- FingerMotion has evolved with the developing need for advanced telecommunications products and services, from SMS and MMS services, to big data insights, and RCS, starting with a focus on China
- Its latest addition, the device protection program, looks to tap into the $10.6 billion Chinese market, with over 1.2 billion mobile phone users, most of whom do not have access to a device protection plan
- The mobile phone insurance market is expected to hit $53.16 billion globally by 2028, and FingerMotion is targeting this growth, with eyes on expanding into other markets over time
Since it was founded in 2016, FingerMotion (NASDAQ: FNGR), a leader in mobile payment and recharge platform solutions in China, has been no stranger to reinventing itself and adjusting to changing customer preferences. Today, its goal remains to serve over a billion users in China and expand its model to other regional markets. However, its management understands that this will only be achieved by the company adjusting and improving its operations to address the changing market environment and evolving customer needs.
With every passing year, FingerMotion has gained experience in the market and from interacting with key partners in various sectors. It continues to leverage all this to improve its services and the value offered to consumers. This has allowed it to grow its list of offerings into four main areas: telecommunications products and services, SMS and MMS services, big data insights, and Rich Communication Services (“RCS”).
Its latest addition, the device protection program, stems from FingerMotion recognizing a vast untapped market in China, valued at approximately $10.6 billion annually. It seeks to target the over 1.2 billion mobile phone users in the country, most do not have access to a device protection plan (https://ibn.fm/76zRi). It is a bold move by the company, and its management is confident that it will pay off significantly over the next 6-12 months as more potential customers shift from 3G and 4G to 5G.
“Now with the massive onset of 5G phones, there’s a really large market in China that’s looking to change up their phones for, let’s say, 3G and 4G phones to 5G. So, as (consumers) go and get new phones, the cost of this AppleCare(-similar product) is built in. So that revenue is already there,” noted Martin Shen, FingerMotion’s Chief Executive Officer (“CEO”), while appearing in an interview with Proactive, an investor media outlet (https://ibn.fm/HOdFC).
Globally, the mobile phone insurance market is projected to hit $53.16 billion by 2028, up from $27.29 billion in 2021. This will represent a CAGR of 10.4%, mainly attributed to the surge in uptake of high-quality smartphones and increasing cases of accidental damage, phone theft, and gadget failure (https://ibn.fm/jJmAW). FingerMotion looks to tap into this growth, starting with the Chinese market as it hopes to expand to other regions as time progresses.
Through this diversification and overall growth of its product line, FingerMotion is confident that it can continue to build on the 37% growth experienced this year over the previous financial year.
“I think our revenue right now is really just the top of the iceberg, just building on the top-up and SMS (services),” noted Mr. Shen.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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