FingerMotion Subsidiary & China Unicom Launch Device Protection Insurance Service
FingerMotion (NASDAQ: FNGR) announced the rollout of a new device protection insurance product in collaboration with China Unicom, expanding a partnership initiated in 2019. This insurance, which covers mobile phone screen damages and warranty extensions, targets the network's 400 million users and aims to enhance customer retention as they upgrade to 5G. The initial rollout will focus on four provinces, starting with Henan, aiming for 500,000 users within the year. FingerMotion anticipates boosting user engagement through this innovative service.
- Launch of device protection insurance product targeting 400 million users.
- Anticipation of onboarding 500,000 users within the year.
- Expansion of services enhances customer retention during device upgrades.
- None.
NEW YORK, NY / ACCESSWIRE / February 8, 2022 / FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile data and services company, is pleased to announce the rollout of China Unicom's device protection insurance product created by FingerMotion's subsidiary Shanghai TengLian JiuJiu Information Communication Technology Co., Ltd. ("TengLian"). The rollout is an expansion of the 2019 portal agreement between the parties and was awarded to TengLian through a bidding process.
The product, an opt-out device protection insurance, will offer coverage for broken mobile phone screens, warranty extension, and trade-ins etc. This will be part of a standard package and allow users to opt-out of the insurance should they decide not to continue with the subscription. This device protection insurance is a new innovative product that targets an existing market that initially launched mobile phone repairs for only exclusive customer groups.
China Unicom has a network of 400 million users and was looking to enhance its service offerings on its portal. With the marketplace rapidly evolving as China's digital landscape converts to 5G, many users are planning to upgrade from their 4G devices. This new cooperation agreement between TengLian and China Unicom will result in additional value-added services and could enhance customer retention during their upgrade cycle.
TengLian's rollout consists of 2 strategic approaches: the first strategy will be to focus on the value-added service of China Unicom's official APP and PLUS members, which will cover the whole network of China Unicom; and the second strategy will be to provide a more personalized approach of customization to the member's mobile phone plans. This rollout will initially focus on 4 major provinces in China, starting with Henan province with its 30 million users and expand in phases to Anhui, Zhejiang, and Shaanxi with their 7 million1, 20 million, and 6 million2 users, respectively. The Company anticipates onboarding 500,000 mobile phone protection users within the calendar year.
"This latest cooperation agreement with China Unicom underscores our ability to develop next-generation solutions in advance of our customer requests," said Martin Shen, CEO of FingerMotion, Inc. "Our relationships with the major telecoms continue to evolve in a positive manner. We won this open bidding process because our team has been ahead of the competition, envisioning what the customers' needs before they even realize what they want. Conservatively we expect this contract to create 20 million users and spread over 10 provinces over the next 3 years. The core platform will continue to be enhanced with more product offerings as we have the ability to link end-user groups with our products. As China Unicom grows into the household appliances market, we will follow them with other products and possibly under our own brand."
About TengLian
TengLian is a digital technology service company that provides long-term e-commerce portal service management to the mobile operators in China. The company is authorized to optimize the product and service offerings in the portals, which means they have the capability to effectively integrate products and services within the portal and referrals outside the portal. The company also has a customer support function, so that users are able to quickly and efficiently solve their issues.
About China Unicom
The goal of China Unicom has been to focus on providing quality 5G service which is why they have entrusted TengLian as their exclusive partner to outsource hardware sales and bundled packages. China Unicom plans to lead the "5G & Dual Gigabit" transformation and this first step will usher in a new service experience for the user and highlight the advantages of the China Unicom brand, which looks to expand beyond mobile phones to smart devices and appliances for both the home and workplace.
About FingerMotion, Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China's largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
Company Contact:
FingerMotion, Inc.
For further information e-mail: info@fingermotion.com
Phone: 718-269-3366
Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this release, including statements regarding our future financial position, business strategy, new products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "should," "estimate," "expect," "hope," "intend," "may," "plan," "project," "will," and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
SOURCE: FingerMotion, Inc.
View source version on accesswire.com:
https://www.accesswire.com/687732/FingerMotion-Subsidiary-China-Unicom-Launch-Device-Protection-Insurance-Service
FAQ
What is FingerMotion's new product with China Unicom as of February 2022?
What is the target user base for FingerMotion's new insurance product?
How many users does FingerMotion anticipate onboarding for their new insurance product?
What regions in China will FingerMotion's insurance product initially focus on?
What is the significance of FingerMotion's partnership with China Unicom?
