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FinVolution Group Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results

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3 years ago

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FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.

Fourth Quarter 2020 Financial and Operational Highlights

  • Net revenue was RMB1,853.0 million (US$284.0 million) for the fourth quarter of 2020, an increase of 50.3% from the fourth quarter of 2019.
  • Operating profit was RMB595.6 million (US$91.3 million) for the fourth quarter of 2020, an increase of 36.9% from the fourth quarter of 2019.
  • Non-GAAP adjusted operating profit[1], which excludes share-based compensation expenses before tax, was RMB613.4 million (US$94.0 million) for the fourth quarter of 2020, an increase of 38.0% from the fourth quarter of 2019.
  • Net profit was RMB497.3 million (US$76.2 million) for the fourth quarter, an increase of 20.6% from the fourth quarter of 2019.
  • Cumulative registered users[2] reached 116.1 million as of December 31, 2020.
  • Number of unique borrowers[3]was 2.2 million for the fourth quarter of 2020.
  • Loan origination volume[4] was RMB21 billion for the fourth quarter of 2020, an increase of 24.3% in the same period of 2019, and exceeding the top end of the Company’s guidance.
  • Repeat borrowing rate[5] was 84.3% for the fourth quarter of 2020, compared to 81.2% in the same period of 2019.
  • Average loan size[6] was RMB4,041 for the fourth quarter of 2020, compared to RMB3,681 in the same period of 2019.
  • Average loan tenure[7] was 8.2 months for the fourth quarter of 2020.

Fiscal Year 2020 Financial and Operational Highlights

  • Net revenue was RMB7,563.1 million (US$1,159.1 million) in 2020, an increase of 26.8% from 2019.
  • Operating profit was RMB2,307.5 million (US$353.6 million) in 2020, a decrease of 12.8% from 2019.
  • Non-GAAP adjusted operating profit[1], which excludes share-based compensation expenses, was RMB2,350.7 million (US$360.3 million) in 2020, a decrease of 12.6% from 2019.
  • Net profit was RMB1,968.6 million (US$301.7 million) in 2020, a decrease of 17.1% from 2019.
  • Repeat borrowing rate[5] was 88.2% in 2020, compared to 78.1% in 2019.
  • Average loan size[6] was RMB3,983 in 2020, compared to RMB3,267 in 2019.
  • Average loan tenure[7] was 8.3 months in 2020.

[1] Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.

[2] On a cumulative basis, number of users registered on our platform in Mainland China as of December 31, 2020.

[3] Represents the total number of borrowers in Mainland China whose loans were facilitated on our platform during the period presented.

[4] Represents the loan origination volume facilitated in Mainland China during the period presented.

[5] Represents the percentage of loan volume generated by repeat borrowers in Mainland China who have successfully borrowed on our platform before.

[6] Represents the average loan size on our platform in Mainland China during the period presented.

[7] Represents the average loan tenure period on our platform in Mainland China during the period presented.

[8] Represents the historical cumulative 30-day past due delinquency rates by loan origination vintage for all loan products in Mainland China.

Mr. Feng Zhang, the Chief Executive Officer of FinVolution, commented, “We continued our upward performance trend in the fourth quarter, helping us close the year on a strong note. Our loan origination volume, which was RMB21 billion and increased 23.6% compared to the previous quarter, exceeded the top end of our guidance range. This better-than-expected performance underscores our core capabilities that support us to navigate through market dynamics. We have successfully completed our strategic transition towards better quality borrowers, as evidenced by the significant improvement in our delinquency levels. Equipped with our framework of enhanced risk assessment and management, we were able to continue decreasing our funding cost, while simultaneously increasing the number of institutional funding partners, allowing us to maintain ample, diversified and stable funding sources on our platform. It is encouraging to see our strong growth momentum continue as we enter into 2021.

“In the light of the evolving market dynamics, our business remains solid with strong loan recovery and growth which began in the third quarter of 2020. Our technological capabilities and effective execution on our plan and strategy support our growth amid recovery. At the same time, our international expansion is progressing rapidly with Indonesia market leading the growth, and we made meaningful strides in other parts of Southeast Asia as we work to strengthen our presence there.

“With the successful transition to higher quality borrowers and improved delinquency rates[8], we now expect our loan origination volume to be in the range of RMB100 billion to RMB120 billion in 2021, representing an increase of between 56% to 87% year-over-year.

“Given our proven track record in technology innovation, prudent risk management and responsive measures taken to navigate challenging economic and credit cycles, we are well positioned to capture the immense potential in China’s consumer and micro enterprise markets as well as Southeast Asian fintech markets, ultimately delivering long-term value for our shareholders,” concluded Mr. Zhang.

Mr. Jiayuan Xu, the Chief Financial Officer of FinVolution, commented, “In the fourth quarter, amid a recovering COVID-19 environment in Mainland China, we delivered non-GAAP operating profit[1] of RMB613.4 million, representing an increase of 38.0% year-over-year and further demonstrating the resiliency of our core business model. Supported by a strong balance sheet with cash and short-term liquidity of RMB4.6 billion, our leverage ratio remains low at 3.2 times.

“Our Board has also declared the company’s third consecutive dividend which reaffirms our confidence in our business model and long term outlook. As a leading platform with innovative technological capabilities and strong balance sheet, FinVolution is well positioned to capture additional opportunities in both Mainland China and internationally,” concluded Mr. Xu.

Fourth Quarter 2020 Financial Results

Net revenue for the fourth quarter of 2020 increased by 50.3% to RMB1,853.0 million (US$284.0 million) from RMB1,232.8 million in the same period of 2019, primarily due to the increase in loan volume and the adoption of ASC 326. Before the adoption of ASC 326, gains or losses related to quality assurance commitments were recorded in one combined financial statement line item within other income. After the adoption of ASC 326, the guarantee income (i.e. the guarantee liability) was recorded as a separate financial statement line item within revenue and the credit losses for quality assurance were recorded within expenses. The increase in net revenue was partially offset by the decrease in the average rate of transaction fees.

Loan facilitation service fees increased by 19.4% to RMB643.3 million (US$98.6 million) for the fourth quarter of 2020 from RMB538.9 million in the same period of 2019, primarily due to the increase in loan origination volume which was partially offset by the decrease in average rate of transaction fees.

Post-facilitation service fees decreased by 36.3% to RMB175.7 million (US$26.9 million) for the fourth quarter of 2020 from RMB275.8 million in the same period of 2019, primarily due to the decline in outstanding loans serviced by the Company and the rolling impact of deferred transaction fees.

Guarantee income was RMB667.4 million (US$102.3 million) for the fourth quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the guarantee liabilities of quality assurance commitment are released as revenue systematically over the term of the loans subject to quality assurance commitment.

Net interest income decreased by 35.5% to RMB204.3 million (US$31.3 million) for the fourth quarter of 2020, from RMB316.8 million in the same period of 2019, primarily due to the reduction in the outstanding loan balances of consolidated trusts and the decrease in interest rates.

Other revenue increased by 60.1% to RMB162.2 million (US$24.9 million) for the fourth quarter of 2020 from RMB101.3 million in the same period of 2019, primarily due to increased customer referral fees to other third-party service providers.

Origination and servicing expenses increased by 52.3% to RMB464.9 million (US$71.3 million) for the fourth quarter of 2020 from RMB305.2 million in the same period of 2019, primarily due to the increases in employees expenditures and fees paid to third party service providers.

Sales and marketing expenses increased by 59.1% to RMB209.6 million (US$32.1 million) for the fourth quarter of 2020 from RMB131.7 million in the same period of 2019, primarily due to the increase in online customer acquisition expenses as a result of the increase in newly registered users on the Company’s platform.

General and administrative expenses increased by 55.4% to RMB157.3 million (US$24.1 million) for the fourth quarter of 2020 compared to RMB101.2 million in the same period of 2019, due to increased expenditures in employees benefits.

Research and development expenses increased by 14.1% to RMB106.2 million (US$16.3 million) for the fourth quarter of 2020, compared to RMB93.1 million in the same period of 2019, due to increased investments into technology development.

Credit losses for quality assurance commitment were RMB308.7 million (US$47.3 million) for the fourth quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the expected credit losses of quality assurance commitment will be accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460.

Provision for loans receivables was RMB-42.5 million (US$-6.5 million) for the fourth quarter of 2020, compared with RMB102.6 million in the same period of 2019, primarily due to better-than-expected delinquency rates as well as the decrease in loan receivables during the quarter.

Provision for accounts receivables and other receivables decreased by 17.0% to RMB53.1 million (US$8.1 million) for the fourth quarter of 2020, compared with RMB64.0 million in the same period of 2019 as a result of the improvement in expected delinquency rates.

Operating profit increased by 36.9% to RMB595.6 million (US$91.3 million) for the fourth quarter of 2020 from RMB435.1 million in the same period of 2019.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB613.4 million (US$94.0 million) for the fourth quarter of 2020, representing an increase of 38.0% from RMB444.5 million in the same period of 2019.

Other income decreased by 93.1% to RMB2.1 million (US$0.3 million) for the fourth quarter of 2020 from RMB30.3 million in the same period of 2019, mainly due to the decreases in government subsidies and investment gains.

Income tax expenses were RMB100.4 million (US$15.4 million) for the fourth quarter of 2020, compared with RMB57.1 million in the same period of 2019, mainly due to the increase in pre-tax profit and change in effective tax rate due to change in revenue contribution from different subsidiaries.

Net profit was RMB497.3 million (US$76.2 million) for the fourth quarter of 2020, compared with RMB412.5 million in the same period of 2019.

Net profit attributable to ordinary shareholders of the Company was RMB493.9 million (US$75.7 million) for the fourth quarter of 2020, compared with RMB411.3 million in the same period of 2019.

As of December 31, 2020, the Company had cash and cash equivalents of RMB2,632.2 million (US$403.4 million) and short-term investments mainly in wealth management products of RMB1,971.0 million (US$302.1 million).

The following table provides the delinquency rates for all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.

As of

15-29
days

30-59
days

60-89
days

90-119
days

120-149
days

150-179
days

September 30, 2017

0.89%

1.40%

1.15%

1.02%

0.79%

0.60%

December 31, 2017

2.27%

2.21%

1.72%

1.63%

1.36%

1.20%

March 31, 2018

0.87%

2.11%

2.43%

3.83%

2.29%

1.89%

June 30, 2018                  

0.83%

1.21%

1.05%

0.98%

1.60%

2.03%

September 30, 2018                  

1.03%

1.77%

1.49%

1.29%

1.06%

1.02%

December 31, 2018                  

0.92%

1.63%

1.41%

1.45%

1.44%

1.34%

March 31, 2019

0.80%

1.61%

1.45%

1.29%

1.31%

1.20%

June 30, 2019

0.86%

1.42%

1.37%

1.19%

1.26%

1.21%

September 30, 2019

0.90%

1.50%

1.35%

1.31%

1.17%

1.20%

December 31, 2019                  

1.34%

2.40%

1.86%

1.76%

1.62%

1.53%

March 31, 2020

1.34%

3.03%

2.33%

2.44%

2.64%

2.17%

June 30, 2020

0.71%

1.36%

1.70%

2.00%

2.75%

2.38%

September 30,2020

0.46%

0.72%

0.74%

0.90%

1.07%

1.43%

December 31, 2020

0.35%

0.55%

0.48%

0.52%

0.49%

0.55%

The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage in Mainland China for all loan products facilitated through the Company’s online marketplace as of December 31, 2020:

Click here to view the chart.

Month on Book

Vintage

2nd

3rd

4th

5th

6th

7th

8th

9th

10th

11th

12th

2017Q3

2.22%

3.05%

4.13%

5.18%

6.13%

6.64%

6.88%

7.04%

7.16%

7.22%

7.26%

2017Q4

2.86%

4.24%

5.19%

5.69%

5.98%

6.19%

6.29%

6.39%

6.47%

6.49%

6.50%

2018Q1

1.37%

2.20%

2.99%

3.67%

4.32%

4.86%

5.23%

5.50%

5.66%

5.74%

5.77%

2018Q2

1.87%

3.12%

4.39%

5.46%

6.33%

6.99%

7.47%

7.80%

7.99%

8.08%

8.13%

2018Q3

1.45%

2.51%

3.53%

4.39%

5.09%

5.59%

5.97%

6.28%

6.50%

6.64%

6.72%

2018Q4

1.43%

2.49%

3.55%

4.42%

5.18%

5.76%

6.20%

6.54%

6.81%

7.01%

7.16%

2019Q1

1.34%

2.38%

3.45%

4.36%

5.13%

5.75%

6.22%

6.65%

6.99%

7.25%

7.43%

2019Q2

1.33%

2.34%

3.31%

4.18%

5.05%

5.82%

6.44%

6.98%

7.34%

7.50%

7.52%

2019Q3

1.02%

2.16%

3.42%

4.55%

5.64%

6.45%

6.92%

7.13%

7.20%

7.20%

7.15%

2019Q4

0.83%

2.07%

3.37%

4.45%

5.12%

5.50%

5.68%

5.79%

5.83%

5.80%

5.73%

2020Q1

0.81%

1.73%

2.46%

2.97%

3.35%

3.59%

3.71%

3.78%

2020Q2

0.44%

0.92%

1.34%

1.65%

1.90%

2020Q3

0.41%

0.81%

Fiscal Year 2020 Financial Results

Net revenue for 2020 increased by 26.8% to RMB7,563.1 million (US$1,159.1 million) from RMB5,962.8 million in 2019, primarily due to the adoption of ASC 326. Before the adoption of ASC 326, gains or losses related to quality assurance commitments were recorded in one combined financial statement line item within other income. After the adoption of ASC 326, the guarantee income (i.e. the guarantee liability) was recorded as a separate financial statement line item within revenue and the credit losses for quality assurance were recorded within expenses. The increase in net revenue was partially offset by the decline in loan origination volume and decrease in average rate of transaction fees.

Loan facilitation service fees decreased by 42.3% to RMB1,908.9 million (US$292.5 million) for 2020 from RMB3,310.9 million in 2019, primarily due to the decline in loan origination volume and decrease in the average rate of transaction fees.

Post-facilitation service fees decreased by 43.9% to RMB673.0 million (US$103.1 million) for 2020 from RMB1,200.4 million in 2019, primarily due to the decline in outstanding loans serviced by the Company and the rolling impact of deferred transaction fees.

Guarantee income was RMB3,386.0 million (US$518.9 million) for 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the guarantee liabilities of quality assurance commitment are released as revenue systematically over the term of the loans subject to quality assurance commitment.

Net interest income for 2020 was RMB1,113.3 million (US$170.6 million) compared to RMB1,106.7 million in 2019.

Other revenue increased by 39.8% to RMB481.9 million (US$73.9 million) for 2020 from RMB344.8 million in 2019, primarily due to increased customer referral fees to other third-party service providers.

Origination and servicing expenses increased by 9.7% to RMB1,325.6 million (US$203.2 million) for 2020 from RMB1,208.2 million in the prior year, primarily due to the increase in fees paid to third party service providers.

Sales and marketing expenses decreased by 33.0% to RMB482.9 million (US$74.0 million) for 2020 from RMB720.3 million in 2019, primarily due to the decrease in online customer acquisition expenses as a result of the decline in newly registered users on the Company’s platform during the COVID-19 pandemic period.

General and administrative expenses increased by 5.8% to RMB461.1 million (US$70.7 million) for 2020 from RMB435.8 million in 2019, mainly due to increased expenditures for employees benefits.

Research and development expenses decreased by 5.2% at RMB370.2 million (US$56.7 million) for 2020, compared to RMB390.6 million in 2019, primarily due to a more streamlined workforce in technology-related departments.

Credit losses for quality assurance commitment were RMB2,008.0 million (US$307.7 million) for 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the expected credit losses of quality assurance commitment will be accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460.

Provision for loans receivables was RMB463.2 million (US$71.0 million) for 2020, compared with RMB299.5 million in 2019, primarily due to the adoption of ASC 326, which requires the Company to recognize the life time credit losses upon initial recognition and change in loan portfolio mix.

Provision for accounts receivables and other receivables decreased by 44.7% to RMB144.7 million (US$22.2 million) for 2020, compared with RMB261.9 million in 2019 as a result of the decline in loan origination volume and improvement in delinquency rates.

Operating profit decreased by 12.8% to RMB2,307.5 million (US$353.6 million) for 2020 from RMB2,646.4 million in 2019.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB2,350.7 million (US$360.3 million) for 2020, representing a decrease of 12.6% from RMB2,688.7 million in 2019.

Other income decreased by 14.7% to RMB116.5 million (US$17.9 million) for 2020, from RMB136.5 million in 2019, primarily due to the decreases in investment gains.

Income tax expenses were RMB455.4 million (US$69.8 million) for 2020, compared with RMB482.0 million in 2019, due to the decline in pre-tax profit and recognition of gains related to quality assurance in a subsidiary with preferential tax status as a result of tax planning.

Net profit was RMB1,968.6 million (US301.7 million) for 2020, compared with RMB2,374.5 million in 2019.

Net profit attributable to ordinary shareholders of the Company was RMB1,972.7 million (US$302.3 million) for 2020, compared with a net profit attributable to ordinary shareholders of RMB2,372.9 million in 2019.

Company’s Share Repurchase Update

As of December 31, 2020, the Company has deployed approximately US$18.1 million under its existing repurchase program with an authorization of US$60 million to repurchase its American Depositary Shares (“ADSs”). In combination with the Company’s previous repurchase program with authorization of US$120 million, the Company has deployed a total of approximately US$129.1 million to repurchase its ADSs.

FinVolution Group’s Chairman Ownership Update

Mr. Shaofeng Gu, the Chairman and Chief Innovation Officer of the Company, has informed the Company on January 11, 2021 that he had continued to purchase in his personal capacity 0.53 million of the Company’s ADSs in the fourth quarter of 2020. In 2020, Mr. Gu purchased a total of 3.41 million ADSs. The purchases were made during an open window period and in compliance the Company’s guidelines. As of December 31, 2020, Mr. Shaofeng Gu beneficially owned an aggregate number of 416,928,560 ordinary shares, representing approximately 29.6% of beneficial ownership in the Company.

Changes of Management

The Board has approved the resignation of Mr. Ming Gu from the position of the Chief Risk Officer and the Chief Data Officer. Mr. Ming Gu’s resignation was due to his personal reasons. To ensure a smooth transition, Mr. Ming Gu will remain in his capacity until March 31, 2021.

Ms. Chang Liu, the Company’s Vice President who joined in 2016, will be tasked with leading the department of risk management. Mr. Lei Chen, the Company’s Vice President who joined in 2017, will be tasked with leading the department of data science and AI.

“I would like to thank Mr. Ming Gu for his contributions during his tenure at FinVolution as he helped develop the Company’ credit risk assessment and fraud detection models as well as drive all aspects of the data management process with his professionalism and industry expertise. On behalf of FinVolution, we wish him well in his future endeavors,” said Mr. Zhang, CEO of the Company.

Business Outlook

As China’s economic environment gradually recovers in the aftermath of the COVID-19 outbreak, the Company has been experiencing improvements in numerous operational metrics since the second half of 2020. The Company will continue to closely monitor the situation of global pandemic and remain agile in its business operations. As such, the Company holds a cautiously optimistic view on its operations and anticipates a steady growth in its loan origination volume in 2021, which is expected to be in the range of RMB100 billion to RMB120 billion.

The above outlook is based on current market conditions and reflects the Company’s preliminary expectations as to market conditions, its regulatory and operating environment, as well as customer and institutional investor demand, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on March 11, 2021 (8:00 PM Beijing/Hong Kong time on March 11, 2021).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

Canada (toll free):

1-855-669-9657

International:

1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

852-3018-4992

Mainland China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 18, 2021, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

Canada (toll free):                

1-855-669-9658

International:

1-412-317-0088

Replay Access Code:

10152905

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2020, the Company had over 116.1 million cumulative registered users.

For more information, please visit  https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use Non-GAAP operating profit, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating profit help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating profit provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating profit is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net (loss)/income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this Non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the rate in effect as of December 31, 2020 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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JERSEY CITY, N.J., May 2, 2024 /PRNewswire/ — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI In Life Science Analytics Market – By Component (Software, Hardware, Services), By Deployment (On-premise, Cloud), By Application (Research and Development, Sales and Marketing support, Supply chain analytics), By End-user (Medical Devices, Pharmaceutical, Biotechnology)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”

According to the latest research by InsightAce Analytic, the Global AI In Life Science Analytics Market is valued at US$ 1.63 Bn in 2023, and it is expected to reach US$ 3.56 Bn by 2031, with a CAGR of 10.39% during the forecast period of 2024-2031.
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AI in the context of life science analytics refers to the use of AI techniques and tools for the analysis of biological as well as environmental data. With the use of artificial intelligence (AI), life science analytics may make better use of complex healthcare, medical, and scientific information by applying high-level computational algorithms. 
The goal of life science analytics is to find useful patterns in massive amounts of medical, clinical, and biological data by applying various data analysis tools and techniques. Because of its superior computing and learning capabilities, AI is indispensable in improving life science analytics. The demand for more accurate and tailored techniques in healthcare and the life sciences, together with the rising availability of data, is projected to propel artificial intelligence in the life science analytics market to new heights as the discipline undergoes more development.
Pharmaceutical spending on complex diseases like cancer is on the rise, which is fueling the expansion of artificial intelligence in the life science analytics industry. However, implementing artificial intelligence (AI) solutions can be prohibitive for smaller organizations, making investing in the necessary technology and training difficult.
List of Significant Players in the AI In Life Science Analytics Market:
IndegeneLexalyticsDatabricksSAS Institute Inc.SisenseIQVIAIBMSorcero AtomwiseNuMediiAiCure LLCNuance CommunicationsAPIXIO, IncInsilico MedicineOther Market PlayersAI In Life Science Analytics Market Report Scope:
Report Attribute
Specifications
Market Size Value In 2023
USD 1.63 Bn
Revenue Forecast In 2031
USD 3.56 Bn
Growth Rate CAGR
CAGR of 10.39 % from 2024 to 2031
Quantitative Units
Representation of revenue in US$ Million and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report Coverage
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered
By Component, Application, Deployment, And End-Use
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Market Dynamics:
Drivers- 
The growing demand for AI in the life science analytics market is fueled by the exponential growth of data in the life sciences. Conventional methods of data analysis need to be revised in the face of the enormous amounts of biological, clinical, and healthcare data produced by genomics, proteomics, and electronic health records. Artificial intelligence (AI) has arisen as a game-changing solution because of its superior processing capabilities; it can handle and derive valuable insights from these immense and complicated datasets with ease. Incredible possibilities for pattern discovery, disease outcome prediction, and optimization of healthcare and life sciences research await in the mountains of data. Utilizing AI, researchers, healthcare experts, and pharmaceutical businesses can easily integrate and analyze various forms of data, which in turn allows them to uncover useful insights.
Challenges:
The prime challenge is a lack of awareness, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of AI in the life science analytics market. The low level of implementation of AI in several healthcare settings. There is no denying AI’s revolutionary promise in healthcare, yet smaller or less tech-savvy healthcare organizations face challenges when trying to integrate these new technologies. In these contexts, adoption is more gradual because of a lack of resources, including both financial commitment and trained staff. Implementing AI systems is complex, necessitating specialized training and infrastructure changes, which adds to the already existing difficulties. In addition, the health and life science sectors were helped by the COVID-19 epidemic. There was a dramatic uptick in the use of artificial intelligence (AI) for life science analytics as a response to the epidemic, which prompted the industry to speed up innovation in the face of such a dire threat. During the pandemic, markets worldwide grew because of AI-driven discoveries, not the months-long and similarly costly traditional methods of vaccine recognition.
Regional Trends:
The North American AI in life science analytics market is anticipated to record a large market share in terms of revenue. It is projected to grow at a high CAGR in the near future due to the high need for AI solutions in almost every field of life science. Artificial intelligence (AI) solutions for biotech, precision medicine, and drug development are in high demand in this country. Besides, Asia Pacific had a remarkable share in the market due to the fact that numerous research firms have ramped up their investments in artificial intelligence software and technology in an effort to boost operational efficiency.
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Recent Developments:
In Feb 2024, Wipro and IBM extended their partnership in order to provide clients with new AI services and support. the Wipro enterprise ai-ready platform was developed by Wipro and IBM in the course of an extensive collaboration. The expanded collaboration merged the technological prowess and industry knowledge of Wipro with IBM’s pioneering hybrid cloud and AI developments. The objective was to develop collaborative solutions that facilitated the progress of integrating, enterprise-ready, dependable, and comprehensive artificial intelligence solutions.In Dec 2022, Quantori formed a partnership with Databricks to expedite data-driven advancements in the fields of life sciences and healthcare. Quantori created solutions using the Databricks Lakehouse Platform to offer immediate insights into real-world data to enhance patient outcomes for researchers and physicians.Segmentation of AI In Life Science Analytics Market-
By Component-
SoftwareHardwareServicesBy Deployment-
On-premiseCloudBy Application-
Research and DevelopmentSales and Marketing supportSupply chain analyticsOthersBy End-user-
Medical DevicesPharmaceuticalBiotechnologyBy Region-
North America-
The USCanadaMexicoEurope-
GermanyThe UKFranceItalySpainRest of EuropeAsia-Pacific-
ChinaJapanIndiaSouth KoreaSouth East AsiaRest of Asia PacificLatin America-
BrazilArgentinaRest of Latin America Middle East & Africa-
GCC CountriesSouth AfricaRest of the Middle East and AfricaFor More Customization @ https://www.insightaceanalytic.com/customisation/2456 
Why should buy this report:
To receive a comprehensive analysis of the prospects for global AI In Life Science Analytics marketTo receive industry overview and future trends of global AI In Life Science Analytics marketTo analyze the AI In Life Science Analytics market drivers and challengesTo get information on the AI In Life Science Analytics market size value (US$ Mn) forecast till 2031Major Investments, Mergers & Acquisition in global AI In Life Science Analytics market industryOther Related Reports Published by InsightAce Analytic:
Life Science Tools Market 
Big Data in Healthcare Market 
Digital Twins in Healthcare Market
eConsent In Healthcare Market
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact US:InsightAce Analytic Pvt. Ltd.Tel.: +1 551 226 6109Email: [email protected] Visit: www.insightaceanalytic.comFollow Us on LinkedIn @ bit.ly/2tBXsgS
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Fiix by Rockwell Automation Announces Industry-Leading GenAI Prescriptive Work Orders

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May 2, 2024

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Included in Fiix Asset Risk Predictor, Fiix Prescriptive Maintenance transforms asset health predictions into actionable work orders
BRUSSELS, May 2, 2024 /PRNewswire/ — Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, is excited to add cutting-edge, generative artificial intelligence (GenAI) prescriptive work orders to Fiix Asset Risk Predictor software, creating the first complete predictive and prescriptive maintenance solution to help manufacturers eliminate unplanned downtime.

Fiix Asset Risk Predictor’s powerful AI can be set up in as little as two weeks and starts predicting asset failures days in advance. With the addition of Fiix Prescriptive Maintenance, it now features GenAI capabilities that transform failure predictions into detailed, actionable work orders for maintenance teams.
Work orders are generated using asset data, completed work orders and trusted maintenance sources. Teams can then review and edit work orders, and instantly push them to any computerized maintenance management system (CMMS) or enterprise asset management (EAM) tool. All data is kept completely private and protected by the highest security standards.
“With Fiix Prescriptive Maintenance, you can turn asset data into the predictions and work orders you need to drastically reduce unplanned downtime, boost operational equipment effectiveness (OEE), and make better use of resources,” says Sandy D’Souza, senior director sales, Americas, Fiix by Rockwell Automation. “It also helps close the maintenance knowledge gap, ensuring everyone has access to detailed asset and work order information, whether they’ve just started their career or have decades of experience at a company.”
By bringing together AI-powered predictive maintenance and actionable GenAI work orders, Fiix Asset Risk Predictor ensures manufacturers see results in the fastest time possible.
Fiix Asset Risk Predictor, now including Fiix Prescriptive Maintenance, can be purchased and used independently from the Fiix CMMS or seamlessly integrated with it. It can also be integrated with any CMMS or EAM your company uses.
About Rockwell Automation 
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 29,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com. 
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Breaking New Ground: Sentiance Introduces First Mobile Crash Detection for Motorcycles

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54 mins ago

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May 2, 2024

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ANTWERP, Belgium, May 2, 2024 /PRNewswire/ — Sentiance, a leader in road safety solutions, today announces a significant advancement in motorcycle safety with the expansion of its mobile Crash Detection technology. Originally developed for cars, this first-of-its-kind solution is now tailored specifically for motorcycles.

Built on state-of-the-art interpretive AI and machine learning models, Sentiance’s Crash Detection technology utilizes smartphone sensors and GPS data to analyze motion data in real-time. This enables the system to detect potential impacts with exceptional accuracy and reliability, addressing the unique dynamics of motorcycles. Unlike other systems, Sentiance’s technology operates directly on-device, ensuring a high level of privacy and data security.
“Today we see around 30% of all road crash deaths globally involving motorcycles, with countries like Thailand having an average of 5,000 motorcyclist deaths recorded annually. Ahead of the game, we’re not just enhancing safety features for those motorcycle riders, we are fundamentally transforming their safety landscape,” said Toon Vanparys, CEO of Sentiance. “This technology is not only a game-changer for individual safety but also addresses a significant need in markets where motorcycles are essential for daily transport and industries like food, grocery, and document delivery.”
This technology is especially crucial in regions like APAC, the Middle East, India, Africa, and South America, to transform road safety standards and make advanced safety tools easily accessible. Sentiance’s scalable and affordable technology ensures that even in cost-sensitive markets, safety, and privacy are not compromised.
By reducing accident response times and improving driving behaviors through data-driven insights, Sentiance’s mobile Crash Detection promises to reduce accident response times, saving lives and improving road conditions globally.
About Sentiance
Sentiance is the leader in motion insights. Our mission is to save lives every day and shape the future of road safety. Unlike telematics companies, we focus on the driver and not the vehicle because most accidents are caused by human error. 
With our revolutionary on-device AI technology, companies use insights from The Edge Platform to produce scalable, cost-efficient, and privacy-centric solutions for their customers.

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