Technology

Cheche Group Reports Second Quarter 2024 Unaudited Financial Results

Published

2 years ago

August 29, 2024

BEIJING, Aug. 29, 2024 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, the “Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Financial and Operational Highlights

Net revenues for the quarter increased 2.5% year-over-year to RMB851.8 million (US$117.2 million), while net revenues for the first half of 2024 increased 1.8% over the comparable prior year period to RMB1.6 billion (US$225.5million).Net loss for the quarter decreased 16.4% year-over-year to RMB23.6 million (US$3.2 million), while net loss for the first half of 2024 decreased 24.0% to RMB54.9 million (US$7.6 million) over the prior-year period.Adjusted net loss (1) for the quarter decreased 38.8%, from RMB20.0 million in the prior-year period to RMB12.2 million (US$1.7 million), while adjusted net loss for the first half of 2024 decreased 12.0% to RMB24.4 million (US$3.4 million), compared to the prior-year period.Total written premiums placed for the quarter was RMB5.6 billion (US$0.78 billion) and remained stable as compared to the prior-year period, while total written premiums placed for the first half of 2024 increased 4.2% over the comparable prior-year period to RMB11.1 billion (US$ 1.5 billion).Total number of policies issued for the quarter increased 11.1% to 4.0 million from 3.6 million for the prior-year quarter, while the total number of policies issued over the first half of 2024 increased 15.9% over the comparable prior-year period to 8.0 million.Partnerships with New Energy Vehicle (NEV) companies (2) numbered 12 in the quarter and led to 225,000 policies embedded in new NEV deliveries with corresponding written premium of RMB662.6 million (US$91.2 million), representing an increase of 147.3% and 99.6% compared to the prior-year quarter, respectively. Policies embedded in the new NEV deliveries and corresponding written premium for the first half of 2024 reached 344,000 and RMB1.0 billion (US$142.1 million), respectively, representing growth of 140.6% for policies embedded and 91.3% for written premium compared to the prior-year period.

(1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the “Non-GAAP Financial Measures” section below.
(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufacturers in 2022, and such collaborations yielded considerable results in 2023. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution of its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche’s business.

Management Comments

“Cheche reported positively-trending bottom-line results and continues to see revenue growth driven in part by increased engagement with our ever-evolving technology platform,” said Lei Zhang, Founder, CEO, and Chairman of Cheche. “As we continue to gain scale as the technology partner for NEVs and our visibility increases with traditional vehicle manufacturers, our market influence and ability to generate efficiencies continues to improve.

“The first two months of this quarter have seen retail sales of NEVs rebound to the second highest sales on record in China and the NEV penetration rate reach a new high in June as more Chinese consumers adopt electric vehicles. Through our new and ongoing partnerships with Volkswagen (Anhui), Xiaomi Group, and other NEV manufacturers we’re able to effectively meet the ever-changing, intelligent insurance needs of car owners.”

Unaudited Second Quarter 2024 Financial Results

Net Revenues were RMB851.8 million (US$117.2 million), representing a 2.5% year-over-year increase from the prior-year quarter. The growth was driven by the increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.

Cost of Revenues increased 1.9% year-over-year to RMB820.9 million (US$113.0 million) from the prior-year quarter, which was consistent with the growth of business volume and net revenues.

Selling and Marketing Expenses increased 14.2% to RMB19.3 million (US$2.7 million) from RMB16.9 million in the prior-year quarter, mainly due to the increase in staff cost, marketing, and share-based compensation expenses. Excluding share-based compensation expenses, selling and marketing expenses were RMB18.3 (US$2.5 million) million, an increase of 12.2% compared to the prior-year quarter.

General and Administrative Expenses increased 41.8% to RMB27.7 million (US$3.8 million) from RMB19.6 million for the prior-year quarter, mainly due to the increase of share-based compensation and dispute resolution expenses. Excluding share-based compensation and dispute resolution expenses and listing-related professional service fees, general and administrative expenses increased by RMB2.4 million from RMB14.7 million to RMB17.1 million (US$2.3 million), primarily as a result of post-listing professional service fees of RMB4.1 million.

Research and Development Expenses decreased 21.1% to RMB9.1 million (US$1.3 million) from RMB11.6 million in the prior-year quarter. The change was mainly driven by decreased staff costs. Excluding share-based compensation expenses, research and development expenses decreased 24.7% to RMB8.6 million (US$1.2 million) from RMB11.5 million in the prior-year quarter.

Total Cost and Operating Expenses increased 2.7% to RMB877.1 million (US$120.7 million) from RMB854.1 million in the prior-year quarter, mainly due to the increase in cost of revenues and share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased 1.9% from the prior-year quarter.

Net Loss decreased 16.4% to RMB23.6 million (US$3.2 million) over the prior-year quarter. Excluding non-GAAP expenses, the Adjusted Net Loss decreased 38.8% to RMB12.2 million (US$1.7 million) from RMB20.0 million for the prior-year quarter.

Net Loss attributable to Cheche’s shareholders decreased 80.0% to RMB23.6 million (US$3.2 million) from RMB117.7 million for the prior-year quarter.

Adjusted Net Loss attributable to Cheche’s shareholders decreased 88.8% to RMB12.2 million (US$1.7 million) from RMB109.4 million for the prior-year quarter.

Net Loss Per Share, basic and diluted, was RMB0.31 (US$0.04), representing a decrease of 91.3% compared to a loss of RMB3.56 for the prior-year quarter.

Adjusted Net Loss Per Share, basic and diluted, was RMB0.16 (US$0.02), representing a decrease of 95.2% compared to a loss of RMB3.31 for the prior-year quarter.

2Q24 and Subsequent Business Highlights

On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited (“Volkswagen Anhui”). Cheche aims to support Volkswagen Anhui’s branded insurance needs and enhance the attractiveness of Volkswagen Anhui’s branded insurance products, boosting its penetration rate.On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. (“NIO Insurance Broker”) to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO’s customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (“Beijing Anpeng”), a subsidiary of Beijing Automotive Group Co., Ltd. (“BAIC Group”). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz, and Beijing Off-road, among others. The partnership names Cheche as the core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity is already off to a strong start with ARCFOX’s service system being launched as a direct-sales channel, the system for Beijing Automotive, expected to cover 200 dealerships by the end of the year, in the process of being rolled out, and Beijing Hyundai’s planned service system expected to cover 100 dealerships at year end.On August 15, 2024, Cheche announced a strategic partnership with Dongfeng Motor Group Company Limited’s (“Dongfeng Motor Group”) insurance provider, Wuhan Dongfeng Insurance Broker Co., Ltd. (“Dongfeng Insurance”). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group’s NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche’s digital insurance solutions platform.On August 19, 2024, Cheche Group announced its latest progress with BAIC Group’s NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX that provides its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, thereby diversifying Cheche’s revenue mix and boosting the Company’s reputation among automotive enterprises.

Balance Sheet

As of June 30, 2024, the Company had RMB204.6 million (US$28.2 million) in total cash and cash equivalents and short-term investments.

Business Outlook

Cheche affirms its full year 2024 outlook, anticipating:

Net revenues to range from RMB3.5 billion to RMB3.7 billion, representing an increase of 6.1% to 12.1%, compared to the full year of 2023.Total written premiums placed to range from RMB24.5 billion to RMB26.5 billion, representing an increase of 8.4% to 17.3%, compared to the full year of 2023.

Conference Call

Cheche will host a webcast and conference call to discuss its second quarter 2024 results today at 8:00 a.m. EDT. This earnings release and a related investor deck will be available prior to the event in the “Quarterly Results” section under “Financials”, while. the live webcast will be available in the “Events” section under the “News & Events” header on the investor relations website at ir.chechegroup.com.

The dial-in numbers for the conference call are as follows:

Participant (toll-free): 1-888-346-8982Participant (international): 1-412-902-4272Hong Kong LT: 852-301-84992Hong Kong Toll Free: 800-905945China Toll-Free: 4001-201203

Please dial in 10 to 15 minutes before the scheduled start time and request Cheche’s second quarter earnings call.

A webcast replay will be available for one year following the call.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Non-GAAP Financial Measures

Cheche has provided non-GAAP financial measures in this press release that have not been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.

Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted net loss, and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.

Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, listing-related professional service fees and dispute resolution expenses, which represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.

Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.

Safe Harbor Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. 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. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and

per share data)

December 31,

June 30,

2023

2024

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

243,392

133,117

18,318

Short-term investments

21,474

71,494

9,838

Accounts receivable, net

466,066

639,233

87,961

Prepayments and other current assets

49,321

52,912

7,281

Total current assets

780,253

896,756

123,398

Non-current assets:

Restricted Cash

5,000

688

Property, equipment and leasehold improvement, net

1,667

2,479

341

Intangible assets, net

8,050

7,000

963

Right-of-use assets

10,249

10,021

1,379

Goodwill

84,609

11,643

Other non-current assets

4,149

3,908

538

Total non-current assets

113,724

113,017

15,552

Total assets

893,977

1,009,773

138,950

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

316,868

467,552

64,337

Short-term borrowings

20,000

15,000

2,064

Contract liabilities

4,295

3,274

451

Salary and welfare benefits payable

73,609

73,313

10,088

Tax payable

950

875

120

Amounts due to related party

55,251

58,801

8,091

Accrued expenses and other current liabilities

25,759

23,452

3,228

Short-term lease liabilities

3,951

4,730

651

Warrant

850

–

Total current liabilities

501,533

646,998

89,030

Non-current liabilities:

Deferred tax liabilities

2,013

1,750

241

Long-term lease liabilities

5,398

4,485

617

Deferred revenue

1,432

197

Warrant

5,419

2,921

402

Total non-current liabilities

14,262

10,588

1,457

Total liabilities

515,795

657,586

90,487

Ordinary shares

Treasury stock

(1,025)

(141)

Additional paid-in capital

2,491,873

2,518,989

346,624

Accumulated deficit

(2,113,821)

(2,168,693)

(298,422)

Accumulated other comprehensive income

1,150

2,911

401

Total Cheche’s shareholders’ equity

378,182

352,187

48,463

Total liabilities and shareholders’ equity

893,977

1,009,773

138,950

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts

in thousands, except for share and per share data)

For the Three Months Ended

For the Six Months Ended

June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net revenues

830,721

851,842

117,217

1,610,371

1,638,986

225,532

Cost and Operating expenses:

Cost of revenues

(806,036)

(820,913)

(112,961)

(1,551,979)

(1,574,285)

(216,629)

Selling and marketing expenses

(16,943)

(19,342)

(2,662)

(47,755)

(41,661)

(5,733)

General and administrative expenses

(19,567)

(27,745)

(3,818)

(49,694)

(61,753)

(8,497)

Research and development expenses

(11,569)

(9,128)

(1,256)

(31,303)

(18,525)

(2,549)

Total cost and operating expenses

(854,115)

(877,128)

(120,697)

(1,680,731)

(1,696,224)

(233,408)

Other expenses:

Interest income

1,108

1,282

176

1,483

3,257

448

Interest expense

(320)

(206)

(28)

(541)

(440)

(61)

Foreign exchange losses

(7,781)

(803)

(110)

(6,334)

(1,055)

(145)

Government grants

4,193

–

7,240

234

Changes in fair value of warrant

(104)

2,908

400

(127)

3,376

465

Changes in fair value of amounts due to

related party

(2,075)

(1,555)

(214)

(3,836)

(3,286)

(452)

Others, net

(33)

(5)

180

Loss before income tax

(28,371)

(23,693)

(3,261)

(72,446)

(54,972)

(7,564)

Income tax credit

130

258

100

Net loss

(28,241)

(23,601)

(3,248)

(72,188)

(54,872)

(7,550)

Accretions to preferred shares redemption

value

(89,452)

–

(109,991)

–

Net loss attributable to the Cheche’s

ordinary shareholders

(117,693)

(23,601)

(3,248)

(182,179)

(54,872)

(7,550)

Net loss

Other comprehensive income/(loss):

Foreign currency translation adjustments,

net of nil tax

10,138

1,442

198

7,410

2,016

277

Fair value changes of amounts due to

related party due to own credit risk

(245)

(34)

(300)

(254)

(35)

Total other comprehensive income

10,185

1,197

164

7,110

1,762

242

Total comprehensive loss

(18,056)

(22,404)

(3,084)

(65,078)

(53,110)

(7,308)

Net loss per ordinary shares

outstanding

Basic

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Diluted

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Weighted average number of ordinary

shares outstanding

Basic

33,098,269

77,045,425

32,705,091

76,264,603

Diluted

33,098,269

77,045,425

32,705,091

76,264,603

Reconciliation of GAAP Cost and Operating Expenses to Non-GAAP Cost and Operating Expenses

(Unaudited)

(All amounts in thousands)

For the Three Months Ended

For the Six Months Ended

June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Cost of revenues

(806,036)

(820,913)

(112,961)

(1,551,979)

(1,574,285)

(216,629)

Add: Share-based compensation expenses

–

Amortization of intangible assets related to

acquisition

525

1,050

144

Adjusted Cost of revenues

(805,509)

(820,385)

(112,889)

(1,550,857)

(1,573,229)

(216,484)

Selling and marketing expenses

(16,943)

(19,342)

(2,662)

(47,755)

(41,661)

(5,733)

Add: Share-based compensation expenses

614

1,025

141

9,673

3,632

500

Adjusted Selling and marketing expenses

(16,329)

(18,317)

(2,521)

(38,082)

(38,029)

(5,233)

General and administrative expenses

(19,567)

(27,745)

(3,818)

(49,694)

(61,753)

(8,497)

Add: Share-based compensation expenses

1,654

8,325

1,146

15,355

22,146

3,047

Listing related professional expenses

3,176

–

5,537

–

Dispute resolution expenses (3)

–

2,355

324

–

2,355

324

Adjusted General and administrative

expenses

(14,737)

(17,065)

(2,348)

(28,802)

(37,252)

(5,126)

Research and development expenses

(11,569)

(9,128)

(1,256)

(31,303)

(18,525)

(2,549)

Add: Share-based compensation expenses

110

496

8,775

1,333

183

Adjusted Research and development

expenses

(11,459)

(8,632)

(1,188)

(22,528)

(17,192)

(2,366)

Total cost and operating expenses

(854,115)

(877,128)

(120,697)

(1,680,731)

(1,696,224)

(233,408)

Adjusted total cost and operating

expenses

(848,034)

(864,399)

(118,946)

(1,640,269)

(1,665,702)

(229,209)

(3) represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder, which

are not directly related to the core operations of Cheche’s business.

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

(All amounts in thousands, except for share data and per share data)

For the Three Months Ended

For the Six Months Ended

June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net loss

(28,241)

(23,601)

(3,248)

(72,188)

(54,872)

(7,550)

Add: Share-based compensation expenses

2,380

9,849

1,355

33,875

27,117

3,731

Amortization of intangible assets related to acquisition

525

1,050

144

Listing related professional expenses

3,176

–

5,537

–

Change in fair value of warrant

104

(2,908)

(400)

127

(3,376)

(465)

Changes in fair value of amounts due to related party

2,075

1,555

214

3,836

3,286

452

Dispute resolution expenses

–

2,355

324

–

2,355

324

Adjusted net loss

(19,981)

(12,225)

(1,683)

(27,763)

(24,440)

(3,364)

Accretions to preferred shares redemption value

(89,452)

–

(109,991)

–

Adjusted net loss attributable to Cheche’s

ordinary shareholders

(109,433)

(12,225)

(1,683)

(137,754)

(24,440)

(3,364)

Weighted average number of ordinary shares used

in computing non-GAAP adjusted net loss per

ordinary share

Basic

33,098,269

77,045,425

32,705,091

76,264,603

Diluted

33,098,269

77,045,425

32,705,091

76,264,603

Net loss per ordinary share

Basic

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Diluted

(3.56)

(0.31)

(0.04)

(5.57)

(0.72)

(0.10)

Non-GAAP adjustments to net loss per ordinary

Basic

0.25

0.15

0.02

1.36

0.40

0.06

Diluted

0.25

0.15

0.02

1.36

0.40

0.06

Adjusted net loss per ordinary share

Basic

(3.31)

(0.16)

(0.02)

(4.21)

(0.32)

(0.04)

Diluted

(3.31)

(0.16)

(0.02)

(4.21)

(0.32)

(0.04)

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SOURCE Cheche Group Inc.

Technology

AdaKami Contributes to National Dialogue on Strengthening Fraud Risk Management

Published

22 minutes ago

April 24, 2026

JAKARTA, Indonesia, April 24, 2026 /PRNewswire/ — The continued rise in digital fraud highlights increasing risks to consumer protection and the sustainability of Indonesia’s digital financial ecosystem. Data from Indonesia Anti-Scam Centre (IASC) under the Financial Services Authority of Indonesia (OJK) recorded over 432,000 digital fraud reports between November 2024 and January 2026, with total losses reaching approximately IDR 9.1 trillion.

In response, AdaKami, a licensed fintech lending platform by OJK, continues to strengthen its fraud risk management framework through enhanced technology capabilities, ongoing user education, and collaborations with stakeholders.

This was reflected at the Executive Policy Collaborative Forum on Handling Digital Fraud and Scams, organized by The Indonesian Digitalization and Cybersecurity Association (ADIGSI) which brought together regulators, cybersecurity authorities, and industry associations including IASC OJK, the National Cyber and Crypto Agency (BSSN), the Indonesia Fintech Lending Association (AFPI), and the Indonesia Fintech Association (AFTECH). The forum underscored the importance of coordinated efforts to strengthen fraud prevention and reinforce the anti-scam governance ecosystem.

Alongside industry and regulatory stakeholders, AdaKami reiterated its commitment and efforts to strengthen fraud prevention, by integrating technology, education, and collaboration as core pillars of consumer protection.

“Fraud and digital scams have evolved into a systemic challenge that requires coordinated action across regulators, industry, and stakeholders,” said Hudiyanto, Head of Secretariat of IASC OJK.

Karissa Sjawaldy, Chief of Public Affairs AdaKami, added: “AdaKami remains committed to strengthening consumer protection by enhancing technology-driven security systems, reinforcing user education, and maintaining close collaboration with regulators and industry partners.”

AdaKami continues to strengthen its security infrastructure through technology advancement, including AI, machine learning, and big data, to protect users on the platform and mitigate cyber threats. Concurrently, AdaKami recognizes the importance of user awareness in reducing fraud risks. Through ongoing educational initiatives such as the #SelaluWaspada campaign, AdaKami educates users to stay vigilant against evolving fraud schemes, including safeguarding personal information, recognizing common fraud tactics, and engaging only through official verified channels.

AdaKami remains focused on strengthening risk management, enhancing consumer trust, and supporting a more resilient digital financial ecosystem in Indonesia.

***

About AdaKami

Established in 2018, AdaKami is a licensed fintech lending platform in Indonesia, operated by PT Pembiayaan Digital Indonesia and supervised by OJK. AdaKami provides accessible financing through technology-driven, fast, and reliable services, bridging the gap between traditional financial institutions and underserved communities. More information: www.adakami.id

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SOURCE AdaKami

Technology

RWA.LTD Announces Comprehensive Consumer Goods Token Ecosystem Layout at Hong Kong Web3 Festival, Leading the Launch of the Consumer RWA Alliance

Published

1 hour ago

April 24, 2026

HONG KONG, April 24, 2026 /PRNewswire/ — During the Hong Kong Web3 Festival, RWA.LTD, the world’s first platform dedicated to consumer goods RWA (Real World Assets), officially announced the completion of its comprehensive consumer goods token ecosystem layout. At the event, the platform spearheaded the unveiling of the “Consumer RWA Alliance”. Positioned as the “Asian Consumer Goods Asset Trading Center,” RWA.LTD aims to enhance consumption efficiency through AI, reconstruct value distribution via Web3, and connect cross-city and cross-country consumer networks through tokens to accelerate the arrival of the “Smarter Consumer” era.

RWA.LTD stated that consumer goods RWA is not a single product, but a set of new infrastructure developed around consumption scenarios, the circulation of consumer rights, and brand interaction. Since CEO Fu, Rao Tony first proposed the concept of “Consumer Goods RWA” in late 2024, the team simultaneously prepared the RWA.LTD platform and completed Beta testing in September 2025. Following several months of iteration, the platform completed a comprehensive upgrade in mid-March 2026, marking RWA.LTD’s formal transition from the proof-of-concept stage to the ecological development stage.

RWA.LTD Ecosystem

In this public announcement, RWA.LTD systematically disclosed its four major ecological sectors for the first time. First, RWA.LTD | Mall (Winpoint Mall) was officially launched during the Hong Kong Web3 Festival, providing consumers with diverse brand rights driven by RWA Coin; current offerings include the CDAA (Chartered Digital Asset Analyst) Course, Matrix E-commerce Services, and more. Second, RWA.LTD | Exchange was fully launched in mid-March 2026 as a primary issuance and secondary trading market for consumer goods tokens, with plans to list 100 types of consumer goods tokens within the year to provide bidirectional exposure for brands and users. Third, RWA.LTD | Fund plans to collaborate with established VC funds to focus on brand token ecosystem construction and explore new paths for the synergistic development of consumer brands and on-chain capital. Fourth, RWA.LTD | Bot (rwaclaw.ai, rwabot.ai) has completed domain layout and is currently under development; it will provide consumers with real-time AI price comparisons, intelligent recommendations, and automated ordering tools to enhance decision-making efficiency and consumer experience.

RWA.LTD believes that the traditional consumer market has long suffered from information asymmetry, price opacity, and inactive membership systems, while the combination of blockchain and AI provides a new consumption model. By standardizing, digitizing, and placing consumer rights on-chain, consumers are no longer just end-buyers but can become active participants in the consumption network; brands are no longer limited to one-time interactions with consumers but can build stable, sustainable consumer relationships through on-chain tools.

Consumer RWA Alliance

At the Hong Kong Web3 Festival, the Consumer RWA Alliance, spearheaded by RWA.LTD, was inaugurated. The alliance aims to unite consumer brands, channel platforms, technology service providers, ecological partners, and cross-regional resource providers to jointly promote the co-construction of standards, ecological synergy, and scenario implementation for consumer goods RWA. The alliance members attending the unveiling ceremony included Dr. and Professor Lawrence Yu, Founder and Chairman of the Asia Pacific Economic Leaders’ Confederation; Dr. Wang Ping, President of the RWA Ecological International Federation and Chairman of the Asia Pacific M&A Fund; Dou Jun, Secretary General of the Hong Kong RWA Global Industry Alliance and Executive Secretary General of the Blockchain Professional Committee of the China Communications Industry Association (CCIA); Dr. Yu Jianing, Principal of Uweb Business School (Hong Kong) and Rotating Chairman of the Academic Committee of the Hong Kong Certified Digital Asset Analysts Association (HKCDAA); Dr. Jingle, Founder of Hong Kong Meta Strategy; Dr. Qiu Yueying, CEO of Winchain Technology; Tongjian Sun, CEO of INOVAI TECH K.K.; and Wen Hua, Director of the Australia & New Zealand Center of the Hong Kong RWA Global Industry Alliance, with RWA.LTD CEO Fu, Rao Tony serving as the Chairman. The establishment of the alliance marks an important step for consumer RWA moving from platform exploration to industry collaboration, signifying that the RWA narrative is extending from the relatively singular field of financial assets to the consumer industry which is more closely related to real life.

Industry insiders pointed out that the establishment of the Consumer RWA Alliance holds industry significance beyond platform business. On one hand, it helps break the market’s inherent impression of RWA as being “over-financialized” and encourages the outside world to re-recognize the application value of RWA as digital infrastructure in real consumption scenarios. On the other hand, it provides a new organizational framework for the Asian consumer market, making cross-regional brand cooperation, mutual recognition of consumer rights, and on-chain circulation mechanisms more operational. RWA.LTD stated that it hopes to promote the formation of a more diverse, open, and sustainable RWA world through the alliance mechanism, making RWA not just a synonym for asset securitization, but also a key driver for consumer innovation and industrial upgrading.

Regarding compliance issues of market concern, RWA.LTD provided a brief explanation in this announcement. Consumer goods tokens do not fall within the definition of “virtual assets” under Section 53ZRA of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as they are neither payment tokens nor governance tokens. Even if there is overlap in certain characteristics, the relevant tokens can ultimately be defined as “Limited Purpose Digital Tokens” under Section 53ZR of the AMLO, which are explicitly excluded from the scope of “virtual asset” in the AMLO. Based on this, RWA.LTD does not fall within the regulatory scope of the Virtual Asset Trading Platform (VATP) licensing regime. Meanwhile, the U.S. SEC’s previous No-Action Letter to the Fuse project, along with the definition of “Digital Tools” in the regulatory interpretation published on March 17, 2026, further supports the stance that consumer goods tokens are non-securities, non-commodities, and are not regulated under the virtual asset framework. RWA.LTD emphasized that the company consistently adheres to advancing product design and business development within a compliance framework and will continue to monitor regulatory dynamics in different jurisdictions.

The RWA.LTD team possesses a rich international background and overseas market experience, having long followed the development trends of the Web3 and RWA markets in Europe and the United States. The team observed early on that the Asian RWA market has long been concentrated on financial narratives with relatively monotonous scenarios, and platforms that truly integrate deeply with mass consumption and high-frequency lifestyle scenarios remain scarce. Consequently, the team began preparing the consumer goods RWA platform as early as 2024, hoping to take the lead in completing infrastructure, model verification, and resource integration before an industry consensus was formed.

RWA.LTD CEO Fu, Rao Tony pointed out that consumer goods RWA is currently one of the directions most likely to land and scale quickly. Compared to financial RWA, consumer goods RWA has a stronger efficient foundation in terms of compliance structure, user understanding, scenario adaptation, and promotion paths. Its core value lies in using blockchain technology to release liquidity that the consumer industry has long lacked, allowing consumer rights—which were originally fragmented, dormant, non-tradable, or difficult to circulate across regions—to achieve more efficient allocation and redistribution. Through this mechanism, the relationship between brands, platforms, and consumers will be redefined.

Fu, Rao Tony further stated that as the digitalization of the Asian consumer market continues to improve, the combination of consumer RWA and the real consumer industry is expected to release trillion-dollar economic potential in the future. For Hong Kong, this is not just an emerging Web3 track, but could become an important hub connecting international consumer networks with digital asset innovation. Hong Kong possesses unique advantages as an international financial center, an international trade center, and a highland for institutional innovation. If it can take the lead in forming scale synergy in the field of consumer RWA, it has the opportunity to occupy a leading position in the global wave of consumer asset digitalization.

In the future, RWA.LTD will continue to advance its layout around consumer goods RWA infrastructure construction, ecological cooperation expansion, alliance network improvement, and AI consumer tool research and development, exploring new on-chain paradigms for the consumer industry with more brands, institutions, and partners. As the Mall, Exchange, Fund, and Bot sectors gradually mature, RWA.LTD hopes to drive consumer RWA from concept to large-scale application, providing a more efficient, intelligent, and participatory new value network for the Asian and global consumer markets.

About RWA.LTD

RWA.LTD is positioned as the Asian consumer goods asset trading center, committed to enhancing consumption efficiency with AI, reconstructing consumer value distribution with Web3, and establishing cross-city and cross-country consumer alliance networks via tokens. The company focuses on the consumer goods RWA track, continuously promoting the digitalization of consumer rights, the circulation of consumer assets, and the synergy of the consumer ecosystem to explore the future consumption model of “Smarter Consumer”.

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SOURCE RWA.LTD

Technology

Fox ESS Ranks No. 1 Globally in Residential Energy Storage

Published

2 hours ago

April 24, 2026

WENZHOU, China, April 23, 2026 /CNW/ — Fox ESS, a global leader in renewable energy solutions, has been ranked No. 1 among residential energy storage providers worldwide for 2025, based on MWh shipments in S&P Global Energy’s Residential Energy Storage Market Tracker.

The report also places Fox ESS at No. 1 in Germany and the UK, highlighting the company’s momentum in key markets and expanding distribution footprint.

Compared with 2024, Fox ESS’s global market share rose 50% in 2025, reinforcing its position in a rapidly growing residential storage sector. The company has continued to scale internationally, with global headcount doubling from the end of 2024. As of April 2026, Fox ESS employs more than 5,000 people worldwide, and has added local support through new offices, including in Sydney, Australia.

“We’re thrilled for this remarkable achievement. It reflects our commitment to innovation and product quality, and to making clean, reliable energy practical for households around the world,” said Michael Zhu, CEO of Fox ESS. “We will continue pushing the boundaries to deliver solutions that help homes and businesses move toward energy independence.”

Notably, Fox ESS has launched the Champion’s Choice campaign globally, combining the endorsement of sports champions with recognition from prestigious organizations. With the first stop in Australia, the company signed Ian Thorpe, a five-time Olympic champion last December. The campaign underscores Fox ESS’s ambition to deliver better value for customers and partners.

Fox ESS is committed to building long-term trust with customers and partners. The company delivers reliable, high-quality energy storage systems engineered for consistent performance, supported by rigorous quality-control processes designed to help ensure every product meets the highest standards.

Fox ESS develops solutions that serve both installers and end users. With ongoing investment in R&D, the company stays ahead of evolving market needs, helping installers work more efficiently while enabling homeowners to move toward energy transition and reduce electricity costs.

With a team of more than 400 experts in R&D, Fox ESS continues to refine its product design for easier transportation, installation, and everyday use. The AI-powered FoxCloud app also makes energy management more intuitive, enabling users to monitor and control home energy consumption, manage smart devices, and track detailed generation and usage data in a single streamlined platform, delivering greater peace of mind.

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SOURCE Fox ESS