A look at Fintech Chain Limited

A look at Fintech Chain Limited

Fintech Chain Limited (ASX: FTC) is an information technology company and provides financial technology to its customers based in China, Australia and Hong Kong. The company has two flagship products namely Financial Electronic Authentication (FEA) and Tlinx. It is aiming to expand in East Asian and Southeast Asian countries gradually. Currently, more than 300 banks are linked to FTC’ systems including China Merchant Bank and Ping An Bank.

In the half year ended 30th September 2018, the company posted revenue from ordinary activities at RMB 28.32 million from the previously reported number of RMB 7.01 in the previous corresponding period (pcp) which is a massive increase of approximately 304%. The major contributors for the revenue derived RMB 14.8 million in income from the provision of system development services and RMB 8.3 million from information technology services.

The increased revenue led to an increase in the profit after tax (PAT) which was reported at RMB 9.50 million, up by 182.4% from the previously reported loss of RMB 11.5 million. The increase in the gross profit resulted from the successful implementation of FTC’s blockchain technology which amassed RMB 21.2 million income during the reporting year.

The management seems to be positive about the outlook of the business. It expects its T-linx related products and services and blockchain technology to grow quickly and penetrate in the markets effectively which should lead to an increase in revenue, gross profit and margin.

For the quarter ended 31st December 2018, the company had net cash of RMB 7.36 million. The estimated cash flow for the next quarter is RMB 8.5 million with the highest estimated expense to be incurred on Staff costs of RMB 4.2 million.

In order to pursue future growth, the company is rapidly moving forward with the agreements and contracts with other financial institutions. The company recently signed a deal with Rural Credit Bank’s Funds Clearing Centre in China (RCBFCC). This will lead to the successful integration of payment service using the patented T-Linx products to RCBFCC.

On 8th April 2019, the company announced that it received a winning tender from Shaanxi Longwill Tendering Co., Ltd for Shaanxi Xinhe Integrated Payment System which is FTC’s patented T-Linx payment service. This tender is expected to help the company to continue T-Linx payment service to Rural Credit Cooperative Unions and their affiliates which will extend the company’s participation In China

On 16th April 2019, the company released an update regarding the progress made in support of China Merchants Bank (CMB). It successfully managed CMB’s T-Linx trial program including all software and hardware support, training and user acceptance testing.

The company also executed another contract with Hunan Xingsha Rural Commercial Bank (XRCB) after a three months trial of providing FTC’s integrated payment service under the T-linx platform. This further indicates the continuous success of the T-Linx rollout program.

The market capitalisation of the company is A$126.9 million. The 52 week high and low of the stock are A$0.22 and A$0.035 respectively. The stock closed the session at A$0.17, down by 12.8% from the previous closing, as of 23rd April 2019. Over last five days, the stock has given a massive rally of 282.35%.


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