NEW YORK, NY, July 15, 2022 (GLOBE NEWSWIRE) — FingerMotion, Inc. (Nasdaq: FNGR), a mobile data and services company, is pleased to announce the launch of mobile device protection products through its subsidiary FingerMotion, Shanghai TengLian to announce Jiujiu Information and Communication Technology Co. Ltd (“TengLian”). Distribution of these mobile device protection products has started through Chinese carriers as embedded value-added features for their device, voice and data plans. The first province in China to start is Henan with a Mobile subscriber base of 90 million persons1 with phased rollouts planned for the remaining provinces over the coming months 1.2 billion subscribers.2 Based on a Total size of the global market for mobile protection products of $53 billion annually by 20283and consider that China has a fifth of the world’s mobile subscribers4the total market for mobile protection products in China is about 10.6 billion US dollars annually.
So far, the most widespread product for protecting mobile devices on the Chinese market is limited to a broken screen protector, which gives the consumer a monetary claim in the event of damage. With the advent of 5G in China, FingerMotion is redefining the market with its suite of innovative next-generation product offerings for mobile operators, enabling enhanced protection of key components and device trade-in programs. The products are bundled with the subscription plans and offer at least three levels of protection, which can include accidental screen damage, mechanical failures, as well as trade-in solutions. These device protection products are available to existing and new subscribers.
FingerMotion and its subsidiaries have years of experience in managing the complex workflows in China’s telecom industry and have successfully introduced new products into their ecosystem while maintaining excellent levels of customer service. FingerMotion has leveraged its highly differentiated market experience to partner with the global expertise of a 125 year old Fortune 500 insurance company listed on the NYSE. As customer experience is particularly important in the highly competitive and highly regulated Chinese market, this exclusive partnership is valuable as it brings FingerMotion together with a highly reputable and experienced mobile protection product underwriter to satisfy device subscriber demands.
“This latest collaboration agreement with one of the world’s leading mobile device protection companies demonstrates our ability to foster innovation by leveraging globally successful business models and adapting them to the unique needs of the Chinese market,” said Martin Shen, CEO of FingerMotion, Inc. “Telecoms are anticipating robust demand for new smartphones as customers migrate to 5G. The device protection programs are expected to transform the company in terms of revenue and profitability and potentially eclipse the success of our existing core business segments. We should also reiterate that in the current political landscape, the device protection insurance business, which relies on sales of new mobile phones, is not subject to Chinese regulatory scrutiny.”
About Finger Motion’s subsidiary, TengLian
TengLian is a digital technology service company that provides long-term e-commerce portal service management to mobile operators in China. TengLian is entitled to optimize the product and service offerings in the portals, which means that it is able to effectively integrate products and services within the portal and recommendations outside the portal. TengLian also has a customer support function, so users can solve their problems quickly and efficiently.
About FingerMotion, Inc.
FingerMotion is a developing technology company with a core competency in mobile payment and top-up platform solutions in China. It is one of the few companies in China that has access to wholesale rechargeable minutes from China’s largest wireless carriers to serve its customers. As the user base of its core business continues to grow, the company is developing additional value-added technologies to market to its users. The company’s vision is to rapidly grow its user base through organic means and grow that growth into an ecosystem of high-retention users leveraging 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 Chinese market and eventually expand the model to other regional markets.
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3 https://www.globenewswire.com/news-release/2022/07/12/2477817/0/en/Mobile-Phone-Insurance-Market-Report-2022-Surge-Of-Data-and-Virus-Protection- is-Propelling-Growth.html