- With the launch of its Big Data Insights Division (Sapientus), FingerMotion is now capable of using its access to real users’ data to create behavioral analytics and data insights that ensure it can capitalize on the emerging big data opportunities
- A recent report notes that consumer analytics is proving vital in customer-facing industries such as banking, financial services, insurance, automotive, and healthcare
- FingerMotion, which announced an agreement with Pacific Life Re-Insurance early this year, appears to be leveraging the appeal for big data insights in the insuratech business
- The company expects multiple contracts relating to its insuratech products before the end of the year
Since its founding in 2016, FingerMotion (OTCQX: FNGR) has continually evolved by establishing various divisions that have undergirded the development of the newly launched Big Data Insights division (Sapientus), making the company capable of capitalizing on the emerging big data trends in China. FNGR believes its future lies in the Sapientus division (https://ibn.fm/ZOKLu) and a look at the various big data opportunities in China suggests the reasoning behind this belief.
China is the largest manufacturing country, thanks, in part, to the availability of lower-wage workers and growing technologies. However, its cost advantage is increasingly under threat from other Asian countries and needs offer higher value by using tools like big data. Also, as the government’s strategy focuses on spurring equitable, efficient, secure, and sustainable economic development as well as digital transformation, the big data market is expected to expand in the next few years.
According to an International Data Corporation report, China’s big data market is expected to increase to over $20 billion by 2024, representing a 145% increase from the figure reported in 2019. In fact, between 2019 and 2020, the market size had already grown by 15.9%, eclipsing the $10 billion mark for the first time. The upward trend is attributable to fintech innovation and a government-led digital transformation. Already, banking, telecommunication companies, and local governments have invested in big data infrastructure, accounting for 38% of the total spending in 2020 (https://ibn.fm/iFKkQ).
Further, a recent report by ResearchAndMarkets.com notes that investment opportunities of big data technology in China are expected to grow at a 30% CAGR between 2021 and 2026. “Big data has enormous potential to revolutionize the Chinese economy,” reads the report (https://ibn.fm/ioSnG). “China has the world’s largest consumer market. The world’s workshop, China, is producing countless goods for export. Big data can offer critical insights into China’s highly valued consumer market and assist Chinese firms trying to engage in high-value economic activities.”
The report indicates that the amount of data generated from China’s massive consumer market is already huge and will only increase in the coming years. Touted as the solution to efficiently handle these large volumes of data, big data is proving fundamental for companies competing in China, especially those in the automotive and healthcare, as well as banking, financial services, and insurance (“BFSI”) sectors as they are predominantly B2C-focused entities.
Thanks to a relationship forged with the three largest telecommunication companies in China, FingerMotion has access to a secure database of more than 1.5 billion users, from which it retrieves only demographic information to create data packets that personify the mobile data and subsequently generate data insights and behavioral insights (https://ibn.fm/9XKcf). Given that China’s population currently stands at 1.41 billion, according to a census conducted in late 2020 (https://ibn.fm/ttoJ2), but also bearing in mind that many telecommunication customers use multiple sim cards, FNGR appears to be ahead of the data insights curve in terms of access to real users’ data.
The company is initially focusing its big data efforts on insuratech products, leveraging the ever-expanding need for data insights and consumer analytics by B2C companies in the BFSI industry. In January, FingerMotion announced an agreement with Pacific Life Re-Insurance and, while reporting the company’s financial position, CEO Martin Shen expressed optimism that by the end of calendar 2021, FNGR expects multiple contracts relating to its insuratech products.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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