- Software integration company Fintech Chain (FTC) has reported its business is operating as usual, despite the coronavirus outbreak
- The company reports that some of its key staff have returned to its office in Shenzhen, while other staff are working online from their homes
- During the coronavirus contaminated period, China’s overall consumer transaction volume declined, which will impact Fintech’s revenue
- Fintech is down 6.32 per cent on market close, trading at 8.9¢ apiece
Software integration company Fintech Chain (FTC) has reported its business is operating as usual, despite the coronavirus outbreak.
The company reports that some of its key staff have returned to its office in Shenzhen, while other staff are working online from their homes.
“The staffing situation is basically the same for our partners, predominately banks. As far as the overall operation is concerned, our business is operating as usual,” the company told the market.
Fintech says its staff has been set daily and weekly targets to meet and are reporting to management.
During the coronavirus contamination period, China’s overall consumer transaction volume declined, which will impact Fintech’s revenue.
The effect on cash flow initially will be relatively minor as trade receivables will be collected in the short term. However, if the reduction in revenue is significant (due to a decrease in overall consumer transaction volume) for a longer period, the effect on cash flow will become obvious.
Due to the result of the virus, the online transaction popularity means Fintech’s business partners, including banks and merchants, who use its T-Linx will need the upgraded version. The upgrade will help with increased online sales.
“FTC’s management is hoping this change of shopping behaviour due to the Government restriction on human movement in China can offset some of the negative effects,” the company said.
Fintech is down 6.32 per cent on market close, trading at 8.9¢ apiece.