CLPS acquires Purple Potato Finance to expand its credit card business
By Gloria Mathias
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.”
IBSi Daily News Analysis
February 23, 2024
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage