Oil prices soar overnight Russian President Putin shocked the energy markets on Wednesday when he directed that payments for Russian natural gas by “unfriendly nations” must be paid for in roubles. The announcement and the full closure of the Caspian Pipeline Consortium’s (CPC) pipeline by Russia sent European natural gas prices 30% higher, and also aggressively […]
HONG KONG, Mar 24, 2022 - (ACN Newswire) - AGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.
Since granted the financial license by the Macau SAR Government in 2006, Macau Pass has been propelling the development of a more convenient local electronic payment and promoting its popularity in Macau. Macau Pass, being the leading payment service provider in Macau, issued the first and the most commonly used contactless smart card for payments in Macau, Macau Pass Card ("MP Card"). While initially used in bus fare payment system, its usage has later been expanded into a wide range of payments such as those for other public transports, car parks, government services, retail consumptions, and food and beverage services. There are currently more than three million MP Cards in issue.
The first mobile payment platform in Macau, Macau e-wallet ("MPay"), was subsequently issued by Macau Pass, it was an innovated product which led Macau into the development of e-payment. The major functions of MPay cover on-line and off-line payments, transfers, utility payments like telephone, water, electricity and gas bills and public transports. Currently over 90% of Macau residents are registered MPay users. Its cross-border operation between Hong Kong and Mainland China has been approved by the People's Bank of China and the Monetary Authority of Macao ("AMCM") in 2019, the first financial institution having offshore headquarters to be granted the right to use its offshore e-wallet across the border in Mainland China. The completion of the acquisition will create tremendous synergies to AGTech's existing businesses and broaden the revenue base of the Group through integrations along the value chain.
"As a local business, Macau Pass's years-long investment in the community and economy of Macau has borne fruitful results, and is fully recognized and highly appreciated by AGTech." praised Mr. Sun Ho, Chairman and CEO of AGTech. "Over the years, Macau Pass has been actively involving in local fintech industry, expanding its e-payment applications to different levels of Macau people's daily lives. AGTech shares Macau Pass's ideology of livelihood services-oriented. While enabling a stable transition of Macau Pass, we will cooperate with the local government to turn Macau into a smart city of the 21st century. Through innovation, we will strive to facilitate the integration of Macau Pass, and will invest more resources into integrated payment scenarios that combine on-line and off-line payments, as well as to create a hybrid platform that integrates mobile payment, e-commerce and local services for users and merchants. We will expand mobile payment services to support merchants and SMEs to leverage its advantages in order to speed up services and the development of digitization and intelligence management to meet the increasing consumer demand in the Greater Bay Area. This can provide users with stable, secure and efficient mobile payment experiences, while giving Macau our support in its next new phase of digital economy."
According to AMCM's figures published in February this year, the number of mobile payment transactions in Macau has increased from approximately 65.5 million in 2020 to approximately 193 million in 2021, representing a year-on-year increase of 194%; the total transaction value has increased from approximately MOP 6.3 billion in 2020 to approximately MOP 18.5 billion in 2021, representing a year-on-year increase of 192%. These figures showcase increasing trends in both the frequency and the transaction value of mobile payments in Macau.
"The completion of Macau Pass acquisition marks an important milestone for AGTech. It lays a solid foundation for the Group's future strategic expansion into payment business and financial services ecosystem. Under the policy of "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area", we believe that Macau Pass will become the leader of local fintech innovation to propel the appropriate diversification of Macau's economy and the growth of local fintech industry. At the same time, it can also deepen the interconnection of mobile financial infrastructure of Macau, Greater Bay Area, Guangdong-Macao In-Depth Cooperation Zone and Mainland China. From here, we are preparing ourselves to tap into a market with 1.4 billion potential users and to jointly explore overseas opportunities and facilitate international grand economic cycle." added Mr. Sun Ho.
About AGTech Holdings Limited
AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). As a member of the Alibaba Group, AGTech is the exclusive lottery platform of Alibaba Group and Ant Group.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAGTech Holdings Limited ("AGTech" or the "Group", SEHK: 08279) announced today that it has completed the acquisition of Macau Pass Holding Ltd. ("Macau Pass") and its subsidiaries, which will become an indirect wholly-owned subsidiary of AGTech after completion of the transaction.
HONG KONG, Mar 24, 2022 - (ACN Newswire) - VCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer finance provider in China, is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
During the Year, the Group's total income increased significantly by 34.4% year-on-year to RMB3,458 million (2020: RMB2,573 million). The Group successfully achieved a turnaround, with net profit of RMB1,179 million (2020: net loss of RMB870 million). The Group is committed to creating sustainable investment returns for its shareholders, sharing the fruits of success in its operations. Therefore, following the declaration of dividend for the first time during its interim results, the Board has recommended a final dividend of HK15 cents per share for the Year. Together with the interim dividend and special dividend totalling HK20 cents per share already paid out, the full year dividend was HK35 per share.
Although the COVID-19 pandemic and evolving macro-economic environment brought challenges and uncertainties, VCREDIT delivered an outstanding operating performance and promising financial results during the Year driven by its technology-focused risk management and dynamic operational strategies. As a result of the recovery of the macro economy in China, the loan origination volume achieved significant growth, coupled with the Group's strategies in migrating to a higher-quality borrower and borrower acquisition model, the Group successfully improved its overall asset quality, leading to a significant increase in loan facilitation service fees by 115.9% to RMB1,540 million. The interest income amounted to RMB1,972 million, remained at a stable level as compared to the previous year.
The Group primarily offers two credit products through its pure online loan origination processes, including credit cards balance transfer products and consumption credit products, both of which are installment-based. For the Year, the total number of transactions was 3.4 million. The average term of the Group's credit products was approximately 9.4 months and the average loan size was approximately RMB11,965. The Group constantly adjusted its risk management and credit policies to maintain a prudent risk approach and efficiency of operations, so as to deliver outstanding business growth and a controllable credit risk performance.
Both quantity and quality of the customer base witnessed remarkable growth As a result of its proactive management, enhanced communication channels, focused marketing and higher profile brand recognition, the Group successfully expanded its user base. The number of registered users of VCREDIT reached the level of "over 100 million" and increased to 112.5 million during the Year, which also led to a significant increase in its loan facilitation volume. Meanwhile, with the application of big data customer acquisition models driven by artificial intelligence, the Group improved its operational efficiency and enhanced the target customer identification and market penetration. In addition, the Group continued to refine its online APPs and system to enhance customer experience, which has improved the loyalty and retention rate of customers. Benefitting from this, the Group has successfully transitioned its customer base towards higher quality near-prime and prime borrowers, resulting in a significant improvement in its delinquency levels.
Optimising risk management to enhance asset quality The Group places great emphasis on technology-focused risk management, iterating its credit risk models through the introduction of multi-dimension data sources, deep analytics of credit risk performance, and sophisticated testing. The Group also constantly adjusted its risk management and credit policies to maintain a prudent risk approach and efficiency of operations to deliver outstanding business growth and a controllable credit risk performance. In addition, the Group's credit risk management capability enables it to maintain its core competitiveness and well positions it to sustain healthy business growth and defend macroeconomic uncertainties. During the Year, through adjusting policy timely and optimising risk models, the Group managed to maintain its first payment delinquency ratio at an industry-wide low level of around 0.42%, which is conducive to improving the Group's asset quality.
Win-win collaboration and close partnership with funding partners To support the rapid and sustainable development of its businesses, the Group worked closely with 69 external funding partners during the Year, including nationwide joint-stock commercial banks, consumer finance companies and trusts, that constituted a diverse and affluent funding pool. These long-term and stable collaborative relationships have allowed the Group to improve its funding costs. Furthermore, the Group's guarantee companies, third-party guarantee companies and asset management companies form an ecosystem that ensures the Group's funding flexibility and provides protection to its funding partners.
Outlook Looking ahead, to create sustainable investment returns for its shareholders, the Group will seek to provide shareholders with regular dividends with a normal target payout ratio of between 20% to 30% of the Group's audited consolidated net profits each year, subject however to factors that the Board deems relevant namely the Group's financial results, available distributable reserves and cash position, etc.
At the same time, in order to contribute to further growth in its consumer finance business and fulfilling the financial needs of high-quality customers, the Group will strive to proactively hone its business strategies and upscale its technology, in order to better serve its customers to improve brand recognition. While enhancing risk management capability through ceaselessly evolving technology and artificial intelligence, the Group will strengthen regulated and long-term collaborations with licensed financial institutional partners and other business partners, in hopes of building a wide moat for business development. In addition to growing its existing consumer finance operation organically, the Group will also seek to expand and diversify its business through actively identifying suitable investment and acquisition targets, thus maintaining its competitiveness in an ever-changing macro environment.
About VCREDIT Holdings Limited (2003.HK) VCREDIT Holdings Limited ("VCREDIT") is a leading player in China's consumer finance industry with over 10 years of track record. The Group caters to prime and near-prime borrowers underserved by traditional financial institutions by offering online consumption products. To match the funding needs for these products, the Group primarily engages institutional funding partners through three types of sustainable and scalable funding structures: trust lending, credit-enhanced loan facilitation and pure loan facilitation. Through such funding structures, VCREDIT provides institutional funding partners with solutions at varying levels of risk discretion and flexible profit-sharing arrangements.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comVCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer finance provider in China, is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
World-famous boxer Floyd Mayweather has announced a new NFT collection, but whether it will be his first success in the crypto world remains to be seen. After many months of hard workI’m launching my new NFT Project @mayweverse⁰The collection will have 5,000 NFTs (5 different NFTs cards of 1,000 each). Each card has a different […]
As Ethereum saw a 16% increase from a rally that took the coin to $3,000 on Monday, someone might have spotted an unusual link between Ether’s highs and times where the Ethereum Founder’s name, Vitalik Buterin, was trending on Google Searches worldwide. Ethereum And Google Trends “The last time Vitalik surged on Google Trends, $ETH pumped 2x from April-May,” a Twitter user noted while showing a recent surge of the founder’s name: To see if this could actually be taken into account as a possible indicator, we compared different moments in time in which Vitalik Buterin has surged on Google Trends and the price action that followed. In the following chart we can see the most relevant moments during 2022: And tracing back to 2021, we can further see this price action (yellow arrows still point at moments in which ‘Vitalik Buterin’ surged on Google Trends): But does it really mean the price has increased after people get interested in googling Vitalik? The trending searches most likely followed these news: Buterin revealing he has burnt 505 trillion SHIB tokens in January 2022; similar SHIBA related news in October 2021; earlier in the same month he trended after calling El Salvador’s decision of making Bitcoin a legal tender “reckless”; then on August of the same year, it was the five-year anniversary of Ethereum and he addressed several issues and the complexity of Ethereum 2.0; on May 2021 Vitalik became a billionaire as Ether hit $3k. The most recent spike in searches is most likely due to the article on Vitalik released by TIME Magazine, which features the Ethereum founder on the cover and is titled “The Prince of Crypto Has Concerns.” The article’s writer, Andre Chow, called him “one of the most fascinating and arguably important people on earth,” and on Vitalik’s side, he expressed several concerns about the decentralized finances (DeFi) and NFTs spaces. “Ultimately, the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world.” After comments such as this one and the intriguing public figure of Vitalik (often portrayed as a myth of a modern genius), it is only natural for a spike on Google Searches. Related Reading | What This Pattern Spells For Ethereum In The Coming Weeks, Pullback In The Cards? However, going back to the possibility of this to push Ether’s price up 2x, we further noticed that for the mentioned April-May case there do not seem to be any big surges for Vitalik’s name until May 13th, which was already after Ether hit an all-time high of $3,456.57 around May 4. Alongside this uptrend of May 2021, it would be more relevant to take into account Bitcoin’s upward movement at the moment and a growing institutional interest in Ethereum. But Will ETH Go Up? As NewsBTC reported before, ETH is currently outperforming, and this is probably linked to the upcoming updates of the network as the Mainnet is ready to perform The Merge after it was recently deployed on the last testnet, meaning an official switch to proof-of-stake consensus. There has been a lot of excitement about reaching the final phase of these updates, and it is clear that as the final phase is set to begin around mid-2022, many people are paying attention to the network and its coin. Related Reading | Vitalik Buterin On How To Eliminate Ethereum Network Congestion And High Fees A pseudonymous trader noted that “ETH is currently at the resistance of $3040 which is an important level for ETH to break in order to rally higher. A rejection will drop the price back to $2.9k to $2.8k.” Moreover, there seems to be an inverse head and shoulders forming, and as the coin approaches the neckline, it will need an uptrend next week to trigger the bullish pattern. A downtrend remains possible. BTC Takes A Tumble? On a similar note, Blockware Solutions recently shared a chart that showed Google searches for ‘Bitcoin’ taking a tumble and tweeted: “While the rest of the world ignores Bitcoin, hodlers continue to stack the most scarce asset on the planet.” However, if we search ‘Bitcoin’ (the red line below) on the Google Trends analyzer and compare it to ‘Ethereum’ (the blue line), we see the following action: And even if we add in ‘Vitalik Buterin’, ‘Bitcoin’ searches still seem to remain higher than anything Ethereum-related. Here we can see ‘Bitcoin’ represented by the blue line, ‘Ethereum’ by the yellow line, and ‘Vitalik Buterin’ by the red line.
If you want to be a part of the NFT space, then you should visit NFT marketplaces where you can trade NFTs ranging from music to art to assets of the virtual world. There are dozens of marketplaces and some marketplaces cater to specific sectors. What things should you look for in an NFT marketplace before picking which one to utilize and which are the top NFT marketplaces? This article covers top NFT marketplaces in detail. OpenSea OpenSea is the biggest decentralized peer-to-peer marketplace for buying, selling, and trading rare digital assets, such as gaming assets, collectibles, and art which runs on the Ethereum blockchain. In reality, OpenSea bills itself as the world’s largest marketplace for digital assets, claiming to have the best pricing on new NFTs and a wide choice of available NFTs in over 200 categories. Digital art, decentralized domain names, trading cards, virtual worlds, digital collectibles, sports NFTs, utility NFTs, you name it, all of these items can be traded on OpenSea. Cryptopunks, Axie Infinity, Gods Unchained, CryptoKitties, SuperRare, and other popular NFT projects use it as their primary platform. Rarible Rarible is a non-profit marketplace for selling single works of art and collections. Sports, gaming, media corporations, and artists launching collections of work are attracted to Rarible due to its decentralized nature. It is a community-owned platform that encourages decentralization. It has its token, RARI, and the platform’s users get to vote on any platform changes and participate in governance. For example, Adobe has worked with Rarible to secure artists’ work and develop unique NFTs. Rarible uses Flow, Tezos, and Ethereum. You may choose which token to use when you mint your NFT, and you can share your search options with OpenSea. The topic of which blockchain to use is intriguing. The most popular blockchain for NFT minting is Ethereum, although it has a significant carbon footprint and hefty gas prices. Tezos has modest gas expenses (about $0.50). However, it’s aimed towards artists releasing compilations. Flow uses lazy minting, which means creators pay almost no fees, and it’s a proof-of-stake blockchain, meaning it has a much lighter carbon footprint than Ethereum. Nifty Gateway Nifty Gateway has helped some of the most well-known digital artists, including Beeple and singer/musician Grimes, sell their music. It’s a cryptocurrency exchange-backed art curation platform (controlled by the Winklevoss twins). The NFTs, sometimes known as Nifties, are Ethereum-based. Nifty Gateway hosts any NFTs purchased, which means the NFTs aren’t held in your wallet but rather on Nifty Gateway’s servers. NFT collectors may not like this feature, who like more flexibility while investing in art. Purchases on Nifty Gateway can also be done in fiat currency(e.g., US dollars) without the need of purchasing cryptocurrency. Super Rare The Super Rare platform gives more of a gallery feel to the NFT space. It’s an NFT marketplace that prioritizes artistic intent and credibility above meme-friendly art. You won’t find any celebrity NFTs in SuperRare. It is said to accept only 1% of all applicants, which may sound snobbish, but if you are selected, you will be included in a catalogue of well-curated and intriguing artworks. SuperRare has the atmosphere of a high-end gallery, which is heightened by a rule that allows its artists to mint one of their originals — no Editions here. This indicates that the pieces are more scarce and so rare, as the term implies. It is one of the top NFT marketplaces for serious art and artists, which is incredibly uncommon in the NFT space. Top Shot The NBA and the Women’s National Basketball Association have teamed with NBA Top Shot, a fan-driven marketplace, to sell collectible moments and art based on the world’s most famous NBA sport and women’s basketball league. Go to the fastest-growing marketplace instead of going to Amazon for your next sports present. Firstly, you need to create an account with the NBA’s Top Shot to purchase an NFT. Top Shot is a closed marketplace that only allows you to buy and sell things on their site, and it was built on the Flow Blockchain by Dapper Labs. Some memorabilia can be purchased for as little as a few dollars. Magic Eden Magic Eden is a Solana blockchain-based decentralized application. The blockchain allows users to generate and manage non-fungible tokens. NFTs can be used for various things, such as digital collectibles, game assets, and more. The following are some of the desirable characteristics of Magic Eden: Launchpad: This capability is exclusive to Magic Eden and allows users to construct NFTs in minutes without using any other software. The platform now only accepts a small number of projects; however, this is likely to change. Future Launches: Rather than wasting time looking for your favourite creator’s next NFT drop, Magic Eden provides a curated list of upcoming launches so you … Continued
The national football league (NFL) has finally lifted the embargo on teams’ involvement in crypto-related activities. In a memo released on Tuesday, the NFL stated that teams will now have permission to seek blockchain partnerships.