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Trip.com reveals the latest summer trends, highlighting traveller confidence has returned with city breaks and short-haul travel dominating

  • TripTrends series shares the data and trends defining the global travel revival and examine the latest Trip.com data to identify the patterns emerging as travel rebounds around the world. 
  • Here, the series focuses on summer holiday booking trends across the European and Asian markets.

SINGAPORE, July 11, 2022 /PRNewswire/ — As consumers around the world plan a summer of ‘revenge travel’ in the wake of easing restrictions, Trip.com data reflects the global travel recovery trend. Trip.com analysed data from their booking sites across Europe and Asia and the results show that users are more confident to book further ahead this summer, and the appetite for city breaksstaycations and short-haul trips still holds firm in a post-pandemic world.


For more in-depth analysis on the European and Asian markets, read on.

Wednesday is the most popular day to plan a trip

For summer 2022, midweek is the most popular time to plan a holiday. Trip.com data shows that, among their users, Tuesday through Thursday are the peak days for browsing flights and hotels. Wednesday is the most popular day overall for flight searches, with Saturday being the quietest.

Deciding when to take a holiday over the summer is often a tricky task for consumers, with price fluctuations, school holidays and, in Europe, the threat of cancelled flights and strikes to consider.

When looking at the summer period (June-September) across many of Trip.com’s major global markets (UK, South Korea, Japan and Thailand), 1 July was the most popular day for flight departures. It was also the most popular hotel check-in date that users searched for on Trip.com’s sites in the UK and Thailand.

With more popular dates expected across July, August and September, Trip.com looks forward to reviewing this data in the coming weeks and months.

Hotel booking window extended by up to a week

As Covid-19 began to affect travel in 2020, uncertainty and travel restrictions spread across the industry, customers – as expected – adapted their booking habits and moved to last-minute reservations.

Trip.com data shows that by June 2020, the booking window for hotel stays had fallen from 20.3 days (June 2019 data) to 6.1 days in Asia – highlighting the rising appetite for last-minute breaks. Flights saw a similar trend, with the booking window on Trip.com’s European sites falling to 13.4 days in June 2021 – from close to double that – 22.2 – just two years prior.

However, this summer, Trip.com’s data signals a return to pre-pandemic trends, with booking windows once again rising. In Europe, the window for hotel reservations in June 2022 matches the level seen in 2019 – 14.2 days; booking windows for flights extended to 14.2 days from 6.4 days of June 2021. Similar trends are evident across Asia, with booking windows for flights rising to 16.4 days in June 2022 from 6.1 days in June 2020.


This interesting finding has reflected the returning confidence of travellers to make their travel decisions earlier than when the pandemic had just started. However, it is important to note that booking windows still remain shorter than pre-pandemic in the region, as restrictions remain across many nations and districts.

Europe: city-centric summer holidays are high on the agenda

Airlines and hotel chains have reported bookings and occupancy levels rising to pre-pandemic numbers for the first time this spring, so there is plenty of cause for celebration across the travel sector.

Trip.com’s European data echoes this uplift in demand. Its European sites saw an average monthly growth in traffic of around 10% between April and July, further underlining the increased demand for summer getaways.


Interestingly, where many travellers are opting for beach holidays over city breaks this year, the data shows that city-centric summer holidays are still high on the agenda for Europeans, with must-visit sites, culture, food and new experiences tempting customers to take trips to some of Europe’s most enticing cities.

Trip.com’s European data also reflects the vast increase in short-haul travel demand for 1 June – 31 August 2022 versus the same period in 2021. This year, although European long-haul demand is also up incredibly, short-haul trips are 27 times more popular than long haul. This proves that when it comes to summer getaways, most travellers still appear to prefer to stay closer to home when they go away.

Customers book longer trips post-pandemic

With many consumers looking to book more lavish summer holidays after two years of pent-up demand, when it comes to trip length, the figures reveal some surprising insights. Interestingly, European customers travelled for longer during 2020 than they did previously, with the average trip length in June 2019 being 6.2 days, rising to 8.8 in 2020 and back down to 6.6 in June 2022.

Asian travellers, on the other hand, are travelling for an average of 7.6 days in 2022, an increase on the average of 6.6 days in June 2019 – but a decrease on 2021’s average of 8.7 days.

Local travel rebounds well in Asia

In Asia, countries and regions that have relaxed their travel restrictions have seen an impressive market performance, particularly those in southeast Asia. Overall in the APAC region, bookings increased by 21% in May and by a further 7.8% in June.


As the most popular destination among APAC users, it’s no surprise that Singapore’s hotel bookings saw a 42% year-on-year increase in June.

Thailand’s continued popularity is a pleasant surprise. The summer months tend to be the country’s low season, yet despite a slight dip in April following the Songkran Festival, bookings continue to grow throughout the season. Overall bookings have tripled when compared to June 2021, with a 17% rise in bookings compared with May this year.

Though Thailand continues to attract customers from the UK and APAC, the country’s recovery has mainly been driven by domestic travel, with domestic flights in June increasing 2.6 times year-on-year.

Japan and South Korea saw sharp growth in Q2, with South Korean outbound flights increasing by 16 times year on year and June outbound flight bookings up 31% compared to May. South Korea eased travel restrictions in early June, so expect this upward trajectory in bookings to continue.

Japan also eased its border restrictions in June, with a large spike in bookings following the news. In May, flight searches to Japan on Trip.com’s global sites were 7.5 times as popular when compared to the same period in 2021.

Summary

This summer, as travel recovery gains momentum, travellers’ confidence to book their trips further ahead have gradually returned, while short-haul travel remains the global holiday king. Despite the enduring summer holiday beach travel trend, city breaks continue to attract customers from around the world. As airport strikes and travel chaos in Europe continues to impact customers’ ability to get away, Trip.com plans to further analyse the sector at the end of this popular travel period. Watch this space.

About Trip.com

Trip.com is a rapidly growing international one-stop travel service provider, available in 24 languages across 39 countries and regions. Trip.com has an extensive hotel and flight network consisting of more than 1.2 million hotels in 200 countries and regions and over 2 million individual flight routes connecting more than 5,000 cities around the globe. Trip.com’s world-class 24/7 English language customer service as well as additional centres in Edinburgh, Tokyo and Seoul, help to ‘create the best travel experience’ for its millions of customers worldwide.

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Korea IT Times: Harex InfoTech Announces World’s First AI Sharing Platform to Empower All Business Entities

MSME can offer user-centric hyper-personalized recommendation service

SEOUL, South Korea, July 11, 2022 /PRNewswire/ — According to Korea IT Times, Harex InfoTech, Inc. announced on the 10th that they attended the “2022 Spring Conference of Korea Management Information Society ” held at Hanwha Resort Haeundae Tivoli in Busan from June 9 to 11 and announce the results of a “new B2B service using a user-centrichyper-personalized recommendation system” conducted with a research team led by Professor Kyoung Jun Lee from Kyung Hee University (Department of Big Data Application).

Professor Kyoung Jun Lee’s research team (Professor YuJeongHwangbo, researcher Baek Jeong, Soohyun Kim, and Gunho Lee) and Harex InfoTech’s User-CentricArtificial Intelligence Research Institute (Manager Youngjae Cho, Vice President Moonho Yang) proposed new B2B target marketing service and new product brainstorming using their own developed user-centric hyper-personalized recommendation system. The recommendation system is usually used in a B2C service that recommends products to users, but Harex InfoTech’s recommendation system is a B2B service methodology that can be used in stores.

The research team utilizes a list of recommended products derived as a user-centrichyper-personalized recommendation system for the target marketing. The methodology is to make user lists by products after cross-linkingthe lists of the recommended products for each user by product, and finally, target marketing the listed users by products. This technology is currently under patent-pending.

For example, if ‘Company B’s Fried Chicken’ is derived as a recommended value based on user A’s purchase history, then company B can conducttarget marketinga fried chicken on user A. Existing target marketing was mainly conducted in groups based on demographic information such as women in their 20s and men in their 50s, but the research team’s recommendation system allows hyper-personalized target marketing based on duality (pair or confrontational relationships).

For brainstorming of new product, the research team uses a user-centrichyper-personalized recommendation system that utilizes the product name in natural language. Since the AI learns by morpheme unit (separating ‘Ham cheese toast’ into ‘ham/cheese/toast’), which is the minimum unit of the product’s name meaning, it is possible to derive a product name that does not actually exist. Derived products that do not exist in reality may rather be more suitable for users. It is under patent to use this idea for the development of new products.

It is unique that this methodology uses morpheme units to study. For example, if a user purchased ‘Chicken Breast Cream Spaghetti’, ‘Octopus Bibimbap’, ‘Stir-fried Spicy Pork’, and ‘Ham Cheese Toast’, they would learn it in the form of ‘Chicken Breast’, ‘Cream’, ‘Spaghetti’, ‘Octopus’, ‘Bibimbap’, ‘Stir-fried Pork’, ‘Rice’, ‘Ham Cheese’, and ‘Toast’. The derived value is also combined in morpheme units. Non-existing product names such as “Octopus Cream Spaghetti” and “Spicy Pork Toast” can be derived. The new product name derived in this way can be presented as a brainstorming idea for the development of new products.

Previous recommendation system research was used as a single service task called recommendation model, but Professor Lee’s research team, through one recommendation system, utilize it as a multi-service task such as B2B service-based target marketing and new product development brainstorming as well as hyper-personalized B2C recommendation service.

Researcher Baek Jung said, “The large language model GPT-3 released by OpenAI has become the one service engine to utilize various application services such as Q&A, grammar correction, and chatbot, etc.” and “We will develop various service tasks by utilizing the user-centric hyper-personalized recommendation system that has been developed as an AI engine and makeit to be used in the general commercial environment.”

Professor Kyoung Jun Lee, who leads Harex Infotech’s User-centricArtificial Intelligence Research Institute, presented under the theme of “Artificial Intelligence Sharing Platform as an Alternative to Exclusive Platforms” at the 2022 Spring Conference of Korea Management Information Systems. An artificial intelligence sharing platform based on User-CentricArtificial Intelligence is one of the alternatives against exclusive platforms from big tech or large companies.

Companies such as Big Tech monopolize data secured by customers, small business owners, individual businesses, and small and medium-sized enterprises. Professor Lee uses newly developed federated learning technology to pursue synergy in which customers and small and medium-sized businesses share artificial intelligence while keeping their data intact. Based on shared artificial intelligence, it presents a federated platform business model that provides and shares various services such as recommendation, target marketing, new product planning, and payment services.

Conventional federated learning is a form of sharing AI by creating a single model through individual companies’ data, but the newly proposed federated learning method divides data from individual companies and creates a final AI sharing model. The new federated learning methodology has been patented

Professor Kyoung Jun Lee said, “The largest AI engine at each industry and level, including medical, commerce, transportation, finance, smart farms, manufacturing, robots, and smart cities, will be built by AI sharing methods,” and “If we introduce this method, we can use each other’s data without signing a data agreement between economic players, so we will make it possible of new cooperation and business models that were previously impossible between individuals, companies, and institutions.”

Kyung Yang Park, Founder, President and Chief Vision Officer of Harex InfoTech Inc. said, “In the beginning, the business will start with a small size of AI sharing between several companies, but it will expand gradually,” adding, “It will be an opportunity to change the business model and collaboration method completely, and furthermore, this system will be established as a sustainable way of business in the era of stakeholder capitalism.”

Harex InfoTech 

Harex InfoTech announced the world’s first mobile card payment service in Silicon Valley in 2000 and 2013 won the ‘Best Technology Award’ at the Innovation Project 2013 held by PYMNTS.com at Annenberg Hall on the Harvard University Campus, and is building the User-Centric Hyper-Connected Shared Network by sharing the platform with all businesses and based on the network created, is creating a user-centric new economic order that maximizes user benefits and business profits with hyper-personalized Digital Me services based on User-Centric AI sharing platform.

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SmartX’s HCI Market Share is on the Rise – IDC Report

SmartX Ranked 1st in China HCI SW Financial Vertical Market for 2 Consecutive Years

BEIJING, July 8, 2022 /PRNewswire/ — IDC recently published “China SDS and HCI Market Overview, 2021Q4,” in which SmartX shows rapid growth in HCI market share. Particularly, SmartX is recognized as one of the key vendors with the fastest growth in China HCI software market due to its achievement in the financial services industry (FSI). In fact, this is the 2nd year in a row that SmartX ranked 1st in China HCI software financial vertical market.

The report shows that SmartX is also the No.1 pure-play vendor in China HCI market. In 2021, SmartX claimed 2.6% of the China HCI market (with an 84.7% YoY growth), and 4.1% of the China HCI software market (with a 69.9% YoY growth), following large DC vendors and cloud providers.

IDC attributed SmartX’s outstanding growth to its achievement in product performance & stability and financial vertical market:

Software-driven HCI products have great potential in the Chinese market. Industries that seek flexibility, for example, telecommunications and financial services industries, have already increased the procurement of HCI software. Vendors such as SmartX took this opportunity and kept up the product stability and performance, which helped the company earn a good reputation among financial institutions and achieve an increase in the market share.”

In 2021, SmartX made substantial market progress, especially in the FSI industry, as SmartX claimed 25% of the China HCI software financial vertical market share. SmartX HCI’s stability and flexibility have been proven by customers, as they:

  • Deployed SmartX HCI on large scale in production; one customer even deployed over 300 nodes in total, which has stably supported the systems for over 3 years.
  • Deployed SmartX HCI on different servers to form heterogeneous clusters.
  • Deployed SmartX HCI with various hypervisors, including VMware ESXi, SmartX’s native hypervisor ELF (choice of over 40% of customers), and Citrix XenServer.

Beyond the FSI industry, SmartX is also actively working with industry leaders in healthcare, manufacturing, retail and real estate, etc., with a footprint across countries and regions including APAC, the Middle East, and Europe.

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EdTech Unicorn EEO Joins Hands with Peking University — Redesigning learning experiences for the new digital-forward model of education

BEIJING, July 8, 2022 /PRNewswire/ — In July, 2022, with the support of EEO’s hybrid technologies, Peking University successfully concluded the first academic year of its Global Open Courses Program in partnership with a list of distinguished institutions, including Tokyo University, Nanyang Technology University, Moscow State University, Waseda University, University of Granada, Osaka University, Ritsumeikan University, Chulalongkorn University, Cornell University, and Cairo University.

EEO was founded in 2014 with the purpose of building an inclusive and student-centered learning ecosystem through the power of technology. Since 2019, EEO and Peking University joined hands to collaborate on digitizing physical learning environments, constructing specialized archeology classrooms, and adopting hybrid learning methods. It is a nonstop journey for EEO and Peking University to explore how to better motivate students and support educators in experimental teaching strategies. The project of Global Open Courses Program focuses on how hybrid learning gives rise to an enriched learning experience and expands learning communities. 


Hybrid learning, a method that incorporates hybrid technologies and open educational practices, has witnessed increasing adoption in K12 and higher ed institutions globally. Teaching Economics as part of the Global Open Courses Program, Professor Huang Yiping successfully engaged students in the classroom and those joining virtually with group discussions and activities.

“Our professor came up with eight topics for discussion, encouraging us to form groups with students overseas. And we have been keeping in close touch with students online as well,” Li Yipin, a student in Professor Huang’s class, reported.

For many, the program’s hybrid courses placed vast learning resources within reach. With abundant course offerings, students had extensive opportunities to explore emerging topics with a cohort coming from diverse background.

The platform of choice, ClassIn, is an all-in-one solution for online and hybrid learning with interactive virtual classrooms, a school management backend system, student learning reports, and more. Currently under internal testing, the product will support more innovative teaching methods by transforming into an LMS, a platform that caters to each step of the learning process in addition to the already powerful synchronous in-class interaction.

It is evident that EEO’s product family is designed with the consideration of scientific methods, masterful teaching, and lifelong learning. ClassIn, one of the first online classrooms in the world, was released in 2015. Building on feedback from educators and in-depth research, EEO released ClassIn X, a new hybrid solution for the new era. The company is also in the process of developing TeacherIn, a curriculum co-construction platform. It helps teachers find like-minded partners, with whom they can design and share lessons.

As of now, EEO has partnered with more than 60,000 institutions around the globe and expressed great passion to collaborate with international educators and institutions, sparking the creativity of teachers and creating innovative learning experiences for students.

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HGC unveils edge digital infrastructure suite EdgeX by HGC(R) for the engines of the metaverse

HONG KONG, July 7, 2022 /PRNewswire/ — HGC Global Communications Limited (HGC), a fully-fledged ICT service provider and network operator with extensive global coverage, is announcing the launch of EdgeX by HGC®, a first-of-its-kind edge digital infrastructure platform ecosystem built to support OTTs’ global expansion of the metaverse and the next generation internet.

With the metaverse expected to generate US$1.54 trillion in revenues by the end of the decade, from today’s US$206.5 billion, according to PwC’s Seeing is Believing report, companies across the globe are moving fast into this new segment.

However, many lack the knowledge, experience, or scale to build and manage the needed digital backbones to succeed, which require high levels of performance, redundant systems, and seamless integration across the different segments of digital infrastructure.

This is where the newly introduced EdgeX by HGC® set of services solves the problem by bringing together five fields of digital infrastructure and solutions under one umbrella for easy deployment, management, and scale. These include:

Connectivity: EdgeX by HGC® allows users to drastically reduce latency times, speed up market entry, and enjoy faster connectivity speeds by gaining access to HGC’s ready-to-go platform Eyeball-as-a-Service®  (EaaS), benefit from HGC’s and the AMS-IX (Amsterdam Internet Exchange) long standing partnership, and also grants acees to the HGC’s IP Transit (IPTx) family which delivers direct Internet connectivity via HGC’s own international IP backbone network.

Cybersecurity: As a comprehensive cybersecurity solution provider, HGC ensures connections and assets are protected through a diversified 360-degree cybersecurity portfolio which is included in EdgeX by HGC®. The suite contains flagship solutions like Anti-DDoS, data security design, phishing assment, bot detection, penetration testing, and more.

Direct Cloud Connect: Building on strong foundations deployed with the world’s leading cloud providers, subscribers of EdgeX by HGC® automatically gain access to enterprise-grade private network connectivity with dominated public cloud providers’ direct connect services and applications which ease deployment, expansion and bypass public Internet congestion delivering on high uptime SLAs.

Data Center & Managed Services: For data center operators in particular, EdgeX by HGC® offers an expressway that enhances the connectivity ecosystem and greatly reduces latency times with essential interconnections easily deployed to HGC’s global and regional hubs which include several points-of-presence (PoP) for OTTs. It also provides robust and easy manageable edge hosting computing capabilities including Public Cloud Direct Connections, and various Edge Compute Resources.

System Integration: With a lot of the world’s data being created at the edge, EdgeX by HGC® also combines HGC’s edge resources which enable rapid and widespread deployments through planning, design and integration.

EdgeX by HGC® is scalable, bespokable and can be used by companies of any size in any vertical from gaming to telecoms, OTTs, and any other enterprise that wishes to win in the digital space through a one-stop-shop solution that combines the horsepower of digital infrastructure into one solution platform designed to address the booming data demand sparked by the metaverse.

Commenting on the launch, Cliff Tam, HGC’s International Business Senior Vice President for Global Data Strategy & Operations, said: “EdgeX by HGC® not only offers faster and smoother service delivery, but it also expands OTT services with increased edge agility to capitalize on the enormous growth potential around this sector. By allowing OTTs to offload their cloud infrastructure and colocation services while increasing the network speeds, we are enabling users to focus on pushing the boundaries of innovation which is so crutial as the metaverse begins to take shape.”

About HGC Global Communications Limited

HGC Global Communications Limited (HGC) is a leading Hong Kong and international telecom operator and ICT solution provider. The company owns an extensive network and infrastructure in Hong Kong and overseas and provides various kinds of services. HGC has 23 overseas offices, with business over 5 continents. It provides telecom infrastructure service to other operators and serves as a service provider to corporate and households. The company provides full-fledged telecom, data centre services, ICT solutions and broadband services for local, overseas, corporate, SME and mass markets. HGC owns and operates an extensive fibre-optic network, five cross-border telecom routes integrated into tier-one telecom operators in mainland China and connects with hundreds of world-class international telecom operators. HGC is one of Hong Kong’s largest Wi-Fi service providers, running over 29,000 Wi-Fi hotspots in Hong Kong. The company is committed to further investing and enriching its current infrastructure and, in parallel, adding on top the latest technologies and developing its infrastructure services and solutions. In 2019, HGC Group completed the acquisition of Macroview Telecom Limited (Macroview), a leading digital technology solution and managed services provider. The addition of Macroview further accelerates HGC Group’s digital transformation path and positioning as a pioneering ICT and digital services leader. HGC is a portfolio company of I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities and transport in North America, Europe and selected fast-growing economies.

To learn more, please visit HGC’s website at: www.hgc.com.hk

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AISHU Unveiled a Methodology to Formulate Enterprise Data Strategies and Build Data-Driven Organizations at SMART 2022

SHANGHAI, July 7, 2022 /PRNewswire/ — Recently, at AISHU SMART 2022 Summit, AISHU formally unveiled a methodology for enterprises to formulate clear data strategies and build data-driven organizations, and launched the Open Source Program and Digital Partner Program 2.0 to create data-driven organizations with customers. Besides, AISHU reached strategic partnership with PwC China to provide better consulting and solution implementation services.

A Clear Data Strategy to Accelerate Data-Driven Business with Confidence

According to Forrester, only 28% of enterprises consider themselves mature or leading in data-driven operations and innovation. To help customers solve existing data challenges, AISHU believes that enterprises need to develop a clearer data strategy to confidently accelerate data-driven business.

A clear data strategy is made up of a competence pedestal, cultural pillars, innovative performance, and digital talents with superior leadership. The capability base includes flexible digital capabilities that adapt to multiple clouds, multidomain data capabilities around full scenarios, categories, and lifecycles, agile capabilities to face uncertain environments, and security governance capabilities. The two cultural pillars mean that the organization needs to form a data-driven culture internally and adopt an ecological mindset externally for a win-win partnership. 

Co-Creating Data-Driven Organizations with AISHU as a Digital Partner

A data strategy is the strategic driver at the organizational level, and the data-driven organization is the organizational goal pioneered by AISHU. With data as an important factor of production, data-driven organizations use data to drive business, achieve sustainable growth and innovative development to reshape the productivity of the organization.

AISHU, together with Forrester, conducted a comprehensive survey on the data capabilities of medium and large enterprises in different countries and industries worldwide. The data shows that 67% of customers choose to form a close and long-term partnership with vendors to help them implement their data strategies.

At the SMART 2022 main forum, Frank He, Founder & CEO of AISHU, formally proposed a methodology for building a data-driven organization, consisting of five parts: Digital Partner Program, Your-Data Architecture, Middle Platform Solution, Domain Cognitive Intelligence, and TPA Practices. This methodology is the framework for AISHU to implement data strategy and build a data-driven organization.

At SMART 2021, AISHU launched the Digital Partner Program 1.0, which combines customers’ business scenarios and industry knowledge with AISHU’s d multidomain data capabilities, which has been welcomed by many customers as a new type of partnership. In order to better co-create data-driven organizations with customers, AISHU officially launched the Open Source Program and Digital Partner Program 2.0 in 2022.

AISHU will open source three main products, including AnyDATA Framework, AnyRobot Eyes and AnyFabric, to allow customers, partners, and developers in the open-source community to co-create, enhance the products, and realize more scenario applications, jointly enabling products and services based on co-creation, transparency and trust.

About AISHU

AISHU provides a big data infrastructure with multidomain data capabilities including data protection, enterprise content management, log management and analysis, accelerating the digital transformation of over 27,000 global customers. Please visit: https://www.aishutech.com 

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CLPS Incorporation Announces New Generation of Loan Management System Development to Facilitate Digital Transformation for Banks

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, InstagramLinkedIn, 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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