CLPS Incorporation Expands Overseas Credit Card Business with the Acquisition of Purple Potato Finance

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CLPS Incorporation (CLPS) (Nasdaq: CLPS) announced that its subsidiary, Qinson Credit Card Services Limited, has acquired 100% equity of Purple Potato Finance Limited, a licensed money lender in Hong Kong. This strategic move aims to broaden CLPS's credit card business in the Hong Kong market, leveraging QCC's expertise and Purple Potato's money lending license.

HONG KONG, Dec. 14, 2023 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced that its wholly-owned subsidiary, Qinson Credit Card Services Limited ("QCC"), has successfully acquired 100% equity of Purple Potato Finance Limited ("Purple Potato"). This strategic move enables CLPS to broaden its credit card business within the Hong Kong market.

Established in 2017, Purple Potato is a licensed money lender, qualifying it to provide loan services in the Hong Kong region.

QCC boasts a workforce of hundreds of experienced professionals and a dedicated team responsible for the development and operation of its scalable credit card V+ system. Its expertise extends across various countries, currencies, and credit card system modules, delivering successful implementation of credit card projects for numerous large banks and financial institutions. QCC's proprietary credit card system, CAKU 2.0, represents a significant innovation, challenging the traditional notion that the core banking system can only be deployed through mainframe. By maximizing the cost and ecological advantages of open platforms in core banking system development and operation, CAKU 2.0 offers a comprehensive and efficient solution.

As an international financial hub, Hong Kong provides CLPS with a unique opportunity to leverage its developed financial system and thriving economic environment. With Purple Potato's money lending license, it grants immediate access to the credit card service market in Hong Kong. Going forward, QCC plans to collaborate closely with Fuson Group Limited, a CLPS subsidiary, leveraging Purple Potato's qualifications and QCC's credit card product strengths to capitalize on the recovery of the Hong Kong tourism industry. This strategy aims to provide innovative credit card services for consumers in Hong Kong.

Mr. Raymond Lin, Chief Executive Officer of CLPS, said: "As Asia's leading financial hub, Hong Kong presents a lucrative opportunity with its well-established infrastructure and robust regulatory framework. The acquisition of Purple Potato marks a significant step in CLPS's diversification strategy. This move not only expands our business scope, but also seamlessly integrates our credit card services, offering a comprehensive solution for end-users. By acquiring Purple Potato, we have laid a groundwork for securing sustainable revenue streams in the future."

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT") consulting and solutions service provider focused on delivering services primarily to global institutions on the banking, wealth management, e-commerce, and automotive sectors. The Company serves as an IT service provider to a growing network of clients in the global financial service industry, including large financial institutions in the U.S., Europe, Australia, Asia, and their PRC-based IT centers. The Company maintains 20 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 10 global centers are located in Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, Philippines, Vietnam, and Canada. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, Instagram, LinkedIn, X (formerly Twitter), and YouTube.

Forward-Looking Statements

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company's expectations of the Company's future growth, performance and results of operations, the Company's ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company's most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Contact:

CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com

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SOURCE CLPS

FAQ

What is the latest announcement from CLPS Incorporation (CLPS)?

CLPS's subsidiary, Qinson Credit Card Services Limited, has acquired 100% equity of Purple Potato Finance Limited, a licensed money lender in Hong Kong.

What are the benefits of this acquisition for CLPS?

The acquisition aims to broaden CLPS's credit card business in the Hong Kong market, leveraging QCC's expertise and Purple Potato's money lending license.

Who is the CEO of CLPS Incorporation?

Mr. Raymond Lin is the Chief Executive Officer of CLPS.

What is the ticker symbol for CLPS Incorporation?

The ticker symbol for CLPS is Nasdaq: CLPS.

What is the strategic significance of Hong Kong for CLPS?

Hong Kong provides CLPS with a unique opportunity to leverage its developed financial system and thriving economic environment.

How does QCC plan to utilize Purple Potato's money lending license?

QCC plans to collaborate with Fuson Group Limited to capitalize on the recovery of the Hong Kong tourism industry and provide innovative credit card services for consumers in Hong Kong.