back Back

CLPS acquires Purple Potato Finance to expand its credit card business

By Gloria Mathias

December 19, 2023

  • Cards Management
  • Cards Payments
  • Clps

CLPS, CLPS Incorporation, Purple Potato finance, Fintech Aquisition, Credit Card Business, Fintech Expansion, Cards Payments, Cards Management, Credit cards, Hong Kong News, CLPS Incorporation has announced that its wholly owned subsidiary, Qinson Credit Card Services Limited (QCC), has successfully acquired 100% equity in Purple Potato Finance (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, challenges the traditional notion that the core banking system can only be deployed through the mainframe. By maximising 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 an opportunity to leverage its developed financial system and thriving economic environment. Purple Potato’s money lending license 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 capitalise on the recovery of the Hong Kong tourism industry. This strategy aims to provide innovative credit card services for consumers in Hong Kong.

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 the groundwork for securing sustainable revenue streams in the future.”

Previous Article

December 19, 2023

Astra Tech’s Botim & Tencent Financial Technology launch remittances in China

Read More
Next Article

December 19, 2023

3 P2P lending platforms in USA to watch out for in 2024

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

Cards Management

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024