HONG KONG, June 8, 2021 /PRNewswire/ --CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today announced that it has formed a joint venture with Columbus Century Development Co., Pte. Ltd. ("Columbus"), a blockchain technology solutions provider. The joint venture aims to develop and upgrade blockchain-based digital asset solutions for financial institutions. Such digital asset solutions include custody, exchange, payment, and non-fungible token (NFT) distribution platforms, particularly in wealth management and various investment transactions, among others.

On June 4, 2021, CLPS, through its wholly owned subsidiary, Growth Ring Ltd., entered into a shareholder agreement with Columbus (the "Agreement"). Pursuant to the Agreement, both parties have agreed to establish a British Virgin Islands joint venture company ("Joint Venture") within 30 days after the signing, and will eventually plan to set up wholly owned subsidiaries in Hong Kong SAR and Hainan. Upon closing of the transaction, CLPS and Columbus will hold 55% and 45% of the Joint Venture's shares, respectively.

The rapid growth of digital assets in recent years has led to the increased demand for professional and compliant digital asset management platform among traditional banks and financial institutions, which can be leveraged for potential business opportunities under a stringent digital embedded supervision. Under the joint venture arrangement, Columbus' blockchain-based digital asset solutions will be deeply integrated into CLPS's big data and cloud computing technologies to accelerate the engagement of traditional banks and other financial institutions in the digital asset platform. With this strategy, it will significantly reduce the financial institutions' independent development and operational costs.

Following the integration of the combined business, the upgraded solutions will be comprised of digital asset platforms suited for financial institutions such as the management and custody service platform, trading and settlement platform, exchange platform, smart contract deployment protocol and testing services, next generation decentralized and distributed services, and NFT distribution platform.

Mr. Chong Zhang, Technical Director of the Joint Venture, said: "With the respective competitive advantages of CLPS and Columbus in financial industry and blockchain technology coupled with the growing demand for blockchain-based digital asset management solutions from global financial institutions, we are well-positioned to accelerate our research and development efforts to provide financial institutions the emerging technology solutions in advancing their business and technological innovation."

Ms. Jing Zhao, Senior Vice President of CLPS Innovation Lab, said, "Our cooperation with Columbus will open a wider perspective for technology and product innovation. Aside from the performance optimization of our blockchain-based loyalty rewards program and training systems, this cooperation can also promote the integration of digital assets and blockchain technology to our credit card, loans, and other financial products, which will allow more efficient service delivery to our clients."

Mr. Henry Li, Chief Operating Officer of CLPS, said, "We continue to promote our 'dual-engine' development strategy by accelerating the improvement of our technology and product capabilities while maintaining the organic growth of our traditional business. We continuously improve our competitiveness in financial products by combining independent research and development with investment and acquisition. For the first time, the establishment of the joint venture company with a focus on blockchain technology will further enrich our technological strength. It also marks an important milestone in our digital transformation and innovation initiatives."

Mr. Raymond Lin, Chief Executive Officer of CLPS, said, "We are excited about this joint venture which will enable our clients in the financial sector to welcome the benefits of digital asset products, while we continue to strengthen our competitive advantage in the IT services industry, client base, and partners. We expect that it can bring new opportunities for our growth as we contribute to the digital trend of global finance."

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, UK, Japan, Singapore, Malaysia, Australia, and India. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on FacebookLinkedIn, 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

Cision View original content:http://www.prnewswire.com/news-releases/clps-incorporation-and-columbus-announce-joint-venture-to-develop-and-upgrade-blockchain-based-digital-asset-solutions-301307576.html

SOURCE CLPS

Copyright 2021 PR Newswire

CLPS Incorporation (NASDAQ:CLPS)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more CLPS Incorporation Charts.
CLPS Incorporation (NASDAQ:CLPS)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more CLPS Incorporation Charts.