CLPS Incorporation, provided an update on the latest implementation of its global expansion strategy. Its expansion pipeline includes the establishment of a subsidiary in the Philippines, boosting the business in Southeast Asia, and pursuing overseas merger and acquisition.
For the six months ended December 31, 2020, CLPS reported that its revenue generated outside of Mainland China increased by 53.9% to $6.6 million compared to the prior year period. This only shows the Company’s aggressive efforts in advancing its business presence in the overseas market with focus on Asia Pacific, particularly in the Southeast Asia region.
Read Also: SEI’s Collective Investment Trust Business Experiences Significant Growth
The fintech industry in Southeast Asia, such as in Singapore, has been rapidly growing. Most banks are heavily invested in digital transformation, including the migration of traditional services to mobile platform. Mr. Srustijeet Mishra, head of CLPS Southeast Asia Region (“CLPS SEA”), said, “Despite the COVID-19 pandemic and economic slowdown in Asia, CLPS SEA’s business has continued to be operational. We have been working alongside with our clients in the banking and fintech industries for the IT system implementation and business process optimization. The service coverage includes customized development, testing and support of IT systems in core banking, wealth management, credit card, online lending, and online payment. We also implemented projects for the development and testing of mobile and web application, in addition to IT consulting services.”
Read More: Linedata Launches First Integrated ESG Data Solution For Asset…
The Company’s strategic business locations have provided a solid foundation to lay out its competitive advantage in the IT services industry. “Our strong and unified teams of IT professionals located in China and in India enable us to deliver high quality and industry standard IT services. I believe that this setup is a clear advantage that differentiates CLPS from other IT services players with only local operations in Southeast Asia,” Mr. Mishra added.
Mr. Henry Li, Chief Operating Officer of CLPS, said, “The effectiveness of our global expansion strategy has further pushed us to pursue the overseas market. In fact, we recently started to provide Internet of Things (IoT) services for the development of a vehicle’s intelligent monitoring system in Japan. On top of that, we also continue to expand our global network through mergers and acquisitions in China, Southeast Asia, and in the U.S. Our M&A efforts are focused on financially sound companies with business model similar or complementary to CLPS, which we expect to contribute in our business growth going forward.”
Read More: KPMG’s New Tax Data Reader Tool Automates Analysis Of Financial Data, Simplifying…
