Technology
10x Genomics Reports Third Quarter 2024 Financial Results
Published
7 hours agoon
By
PLEASANTON, Calif., Oct. 29, 2024 /PRNewswire/ — 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the third quarter ended September 30, 2024.
Recent Highlights
Revenue was $151.7 million for the third quarter, in line with the company’s preliminary announcement, a 1% decrease over the corresponding period of 2023, primarily driven by lower instrument revenue, offset by stronger contributions from consumables.Began shipping GEM-X Flex, setting a new standard for the cost per cell for researchers and enabling them to run millions of cells for less than one cent per cell. GEM-X Flex also delivers a number of improvements that are particularly valuable for clinical FFPE samples.Launched GEM-X Universal Multiplex, enabling researchers to run more cost-effective single cell studies decreasing the cost per sample, even for small scale experiments.Began shipping Chromium Xo, providing a budget-friendly instrument for routine, high-performance single cell analysis.
“Our results this quarter fell short of our expectations given greater-than-anticipated disruption from the sales restructuring we implemented in the quarter and cautious customer spending. As these dynamics persist, especially under a difficult macro backdrop, our revenue growth this year will be lower than our previous expectations,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Despite these challenges, I am confident that the steps we are taking will enable us to reach more customers, execute consistently across the portfolio and drive the broad democratization of our technologies to reach the full potential of the large opportunity ahead.”
Third Quarter 2024 Financial Results
Revenue was $151.7 million for the third quarter of 2024, a 1% decrease from $153.6 million for the corresponding prior year period.
Gross margin was 70% for the third quarter of 2024, as compared to 62% for the corresponding prior year period. The increase in gross margin was primarily due to change in product mix.
Operating expenses were $147.9 million for the third quarter of 2024, a 22% decrease from $190.3 million for the corresponding prior year period. The decrease was primarily driven by a $41.4 million in-process research and development expense related to an agreement to acquire certain intangible and other assets in the prior year period.
Operating loss was $41.5 million for the third quarter of 2024, as compared to $94.8 million for the corresponding prior year period. Operating loss includes $33.9 million of stock-based compensation for the third quarter of 2024, as compared to $40.2 million of stock-based compensation for the corresponding prior year period. Operating loss in the third quarter of 2023 included $41.4 million of in-process research and development expense.
Net loss was $35.8 million for the third quarter of 2024, as compared to a net loss of $93.0 million for the corresponding prior year period.
Cash and cash equivalents were $398.2 million as of September 30, 2024.
2024 Financial Guidance
10x Genomics is updating its outlook for the full year 2024. The company now expects revenue to be in the range of $595 million to $605 million versus a prior range of $640 million to $660 million. The updated range represents a 3% decrease from the full year 2023 revenue at the midpoint.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the third quarter 2024 financial results, business developments and outlook after market close on Tuesday, October 29, 2024, 2024 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn or X (Twitter).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s organization and organizational restructuring, commercial execution, opportunities, specifications, costs and adoption of 10x Genomics, Inc.’s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.’s products and services and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.’s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics’ expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K for the fiscal year ended December 31, 2023 and the company’s 10-Q for the quarter ended March 31, 2024 to be filed with the Securities and Exchange Commission (SEC) and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue (1)
$ 151,654
$ 153,644
$ 445,764
$ 434,748
Cost of revenue (2)
45,261
58,115
142,237
141,217
Gross profit
106,393
95,529
303,527
293,531
Operating expenses:
Research and development (2)
66,174
66,507
197,730
205,065
In-process research and development
—
41,402
—
41,402
Selling, general and administrative (2)
81,704
82,415
250,517
257,205
Total operating expenses
147,878
190,324
448,247
503,672
Loss from operations
(41,485)
(94,795)
(144,720)
(210,141)
Other income (expense):
Interest income
4,971
4,300
14,422
12,269
Interest expense
(2)
(1)
(4)
(25)
Other income (expense), net
2,078
(1,248)
982
(4,268)
Total other income, net
7,047
3,051
15,400
7,976
Loss before provision for income taxes
(34,438)
(91,744)
(129,320)
(202,165)
Provision for income taxes
1,315
1,242
4,279
3,982
Net loss
$ (35,753)
$ (92,986)
$ (133,599)
$ (206,147)
Net loss per share, basic and diluted
$ (0.30)
$ (0.79)
$ (1.11)
$ (1.77)
Weighted-average shares of common stock used in
computing net loss per share, basic and diluted
120,733,030
117,728,293
120,067,168
116,693,008
(1)
The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company’s Visium and Xenium products:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Instruments
Chromium
$ 7,641
$ 12,231
$ 24,283
$ 36,716
Spatial
11,415
22,711
44,078
48,357
Total instruments revenue
19,056
34,942
68,361
85,073
Consumables
Chromium
96,536
100,282
274,571
302,172
Spatial
29,668
14,091
85,330
37,067
Total consumables revenue
126,204
114,373
359,901
339,239
Services
6,394
4,329
17,502
10,436
Total revenue
$ 151,654
$ 153,644
$ 445,764
$ 434,748
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Americas
United States
$ 84,723
$ 96,094
$ 250,032
$ 260,769
Americas (excluding United States)
3,099
2,917
10,511
8,581
Total Americas
87,822
99,011
260,543
269,350
Europe, Middle East and Africa
37,851
32,019
109,934
91,687
Asia-Pacific
China
15,030
12,431
42,692
39,217
Asia-Pacific (excluding China)
10,951
10,183
32,595
34,494
Total Asia-Pacific
25,981
22,614
75,287
73,711
Total revenue
$ 151,654
$ 153,644
$ 445,764
$ 434,748
(2)
Includes stock-based compensation expense as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)
2024
2023
2024
2023
Cost of revenue
$ 2,169
$ 1,844
$ 6,127
$ 5,140
Research and development
15,978
17,856
50,728
55,196
Selling, general and administrative
15,763
20,535
51,354
67,696
Total stock-based compensation expense
$ 33,910
$ 40,235
$ 108,209
$ 128,032
10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 398,159
$ 359,284
Marketable securities
—
29,411
Accounts receivable, net
83,525
114,832
Inventory
94,050
73,706
Prepaid expenses and other current assets
18,159
18,789
Total current assets
593,893
596,022
Property and equipment, net
258,759
279,571
Operating lease right-of-use assets
59,579
65,361
Goodwill
4,511
4,511
Intangible assets, net
16,149
16,616
Other noncurrent assets
4,903
3,062
Total assets
$ 937,794
$ 965,143
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 26,210
$ 15,738
Accrued compensation and related benefits
30,080
30,105
Accrued expenses and other current liabilities
37,770
56,648
Deferred revenue
17,760
13,150
Operating lease liabilities
9,415
11,521
Total current liabilities
121,235
127,162
Operating lease liabilities, noncurrent
76,461
83,849
Deferred revenue, noncurrent
12,349
8,814
Other noncurrent liabilities
4,945
4,275
Total liabilities
214,990
224,100
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Common stock
2
2
Additional paid-in capital
2,140,789
2,025,890
Accumulated deficit
(1,418,019)
(1,284,420)
Accumulated other comprehensive income (loss)
32
(429)
Total stockholders’ equity
722,804
741,043
Total liabilities and stockholders’ equity
$ 937,794
$ 965,143
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SOURCE 10x Genomics, Inc.
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Lazada Announces Suite of GenAI Features to Transform Shopping and Seller Experiences in Southeast Asia
Published
53 mins agoon
October 30, 2024By
The GenAI features will transform four key dimensions of eCommerce shopping, termed 4Ds, including discovery, dependability, deals, and decision making, to deliver a more personalised and interactive experienceLazada is also leveraging Alibaba’s newly-launched improved iteration of its AI translation tool, Marco MT, to support language localisation needs in the diverse region of Southeast AsiaIn parallel, Lazada has partnered with Kantar to launch its inaugural “Artificial Intelligence Adoption in eCommerce in Southeast Asia” whitepaper on consumer preferences, sentiments and behaviour towards AI
SINGAPORE, Oct. 30, 2024 /PRNewswire/ — Lazada, Southeast Asia’s pioneer eCommerce platform, today announced a major leap in online shopping with the launch of all-new GenAI-powered in-app features. These enhancements promise to revolutionise the shopping journey by offering shoppers a more personalised, engaging, and dynamic experience. Alongside this, Lazada also launched its Artificial Intelligence Adoption in eCommerce in Southeast Asia whitepaper, jointly developed with Kantar, to better understand AI awareness, trust and preferences, shopping behaviour, and consumer pain points in the region.
Lazada’s GenAI features include an AI-powered personal shopping assistant – AI Lazzie, smart recommendations, AI-generated product information, and even AI-generated models, which position the platform at the forefront of a rapidly evolving eCommerce landscape in Southeast Asia. Lazada is also leveraging Alibaba’s newly-launched improved iteration of its AI translation tool, Marco MT, to support language localisation needs in the diverse region of Southeast Asia. The AI translation tool is based on Alibaba’s proprietary model Qwen, and is designed to help sellers create product pages in the language of their target market. The improved version – Marco MT, is powered by large language models, with the ability to interpret contextual clues such as cultural and industry-specific terms.
As AI and GenAI continue to serve as major growth catalysts, Lazada is addressing the four critical dimensions (4Ds) that are transforming online shopping:
1. Discovery: Enhancing Product Search and Shopping Inspiration
AI is reshaping how shoppers discover products by providing personalised recommendations and improving search efficiency. The whitepaper reveals that nine out of ten respondents in Southeast Asia believe that AI enhances their search efficiency when shopping online. Lazada’s AI tools, such as the personal shopping assistant, AI Lazzie, are designed to help shoppers not only find products, but also discover new ideas and lifestyle additions, offering 24/7 tailored assistance to enrich and elevate the shopping experience.
2. Dependability: Building Trust and Loyalty through Tailored Experiences
With the new GenAI updates, Lazada will now be able to offer more dynamic and engaging content on its platform. For instance, AI-generated product descriptions and images can be tailored to different regions, languages, and cultural nuances, ensuring that shoppers feel a deeper connection with the products they are browsing. This capability is particularly valuable in Southeast Asia, where linguistic and cultural diversity are both varied and vast.
Insights from our whitepaper also revealed an exceedingly high level of trust towards AI-powered platforms, where a majority of shoppers trust and rely on AI for personalised recommendations (92%) and product summaries (90%). Here, Lazada’s GenAI features such as its AI-powered smart reviews and personalised product recommendations based on shopping habits and past purchases can enhance shopping experience by offering shoppers quick, comprehensive, and reliable product insights. These tools foster customer loyalty by enabling dependable and seamless interactions that build trust, while helping shoppers make more informed decisions.
Given the impact that AI delivers, we are witnessing a huge majority of shoppers using AI features on eCommerce platforms at least once a week (80%), with a high willingness to pay more for AI-powered shopping experiences (83%).
3. Deals: Helping Shoppers Find the Best Value
The whitepaper highlights that approximately a third of Southeast Asian shoppers are price-conscious and actively seek out deals (41%). In fact, more than half of the respondents identify competitive pricing (54%) and the availability of vouchers and discounts (51%) as key factors that influence repeat purchases.
Lazada’s AI-curated offers, exclusive vouchers, and the integration of LazCoins as a rewards mechanic further ensure that shoppers can access the best value for every purchase. By leveraging AI, Lazada helps shoppers discover deals tailored to their personal preferences, habits, and interests to ensure that the best deal is secured.
Going above and beyond, the humanised aspect of GenAI means that Lazada is also able to gamify the shopping experience, by rewarding positive behaviour such as high user engagement rate with additional surprise discount voucher codes and bundle deals.
4. Decision-Making: Smarter Shopping Choices
Lazada’s findings reveal that an overwhelming 88% of respondents in Southeast Asia make purchase decisions using AI-generated content and product recommendations, and over half (51%) indicate that product and seller reviews are key features they prioritise when shopping online. Harnessing this insight, Lazada’s GenAI update is designed to create unique content by harnessing product reviews, product key selling points, as well as tailored product recommendations to optimise the shopper research process and support their purchasing decisions with facts and data.
To further expedite the decision-making process, AI Lazzie can answer shopper queries promptly to address concerns, which can result in increased order conversion rates, as well as enhanced customer satisfaction and loyalty.
James Dong, Chief Executive Officer of Lazada Group, commented, “At Lazada, we have embraced GenAI as part of our customer-centric, long-term growth strategy to enhance customer experiences, as we stribe to stay ahead and steer into a new era of online shopping. We foresee that GenAI will accelerate an eCommerce revolution and reshape the way we currently shop, sell, and engage. Our goal is to make every experience sharper, more individual, efficient, and enjoyable. Through these innovations, we’re not only supporting our shoppers, but also empowering our sellers to make smarter, data-driven decisions, from product positioning to customer engagement.”
Dong added: “As Lazada implements AI at scale, we strive to create win-win scenarios for all eCommerce players, while maintaining the human touch that remains essential in fostering authentic, lasting relationships with our shoppers, sellers, and partners in the ecosystem. By embracing GenAI, we aim to create a more accessible, inclusive, and personalised shopping experience for all.”
About the Whitepaper
The Artificial Intelligence Adoption in eCommerce in Southeast Asia whitepaper is derived from the research conducted in partnership with Kantar in six Southeast Asian markets – Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines – which surveyed more than 6,000 eCommerce users between the ages of 18 and 60 in September 2024.
Download the Lazada app: Apple App Store | Google Play Store
About Lazada Group
Lazada Group is Southeast Asia’s pioneer eCommerce platform. For the last 12 years, Lazada has been accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. Today, a thriving local ecosystem links about 160 million active users to more than one million actively-selling sellers every month, who are transacting safely and securely via trusted payments channels and Lazada Wallet, receiving parcels through a homegrown logistics network that has become the largest in the region.
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SOURCE Lazada Group
Technology
Close to 90% of people have never heard of ‘robocalls’
Published
53 mins agoon
October 30, 2024By
Survey on robocalls conducted in response to the rapid global expansion of risks, such as fake phone calls during the US presidential election
PLANO, Texas, Oct. 30, 2024 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world’s largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks has conducted a survey on robocalls (automated voice calls) in Japan.
Machine-generated robocalls, also known as automated voice calls, often utilizing AI technology. While these calls can enhance operational efficiencies and reduce manpower requirements, they are frequently misused for fraudulent activities, such as obtaining personal information or conducting scams.
Earlier this Spring, robocalls mimicking President Biden’s voice using generative AI technology were used to dissuade voters from participating in the New Hampshire electoral primary ahead of the November 5th presidential election. Globally, robocalls have become a significant social issue. In Japan there has been a sharp increase in fraudulent robocalls, including scams involving false claims of unpaid fees.
Key survey findings include:
Awareness Gap: Approximately 90% of respondents had never heard of robocalls. However, among those who were aware, approximately 85% recognized their use in fraudulent activities around the world.Suspicious Calls: One in five respondents reported receiving suspicious robocalls soliciting personal information or suspected of being scams, suggesting that despite limited public awareness, fraudulent robocalls are currently being made in Japan.Impact on Daily Life: Over 90% of those who received suspicious robocalls felt uncomfortable answering their phones, indicating that the impact of suspicious robocalls extends into everyday life.Limited countermeasures: 70% of respondents believe that individuals only have limited options in fighting against unwanted calls.As generative AI continues to evolve, the potential for damage caused by abusive robocalls is likely to increase. This underscores the need for companies and telecom providers to deploy robust tools to combat the misuse of robocalls are abused.
Comments by Yoshikazu Kuwabara, Senior Manager, Systems Engineering Department, Ribbon Communications
Robocalls have been increasing around the world over the past few years, and while not all robocalls are malicious, thery are contributing to a growing loss of trust in telephony. More and more, people refuse to answer calls from unknown numbers, blocked numbers, or avoid answering the phone altogether.
As robocalls are not a daily occurrence in Japan at present, many people are unaware of them. However, as 42% of respondents have experienced robocalls (automated voice calls), indicating that robocalls do exist in Japan and could become more common in the future. In the USA, where robocalls have become a major issue, call verification (STIR/SHAKEN) has already been mandated by the FCC and Congress.
In this context, Ribbon Communications offers Ribbon Call Trust as a solution for assuring the identity of callers (Identity Assurance Solution). It provides caller Reputation scoring, robocall and fraudulent call detection with anomaly analysis, STIR/SHAKEN services (Caller ID authentication, signing and verification), blocklisting, encryption, CAC, policy routing and CVT (Call Validation Treatment). functions, contributing to the creation of a safe and secure telephony environment.
Survey Summary
90% of people have never heard of ‘robocalls’!Of those who know about robocalls, about 85% know of cases where they have been used fraudulently.Around 42% of respondents have experienced robocalls!One in five people have experienced a suspicious robocall!Approximately 94% of those who experienced a suspicious robocall had negative feelings about the call they subsequently received.When a call comes in from an unknown number, the countermeasure taken by around 70% of people is: ‘I don’t answer unknown numbers’.About 71% of respondents feel that there are limited measures that individuals can take against unwanted phone calls!
Survey Overview
Survey Method
:Internet
Research Organization
:JustSystems Corporation
Study Period
:22 to 24 of July 2024
Survey Area
:Japan
Subject of a Survey
:Men and women aged 20~65 years
Number of People
:330
Almost 90% of people have never heard of ‘robocalls’!
When asked if they had heard of robocalls, close to 90% of respondents said they had not heard of them or did not know about them. Although robocalls are a problem worldwide, they are still not well recognised in Japan. (n=330)
About 85% of those who know about robocalls are aware of cases where they have been used fraudulently.
Approximately 85% of those who are aware of Robocalls, know that they are being used fraudulently around the globe, including for various scams. Those who were aware of robocalls were also aware of a high percentage of cases of abuse. (n=39)
Around 42% of respondents have experienced robocalls!
When asked if they had received robocalls to their mobile or landline, around 42% said they had.(n=330)
The survey also found that more than half of those aged 50-65 years had been targeted by robocalls.
One in five people have experienced a suspicious robocall!
Of those who said they had experienced robocalls, around 46% said they had experienced suspicious robocalls that attempted to ask for personal information or were suspected of being a scam. These results show that one in five people have experienced a suspicious robocall. (n=138)
In terms of age, the most frequent experience of suspicious robocalls was in the 30s, at around 70%, followed by those in their 50s at around 50%.
Approximately 94% of those who experienced a suspicious robocall had negative feelings about the call they subsequently received
Of those who had experienced a suspicious robocall, around 94% said that they felt uncomfortable or did not pick up the subsequent call because they felt uncomfortable. This suggests that abusive and suspicious robocalls are having an impact on daily life. (n=63)
When a call comes in from an unknown number, the countermeasure taken by around 70% of people is: ‘I don’t answer unknown numbers’.
When asked what they do when they receive a call from an unknown number, the most common response was that they do not answer unknown numbers, at around 70%. A certain number of people do not take any countermeasures, with around 20% of respondents saying they have not thought about it. (Multiple answers) (n=325)
About 71% of respondents feel that there are limited measures that individuals can take against unwanted phone calls!
Around 71% of respondents felt that there are limited measures that individuals can take against unwanted calls, indicating that most people feel that this is a challenge. (n=325)About Ribbon Call Trust®
Ribbon Call Trust is an Identity Assurance Solution (Identity Assurance Solution) designed to guarantee the identity of the caller. To prevent excessive robocalls and fraudulent calls, it is important to understand the caller’s intentions and reputation. To this end, it provides Reputation Score, robocall and fraudulent call detection through anomaly analysis, STIR/SHAKEN services (Caller ID authentication, signature and verification), blocking, encryption, CAC, policy routing and CVT (Call Validation Treatment), Ribbon Call Trust is widely used by telecom operators, mainly in the US and Canada, but also in France and other countries where STIR/SHAKEN is mandatory.
Providing a comprehensive Robocall Reputation Score in real-time using ML (Machine Learning) from multiple data sources, including external fraud information databases, telecom operators’ own databases and statistics from analytics, to enable telecom This enables operators to perform appropriate CVT (Call Validation Treatment), such as announcement connection, activation of CAPTCHA authentication and call disconnection, for calls deemed to have a high potential for robocalls or fraud.
Ribbon Call Trust® website
https://learn.rbbn.com/jp/identity-assurance
About Ribbon
Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today’s smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon, please visit rbbn.com.
Japanese website https://learn.rbbn.com/jp
Important Information Regarding Forward-Looking Statements
The information in this release contains forward-looking statements regarding future events that involve risks and uncertainties. All statements other than statements of historical facts contained in this release, including those regarding the expected benefits from use of Ribbon Communication’s products, are forward-looking statements. The actual results of Ribbon Communications may differ materially from those contemplated by the forward-looking statements. For further information regarding risks and uncertainties associated with Ribbon Communications’ business, please refer to the “Risk Factors” section of Ribbon Communications’ most recent annual or quarterly report filed with the SEC. Any forward-looking statements represent Ribbon Communications’ views only as of the date on which such statement is made and should not be relied upon as representing Ribbon Communications’ views as of any subsequent date. While Ribbon Communications may elect to update forward-looking statements at some point, Ribbon Communications specifically disclaims any obligation to do so.
Media Contact
Ribbon Communications Public Relations Office(Within Kyodo Public Relations Co.)
Kanno, Otsuka、Kikuchi
TEL: 03-6260-4856 E-mail: ribbon-pr@kyodo-pr.co.jp
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SOURCE Ribbon Communications Inc.
Technology
Matrixport’s subsidiary Fly Wing Receives In-Principle Approval for Major Payment Institution License in Singapore
Published
53 mins agoon
October 30, 2024By
SINGAPORE, Oct. 30, 2024 /PRNewswire/ — Fly Wing Technologies Pte Ltd (“Fly Wing”), a wholly owned subsidiary of Matrixport, the world’s leading and largest one-stop crypto financial services platform in Asia, today announced that it has received an in-principle approval (“IPA”) from the Monetary Authority of Singapore (“MAS”) for its Major Payment Institution License (“MPI license”) application.
As a leading global financial centre, Singapore is a key market and jurisdiction in Matrixport’s Global regulatory licensing strategy. The IPA marks an important milestone for Fly Wing’s journey towards obtaining the MPI license, further strengthening its leading position as the premium Over-the-Counter (OTC) desk in Singapore.
John Ge, Co-founder and CEO of Matrixport, said, “Singapore, as one of the world’s leading financial centers, has a positive and open attitude toward the emerging Web 3.0 industry and provides clear and definite regulatory framework for digital payment token services. We are very optimistic about Singapore’s strong potential in the Web3 field. This will continue to empower us to provide more compliant and innovative financial products and services to eligible clients worldwide, and to fulfill our commitment to achieving the highest compliant operational standards in the jurisdictions where we operate.”
Fly Wing can offer innovative Digital Payment Token services in a compliant and responsible manner, and will continue to optimize blockchain-driven Digital Payment Token services, helping more users easily enter the Web 3.0 industry. The company will also continue to work with global benchmark regulatory agencies to jointly create a compliant and secure blockchain financial ecosystem.
About Fly Wing Technologies Pte Ltd
Founded in 2019, Fly Wing Technologies Pte. Ltd. (“Fly Wing”) is a wholly owned subsidiary of Matrixport, a leading digital asset financial services platform in Asia. Fly Wing serves a diverse clientele, including crypto miners, trading firms, investment firms, and high-net-worth individuals from both crypto and traditional finance. The company engages in OTC market making, facilitating over $100 million in monthly transactions and providing liquidity for major cryptocurrencies, as well as fiat on- and off-ramps.
Fly Wing has received the IPA from MAS for an MPI License to provide digital payment token service for OTC trading in Singapore.
Fly Wing official website: https://www.flywing.com/
About Matrixport
Founded in 2019, Matrixport is the world’s leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With $6 billion in AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.
As a Group and through its local subsidiaries, Matrixport has received the Trust and Company Service Provider (TCSP) / Money Lender Licenses in Hong Kong, and the FINMA Asset Management License in Switzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member of Switzerland’s FINMA SRO-VFQ. It was recognized by CB Insights as one of the “50 Most Promising Blockchain Companies” and featured in the Hurun “2024 Global Unicorn List.” Additionally, Matrixport’s subsidiary, Fly Wing, has obtained IPA for the MPI License in Singapore.
Matrixport official website: https://www.matrixport.com
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SOURCE Matrixport
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