Results Highlights
1. During the Year, the Group's payment processing solutions segment continued to maintain a steady and solid increase, with annual accumulative transaction volume exceeded
2. While pursuing performance growth, the Group adhered to compliance development and looked to the wider international market. During the Year, the Group have successfully brought in the strategic investment from EQT, which speeded up the overseas expansion strategy.
3. The Group will continue to integrate advanced technologies into its services, export the digital empowerment advantage in data and scenarios, and solve the urgent digital transformation demands of medium, small, and micro companies.
During the Year, the Group's consolidated revenue reached
Strengthening Technical Barriers, Helping Small and Micro Companies with Digital Upgrades
During the Year, the Group's payment processing solutions business continued to grow steadily. The segmental turnover amounted to
With offline-based payment scenarios becoming much more complicated, and payment needs becoming much more diverse, VBill has been focusing on offline-based scenarios, continuously innovating technologies and upgrading service models; integrating 5G, blockchain, artificial intelligence, and other advanced technologies in its services; and comprehensively helping small and micro companies with digital and intelligent transformation. The strategy has thus far achieved remarkable results despite fierce industry competition.
Basing on Local and Prospecting Globally, Actively Pursuing Multidimensional Business Development
The repaid development of cross-border e-commerce has introduced wider development prospects for the cross-border payment industry. During the Year, the Group has obtained the Hong Kong Money Service Operation ("MSO") license that laid the foundation for cross-border payment business. Moreover, the Group has successfully brought in the strategic investment from EQT. EQT has distinct achievements in the aspects of finance and payment, the Group considered that the addition of EQT will speed up VBill's overseas strategy. In the future, the Group will explore the wider international market, and is committed to offering less costly, more efficient and diversified payment and fintech services to a wider user base.
Facing a complex external environment and fierce market competition, the Group's other fundamental business segments made steady progress during the Year. During the Year, the performance of the Group's information security chips and solutions segment remained similar to last year. Research and development projects are progressing smoothly, and cost reduction initiatives of various products are rolling out in an orderly manner. In terms of platform operation solutions, the Group continued the provision of operational supporting services to three bases of China Mobile. As the biggest operational supporting partner of
The Group commented, "In 2020, the sudden outbreak of CONVID-19 disrupted the orderly rhythm of many industries, and it is a heavy blow to traditional industries that rely heavily on offline operations. As the domestic epidemic prevention and control situation gradually improves, the work and production in various industries will resume. Many SMEs are beginning to realize their own shortcomings in daily operations, and hope to recover as soon as possible. The Group believes that the Internet is now penetrating into more offline scenes. After taking the "epidemic test", it will become an opportunity for small, medium, and micro enterprises to reflect, grow, and transform. Digital construction will become a new development direction. Through the application of cutting-edge technology such as cloud computing, big data, and blockchain, the Group will be committed to assisting the digital and intelligent transformation of small, medium, and micro enterprises, and contribute to the Internetization of traditional enterprises."
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