Jkopay Co (街口電子支付) and Gama Pay Co (橘子支) have filed applications with the Financial Supervisory Commission (FSC) to increase their capital by NT$400 million and NT$200 million (US$12.65 million and US$6.33 million) respectively to expand their marketing programs.
Jkopay, a subsidiary of Jkos Network Co (街口網絡), would use the money to fund its new business plans, Jkos Network founder and chief operating officer Kevin Hu (胡亦嘉) said on Friday, without disclosing details.
Jkopay’s transactions in April totaled NT$701 million, higher than all six of its major local rivals — five institutions with electronic payment licenses and Line Pay, which is cooperating with iPass Corp (一卡通票證) to process electronic payments — commission data showed.
However, Jkopay ranked third in the number of users, which totaled 808,891 as of the end of April, lower than iPass and Line Pay’s 1.46 million users and AllPay Financial Information Service Co’s (歐付寶) 817,167 users, the data showed.
“We are the most favored payment tool for users younger than 40,” Jkopay said in a statement, adding that it has been trying to expand its partnerships with stores nationwide to attract more consumers.
The company last month announced that it has partnered with Kentucky Fried Chicken and Pizza Hut, which are operated by Jardine Food Services (Taiwan) Co (富利食品), as mobile payment would be a suitable tool for fast-food restaurants, it said.
Jkopay, launched in October 2015, first applied for a capital increase in February last year for a NT$100 million injection, and another NT$300 million in April, Banking Bureau Deputy Director Sherri Chuang (莊琇媛) told a news conference on Tuesday.
Gama Pay last year boosted its capital by NT$100 million and in March applied to increase it by another NT$200 million, Chuang said.
“All of the electronic payment companies in the nation are still losing money, as they continue to build customer base and spend a lot on rewards or discounts to attract consumers,” Chuang said.
However, their cumulative losses cannot exceed half of their paid-in capital, which might be why Jkopay and Gama are boosting their capital, she said.
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Advanced Micro Devices Inc (AMD) suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence (AI) chips, but did not provide hoped-for information on customers or financial performance. The stock slid 4 percent to US$164.18 on Thursday, the biggest single-day drop since Sept. 3. Shares of the company remain up 11 percent this year. AMD has emerged as the biggest contender to Nvidia Corp in the lucrative market of AI processors. The company’s latest chips would exceed some capabilities of its rival, AMD chief executive officer Lisa Su (蘇姿丰) said at an event hosted by
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more
RSS