CLPS Incorporation Expands Overseas Credit Card Business with the Acquisition of Purple Potato Finance

HONG KONG, Dec. 14, 2023 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq:CLPS), today announced that its wholly-owned subsidiary, Qinson Credit Card Services Limited ("QCC"), has successfully acquired 100% equity of Purple Potato Finance Limited ("Purple Potato"). This strategic move enables CLPS to broaden its credit card business within the Hong Kong market.

Established in 2017, Purple Potato is a licensed money lender, qualifying it to provide loan services in the Hong Kong region.

QCC boasts a workforce of hundreds of experienced professionals and a dedicated team responsible for the development and operation of its scalable credit card V+ system. Its expertise extends across various countries, currencies, and credit card system modules, delivering successful implementation of credit card projects for numerous large banks and financial institutions. QCC's proprietary credit card system, CAKU 2.0, represents a significant innovation, challenging the traditional notion that the core banking system can only be deployed through mainframe. By maximizing the cost and ecological advantages of open platforms in core banking system development and operation, CAKU 2.0 offers a comprehensive and efficient solution.

As an international financial hub, Hong Kong provides CLPS with a unique opportunity to leverage its developed financial system and thriving economic environment. With Purple Potato's money lending license, it grants immediate access to the credit card service market in Hong Kong. Going forward, QCC plans to collaborate closely with Fuson Group Limited, a CLPS subsidiary, leveraging Purple Potato's qualifications and QCC's credit card product strengths to capitalize on the recovery of the Hong Kong tourism industry. This strategy aims to provide innovative credit card services for consumers in Hong Kong.

Mr. Raymond Lin, Chief Executive Officer of CLPS, said: "As Asia's leading financial hub, Hong Kong presents a lucrative opportunity with its well-established infrastructure and robust regulatory framework. The acquisition of Purple Potato marks a significant step in CLPS's diversification strategy. This move not only expands our business scope, but also seamlessly integrates our credit card services, offering a comprehensive solution for end-users. By acquiring Purple Potato, we have laid a groundwork for securing sustainable revenue streams in the future."

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation (the "Company") (Nasdaq:CLPS) is a global leading information technology ("IT") consulting and solutions service provider focused on delivering services primarily to global institutions on the banking, wealth management, e-commerce, and automotive sectors. The Company serves as an IT service provider to a growing network of clients in the global financial service industry, including large financial institutions in the U.S., Europe, Australia, Asia, and their PRC-based IT centers. The Company maintains 20 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 10 global centers are located in Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, Philippines, Vietnam, and Canada. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, Instagram, LinkedIn, X (formerly Twitter), and YouTube.

Forward-Looking Statements

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Contact:

CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: [email protected]