In 2021, cryptocurrency addresses associated with criminal activities accumulated over $14 billion, according to Chainalysis, a blockchain data and analytics platform. The booming cryptocurrency space saw the cumulative market cap of all cryptocurrency projects rise to over $2.3 trillion. Concurrently, the economic activity of all blockchains rose to over $15 trillion from $2.3 trillion in 2020, providing an opportunity for malicious elements to take advantage of blockchains' immutability to steal assets or scam unsuspecting cryptocurrency holders. Out of the $14 billion, criminals stole $3.2 billion of digital assets in 2021. The majority was from DeFi exploits and rug pulls.
As of March 22, 2022, DeFi protocols have a cumulative total value locked (TVL) of $214 billion. While DeFi flourishes, another crypto innovation, Non Fungible Tokens (NFTs), is rapidly finding adoption, commanding huge valuations, and finding integration in DeFi and other blockchain sectors. NFTs are blockchain-based unique items allowing holders to total control assets. They derive their security from the underlying blockchain and are typically in limited supply.
Digital Wallet Protector - Spiritual NFTs to Protect Crypto
The DigitalWalletProtector (DWP) team comprises World Scientists, Sacred Geometry Experts, and Crypto Whales. They are using the powers of NFTs and blockchain technology to connect the crypto holders with the creator and universe's positive energy and impact for the safety, prosperity, wisdom, and intuition for good decisions for crypto holders. The DigitalWalletProtector (DWP) team is minting 99 lucky charm utility NFTs on the Ethereum blockchain, purposely choosing the number "9" because it is a magic number. People with the lucky number are creators, encouraging people to live happy lives and weaving their souls to shape their destiny inspired by their dreams.
Each of the 99 NFTs is made by hand in gold and silver colors and will have unique symbols that connect holders' crypto wallets with the universe's positive energy, bringing spiritual protection to the blockchain. The DWP NFTs will protect the owner from all the negative effects of instability, hacks, exploits, and panic in the cryptocurrency market. The symbol of each original NFT also strengthens the owner's intuition and inner peace, helping them further follow the path of his self-realization.
DigitalWalletProtector (DWP) utility Platinum NFTs are exclusively available on OpenSea with a floor price of 9.99 ETH. The floor price of 9.99 ETH was decided after a vote and the price endorsed by the majority. All 99 NFTs were minted on March 20, 2022—the International Day of Happiness--and the auction is in progress until September 19, 2022. Before minting, a special and magical ritual was performed on each of the 99 NFTs, firmly binding them to The Creator and Universe.
About Digital Wallet Protector
The DigitalWalletProtector (DWP) team comprises World Scientists, Sacred Geometry Experts, and Crypto Whales. They are using the powers of NFTs and blockchain technology to connect the crypto holders with The Creator and Universe's positive energy and impact for the safety, prosperity, wisdom, and intuition for good decisions for crypto holders by minting 99 lucky charm NFTs on Ethereum.
To get your Digital Wallet protector today, visit the DWP Opensea now!
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").
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