HONG
KONG, July 7, 2022 /PRNewswire/ -- CLPS
Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today
announced the development of a new generation of loan management
system (the "loan management system"), a product intended for small
and medium-sized banking institutions. CLPS plans to launch the
loan management system in Hong
Kong and Southeast Asia
region in 2023.
Digital transformation is taking a toll on traditional banks in
Hong Kong. In scenarios that are
difficult for traditional banks to cover, virtual banks use their
data and technology advantages to gain more clients. In response,
traditional banks have increased their investments in utilizing
innovative technologies to keep up with the online banking trend,
particularly as people have started adjusting to the 'new normal'
brought by the pandemic. A strategy such as this involves the
adoption of new product designs and the gradual transformation of
legacy system without affecting the operation as a whole, in order
to meet future system updates and development.
In a preliminary market research conducted by CLPS, it
determined the eminent demand for a loan management system among
its banking clients in Hong Kong
and Southeast Asia. With the
promising result, CLPS has been optimizing its loan management
system by integrating its mature products with innovative
technology such as blockchain, robotic process automation (RPA),
optical character recognition (OCR), and facial recognition. The
goal of the optimization is to achieve a more comprehensive and
streamlined loan process flow, including in mortgage application,
credit checking, and drawdown, among others, ensuring the privacy
and security of information transmission while effectively
shortening the processing time. As a result, customers can apply
for a loan conveniently anytime, anywhere, reducing banking
institutions' operating costs and gaining a wider range of new
business opportunities.
In the current market, bank loan management systems that adopt
fintech-based technology are mostly designed for personal consumer
loans and P2P lending. This situation has led CLPS to develop a new
system that can support complex scenarios such as mortgage loans,
thus expanding the application scope of the product and filling in
the market gap.
To shorten product launch cycle, the new system also consists of
parametric configuration which will allow banks to customize the
design based on their respective credit rules and target customers.
In addition, the secure and efficient integration interface allows
it to be freely assembled and disassembled as functional
components. Further, it can be integrated seamlessly with a bank's
existing core banking system and with other legacy systems in order
to adapt to rapidly changing business needs.
Mr. Jackson Yuen, Product Manager
of the loan management system of CLPS, said, "From a high-level
design perspective, we leverage our expertise in innovative
technology and our achievements in fintech to optimize our new
product, creating a new generation of loan management system that
will reduce costs and increase efficiency among banks."
"Digital products and services offered by traditional banks
should be improved in Hong Kong,
as it actively promotes technological innovation in the banking
sector," said Mr. Raymond Lin, Chief
Executive Officer of CLPS. "We hope to take this as an entry point
to further invest in product development and help our clients in
building distinctive businesses to remain competitive in the future
of digital transformation."
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 focusing on the banking, insurance, and financial
service sectors. The Company serves as an IT solutions provider to
a growing network of clients in the global financial service
industry, including large financial institutions in the US,
Europe, Australia, Southeast
Asia and Hong Kong SAR, and their PRC-based IT centers. The
Company maintains 19 delivery and/or research & development
centers to serve different customers in various geographic
locations. Mainland China centers
are located in Shanghai,
Beijing, Dalian, Tianjin, Baoding, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining eight global centers are
located in Hong Kong SAR, USA,
Japan, Singapore, Malaysia, Australia, India, and the
Philippines. For further information regarding the Company,
please visit: https://ir.clpsglobal.com/, or follow
CLPS on Facebook,
Instagram, LinkedIn,
and Twitter.
Forward-Looking Statements
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance. Known and unknown risks, uncertainties and other
factors, which may be beyond the Company's control, may cause the
actual results and performance of the Company to be materially
different from such forward-looking statements. All such statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties related to the Company's expectations of the
Company's future growth, performance and results of operations, the
Company's ability to capitalize on various commercial, M&A,
technology and other related opportunities and initiatives, as well
as the risks and uncertainties described in the Company's most
recently filed SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
Contact:
CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com
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SOURCE CLPS