Finvolution Group Stock Price, News & Analysis

FinVolution Group's Indonesian subsidiary AdaKami has secured a strategic funding agreement with PT Super Bank Indonesia. The agreement provides AdaKami with a 500.0 billion Rupiah (approximately US$32.0 million) funding facility. This partnership validates AdaKami's successful transition to serving better-quality borrowers and adds to its existing partnerships with multiple lenders including Seabank, Bank Jago, Bank Permata, and OCBC NISP. The collaboration aims to promote financial inclusion while expanding FinVolution's business footprint in Indonesia.

FinVolution Group (NYSE: FINV) reported its unaudited financial results for the second quarter of 2024. Net revenue reached RMB3,168.0 million ($435.9 million), up 3% YoY. Net profit was RMB551.0 million ($75.8 million), a decrease from RMB590.1 million in the same period last year. International transaction volume soared 27.8% YoY to RMB2.3 billion, while China's transaction volume increased by 2% to RMB46.4 billion. International revenues grew 12% YoY to RMB562.9 million, contributing 17.8% of total revenue. The company repurchased approximately $29.6 million worth of shares in Q2. Despite the macroeconomic uncertainties, the company reiterated its full-year 2024 transaction volume guidance for China and international markets, projecting growth rates of 5-10% and 20-40%, respectively.

FinVolution Group (NYSE: FINV), a leading fintech platform, has announced it will report its second quarter 2024 unaudited financial results on Tuesday, August 20, 2024, after the close of U.S. markets. The company will host an earnings conference call at 8:30 PM U.S. Eastern Time on the same day (8:30 AM Beijing/Hong Kong Time on August 21, 2024).

Investors and analysts can join the call using various toll-free and international dial-in numbers provided. A live and archived webcast of the conference call will also be available on FinVolution's investor relations website. Additionally, a replay of the call will be accessible until August 27, 2024, using the provided replay access code.

FinVolution Group (NYSE: FINV), a leading fintech platform, has released its sixth annual ESG report for 2023. The report highlights the company's commitment to sustainability and corporate social responsibility through innovative, green technologies. Key focus areas include:

• ESG management
• Comprehensive risk management
• Information security & privacy protection
• Responsible and sustainable operations
• Access to finance
• Employee care and development
• Industry development contributions

FinVolution's ESG strategy centers on 'technology, green principles, and kindness,' aligning with the UN Sustainable Development Goals and Global Compact principles. The report, prepared in compliance with GRI Standards and MSCI ESG Rating Methodology, demonstrates the company's dedication to integrating ESG management into its business operations and partnerships.

FinVolution is tackling the rise of deepfake-driven financial crimes with significant investments in advanced detection technologies. Deepfake incidents, like a recent $25 million fraud, are growing concerns. Sumsub's report highlights a tenfold increase in deepfake fraud cases from 2022 to 2023, with the Philippines seeing a staggering 4500% rise. In China, voice manipulation frauds have surged, with FinVolution intercepting over 1,000 incidents. The company has developed a proprietary voiceprint recognition algorithm, commercially used ahead of open-source models, supporting multiple languages and achieving over 98% detection accuracy in Southeast Asia. FinVolution is also advocating for industry collaboration, hosting competitions and supporting research, like the 9th FinVolution Global Data Science Competition, which focuses on deepfake speech detection. These efforts aim to enhance AI-driven safeguards, ensuring public information and individual rights are protected globally.

FinVolution Group has won the 'Best Consumer Lending Technology Implementation in China' at the 2024 Asian Banker China Awards, alongside CITIC Consumer Finance. The accolade highlights FinVolution's commitment to innovative financial technology and its significant impact on enhancing the resources and business scale of its partner, CITIC Consumer Finance. The rigorous evaluation process included over 400 entries from more than 160 institutions in the financial and fintech sectors.

FinVolution has been a key player in advancing microfinance and consumer finance by collaborating with 102 licensed financial institutions by Q1 2024. The partnership with CITIC has notably improved digitalization, customer acquisition, risk management, and fraud prevention, leading to significant business growth.

CEO Tiezheng Li expressed commitment to developing secure and efficient financial technology services to connect financial institutions with underserved populations. Since its inception in 2007, FinVolution has been a trusted partner to over 100 financial institutions and millions of users, emphasizing technological innovation in financial services.

On June 20, 2024, FinVolution Group (NYSE: FINV) announced that its subsidiaries, Wefund Lending and Lightning Financing Company, have entered into a loan facilitation agreement with Maya Bank in the Philippines. The agreement, worth 2.75 billion Peso (US$47.5 million), aims to enhance credit accessibility for unbanked and underserved communities. JuanHand, an online lending platform under Wefund, will play a significant role in this initiative. The partnership aligns with FinVolution's strategy to expand its services and foster financial inclusion in the Philippines.

51Talk Online Education Group (NYSE: COE), a global online education platform specializing in English education, announced changes to its board composition. Effective June 1, 2024, Mr. Jimmy Lai will join as an independent director and take on multiple roles within the board's committees. Mr. Lai previously served as 51Talk's CFO from 2015 to 2018 and has significant experience in various financial roles across multiple companies. Concurrently, Mr. Shengwen (Roy) Rong has resigned for personal reasons, effective May 31, 2024. The transition is amicable with no disputes or disagreements. CEO Jack Jiajia Huang expressed gratitude towards Mr. Rong and welcomed Mr. Lai's return.

FinVolution Group (NYSE: FINV) reported its Q1 2024 financial results, noting a 10.3% YoY increase in China transaction volume to RMB46.1 billion and a 40.8% YoY increase in international transaction volume to RMB2.21 billion. International revenues rose 32.9% YoY to RMB594.8 million, representing 18.8% of total net revenues. The company saw a net revenue of RMB3,165.1 million, a 3.8% increase, but net profits dropped to RMB532.0 million from RMB689.8 million YoY. Despite this, FinVolution's international markets demonstrated significant growth, while challenges persist in domestic operations, including an increased 90+ day delinquency ratio. The company reiterated its full-year 2024 transaction volume guidance of RMB195.7-205.0 billion for China and RMB9.4-11.0 billion for international markets.