HONG
KONG, April 21, 2023 /PRNewswire/ -- CLPS
Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today
announced that it recently attended the Fintech Forum co-sponsored
by the Digital Economy Development and Research Committee of
Shanghai Higher Education Association and Master of Software
Engineering Alumni Association of Fudan University in Pudong New
Area, Shanghai, China. Mr.
Jingwei Sun, Senior Vice President
of CLPS, presented an in-depth analysis of how financial
institutions can leverage the power of technology for digital
transformation.
Fintech is gradually evolving to achieve digitally-native
financial services.
Based on the evolution of technology application, the financial
IT architecture and technical process are undergoing rapid and
agile development in three stages: IT 1.0, IT 2.0 and IT 3.0. IT
1.0, which is implemented in physical architectures such as
mainframes and midrange computers, is still prevalent in several
traditional financial institutions. However, most of the financial
institutions today are running IT 2.0, managing projects and
technologies in an agile manner under X86 architecture. At the same
time, some of the leading financial firms have adopted IT 3.0 in
the form of cloud-native infrastructure and agile DevOps for
microservice management.
How far does digital transformation go in the financial
industry? Digitalization, according to Mr. Sun means sustaining
original force through external competition. As a fintech services
provider, the objective is to provide financial institutions with
digitally-native financial services.
The goal of building digital native ecosystem is not simply
applying new technology, but adopting well to the particularities
of the financial industry and the uniqueness of each institution.
Taking the industry's high emphasis on security into consideration,
he explained that CLPS implements security-related
specifications to the DevOps process to achieve DevSecOps or
development, security, and operations. Due to the limited number of
applications in the financial system that must be linked to other
systems and the inability to take advantage of the microservice
component, CLPS drives the development of service atomization and
market-fit capability for financial institutions, as well as the
development of a service bridge. Microservices can then be
distributed quickly and flexibly across applications by using
standardized methods and strategies.
A change of mind is the antidote to all difficulties and
worries.
Digital natives present a gratifying and attractive image, and
financial institutions are eager to capitalize advanced
technologies in order to grow and improve their business. On the
other hand, they are concerned about the return on investment of
digital ecosystem construction, as well as falling into a
wait-and-see game towards the industry, which creates many
difficulties and concerns for digital advancement.
The lack of IT service providers who are capable of making
overall plans causes such hesitations, according to Mr. Sun. He
also added that the loss of confidence in their own IT technical
architecture, production, and research capability can also be
attributed to unagile IT architecture and inflexible management
style.
Despite rapid technological advances, the finance industry does
not change much. In this sense, the goal of fintech should not be
to technologize traditional financial business but rather take a
lead in the tech sector. Mr. Sun suggested that an IT
department be changed from a cost-center to a value-center. An
effective method to evaluate cutting-edge technologies is to
establish a team dedicated to the task. To give financial
institutions some flexibility in their choices, he recommended
combining outsourcing with self-research to build efficient IT
teams.
Core to "0", is it imminent or far off?
The agility and openness of digitally-native financial services
enable financial institutions to better cope with market changes
and capture opportunities. As the digital economy continues to
develop, financial institutions have gradually shifted digital
transformation as an alternative to enhance competitiveness to a
top priority as a survival strategy.
A good example is the development of digital ecosystem of e-CNY,
which is driving forward apace. e-CNY mainly serves small retail
business' high-frequency transaction needs as a
cryptocurrency. In the future, it is likely that it
will be able to connect with retail and corporate banks outside the
consumption scenario due to its orientation, recyclability, and
traceability, along with more scenarios such as credit, insurance,
securities, and agriculture. With e-CNY leaping from M0 and running
through M1 and M2 of the money supply, the financial industry will
be the focus of this trend, but at the same time, it also makes
imperative that the banking system is capable of a high level of
concurrency and scenario-based capability in order to subvert
traditional ways and even go beyond agility.
As proof, Mr. Sun pointed out that CLPS had collaborated
with a Chinese state-owned bank to promote e-CNY. People need a
minimum of 100,000 TPS or transactions per second to receive e-CNY
red packets, covering more than 50,000 scenarios, including
restaurants and malls, among others. Moreover, as digital ecology
expands, it will be necessary to deal with all types of temporary
transactions in the future. Without an open architecture and agile
digital native capability, which define the concept of core to "0"
to a certain extent, such a large number of scenarios and
transaction volumes will be difficult to link within banking
services. By competing on the same platform, nevertheless, whoever
builds digital-enabled capabilities and captures the market first
will have the advantage.
As financial institutions enter the era of digital finance, IT
architecture is also undergoing a dynamic evolution. With the help
of cutting-edge technologies such as artificial intelligence, big
data, cloud computing, intelligent marketing, blockchain, and Web
3.0, CLPS is well-positioned to maintaining continuous momentum for
shaping digitally-native financial services. This can be achieved
by integrating advanced concept changes and specific business
scenarios in cooperation with the global financial industry.
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 18 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 eight global centers are
located in Hong Kong SAR, USA,
Japan, Singapore, Australia, Malaysia, India, and the
Philippines. For further information regarding the Company,
please visit: https://www.clpsglobal.com/, or follow
CLPS on Facebook, LinkedIn, Twitter,
and YouTube.
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
Lenny Li
Public Relations Office
Phone: +86-182-2192-5378
Email: lenny.li@clpsglobal.com
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SOURCE CLPS