the banking, insurance, and financial sectors in China and globally, today provided an update on its most recent cloud computing research and development efforts.
CLPS has recently upgraded its credit card system product and is currently on its final phase of testing. Through the joint effort of CLPS’s Research Institute and Credit Card Service teams, the essential parts of the system will be migrated to the cloud platform.
Advancements in cloud computing and the application of financial cloud technology have enabled banks to improve their business efficiency, reduce IT costs, innovate their business models, and optimize the customer experience. Cloud computing will be widely utilized within the banking platform moving forward and the migration of banking systems to the cloud platform has become an exciting area of growth within the overall fintech industry.
CLPS’s credit card system product provides a set of end-to-end solutions for banks and online financial institutions. It covers all credit card business processes and functions including application, authorization, account processing, embossing, settlement, risk control, collection, customer service, among other functions and applications. It also enjoys the advantage of fast deployment and easy customization.
CLPS’s cloud-based upgrade utilizes a combination of the legacy host system and open source platforms currently used in an integrated architecture of large-scale banking systems. Functions such as the point management system will be migrated to the cloud platform, and enable real-time processing and international operational support.
After the upgrade, CLPS’s new product platform will leverage the advantages of cloud computing. Combined with the micro-service application, it paves the way to achieve dynamic horizontal and vertical expansions, resulting in improved performance, reliability, utilization of resources, and significantly reduced infrastructure costs. It also improves the display interface, gated launch and other features that enhance the user experience. In addition, the new product platform adopts the Open-API, or Application Program Interface, concept to provide ample APIs to facilitate the connection between channels, merchants and enterprises. The upgrade also includes an integrated monitoring platform that covers comprehensive monitoring and an early warning signal of basic settings and business transactions which allow clients to quickly locate and solve problems.
Ms. Jing Zhao, Vice President of CLPS Research Institute, said, “We are pleased to provide this upgrade to existing and potential customers. Our upgraded credit card system is designed based on micro-service architecture. We gradually migrated the system to the cloud platform to ensure stability of the existing system while completing the upgrade. We also utilize the DevOps system to control the entire product life-cycle which guarantees product quality and improves development, operations and maintenance efficiency.”
Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, “The migration of CLPS’s credit card system product to the cloud platform has attracted notable attention from our clients. Our initial plan is to promote the product to customers based in the Southeast Asia region to help our overseas clients meet the ever changing market demand in the internet age and embrace the advent of cloud computing era. We believe that this upgrade can help enhance customer loyalty, expand our client base and contribute to our financial performance over time.”
Wirex Launches Enhanced Cryptoback™
Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.
Released in 2018, Cryptoback was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.
Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:
- 500,000 WXT = 1.5% Cryptoback
- 100,000 WXT = 1.0% Cryptoback
- 50,000 WXT = 0.75% Cryptoback
Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.
Enhanced Cryptoback is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:
“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”
Aegis Capital Corp. is pleased to announce its commitment to Equity Research
Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.
Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).
Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).
Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”
SOURCE Aegis Capital
LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG
LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.
The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date. The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.
At closing, the Company will appoint to its Board of Directors one person designated by PAG.
Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”
“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”
Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.
SOURCE LexinFintech Holdings Ltd.
Latest News2 months ago
Galaxy Digital Announces Approval of License to Underwrite Registered Public Offerings of Securities
Latest News2 months ago
SRAX CEO Christopher Miglino to Appear Today on Yahoo Finance LIVE “YFi AM”
Fintech5 months ago
New App Makes Proxy Voting Easier for Individual Investors
Latest News3 months ago
Huobi Says: The Crypto Industry Should Embrace Industry Standards & Compliance At V20
Latest News2 months ago
NTT DATA Presents the Future of Digital Acceleration
Latest News2 months ago
Alpine 4 Technologies (ALPP) Expects to Report Q2 2019 Revenue Growth of 95% over Q2 2018
Fintech3 months ago
Broadridge Announces Innovations for the Updated European Shareholder Rights Directive
Latest News2 months ago
Overfunding: TokenMarket STO Surpasses Funding Target Within 48 Hours of Opening