据港交所11月26日披露，深圳市新国都（300130）股份有限公司(简称：新国都，300130.SZ)递表港交 所主板，中信证券为其独家保荐人。招股书显示，新国都是一家深耕中国、覆盖全球的行业领先支付技 术服务供货商。公司的营运覆盖整个支付技术产业链。凭借策略性部署全方位、多场景及多形态数字支 付服务，提供集"支付硬件+支付服务"于一体的模式，向生态圈内的用户提供整合式、端到端数字支付 技术解决方案。 XGD INC. [繼臺] 「編纂]及「編纂] 深圳市新國都股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 4 中信证券 「編纂]股H股(視乎[編纂]行使與否而定) [編纂]項下的[編纂]數目 . . 「編纂]數目 「編纂]股H股(可予重新分配) ·· 「編纂]數目 「編纂]股H股(可予重新分配及視乎[編纂]行使 . . 與否而定) 最高|編纂] . . 每股H股[編纂]港元,另加1.0%經紀佣金、 0.0027 % 證 監 會 交 易 徵 費 · 0.00015 % 會 財 局 交易徵費及0.00565%聯交所交易賽(須於申 請 時 以 港 元 繳 足,多 繳 股 款 可 予 退 還 ) . 每股H ...

Core Insights - The article discusses the evolving financial landscape for parents and teens, particularly focusing on the timing and implications of giving teens debit cards [1] Group 1: Attitudes Toward Cash and Spending - A generational shift is evident, with over half of Gen Z indicating they are more likely to overspend when using cash, and nearly a third perceiving cash users as "out of touch" [2] - 53% of Gen Z respondents reported using cash only as a last resort, highlighting a preference for digital payments [2] Group 2: Financial Management Among Teens - Many Gen Z consumers are utilizing checking or savings accounts, yet 46% have less than $500 saved, indicating low savings levels [3] - Limited awareness of interest rates is a concern, with only 44% of respondents knowing the rate on their savings account [3] Group 3: Benefits of Debit Cards for Teens - Debit cards are increasingly seen as a tool for teens to develop financial skills, with most banks allowing teens as young as 13 to open accounts with a parent or guardian [4] - Parents view debit cards as a means to help children practice budgeting while maintaining oversight [4] Group 4: Impact of Parental Guidance - The Cash App survey indicates that providing teens with access to debit cards or savings accounts has led to increased financial independence, more responsible spending, and enhanced budgeting confidence [5][8] Group 5: Incentives for Saving - A significant finding is that over three-quarters of Gen Z would save more if they earned interest, prompting Cash App to expand its 3.5% APY savings feature for teens [6]

Core Viewpoint - The company, Cuiwei Co., Ltd. (stock code: 603123), has announced a collaboration between its subsidiary, Haike Rongtong, and Alibaba Cloud to implement AI-based document review and to develop AI smart payment solutions, enhancing the integration of artificial intelligence technology with digital payment systems [1] Group 1 - The partnership aims to leverage AI technology for document review processes [1] - The collaboration also focuses on AI smart payment initiatives [1] - This move signifies a strategic effort to merge AI capabilities with digital payment solutions [1]

新华财经上海11月14日电（李杨加） 近日，乌兹别克斯坦国家支付系统HUMO与蚂蚁国际旗下全球跨 境支付平台"支付宝+（Alipay+）"宣布达成合作，其用户在跨境消费时可直接以当地货币苏姆进行结 算，无需额外兑换货币，大幅简化了支付流程。此次合作不仅为当地消费者与商户开辟了全新跨境支付 渠道，更打开了该国数字支付领域的"机遇窗口期"。在政策红利、年轻人口与资本涌入的多重驱动下， 中企在数字支付技术解决方案、战略投资与商业场景赋能三方面迎来了广阔的出海机遇。 乌数字支付市场高速增长 二是战略投资与深度合作。当地领先的移动支付平台（如Click、Payme、Uzum）已积累了可观的用户 基础，但仍在持续发展和扩张中。对于希望快速切入市场的中国资本和企业而言，参股、合资或建立战 略合作伙伴关系是较为高效的路径。一方面能有效规避从零开始的高成本与高风险，另一方面能借助本 土团队的运营经验，实现优势互补，共同开发潜在市场。 在市场格局方面，乌兹别克斯坦主要的本地数字支付系统是国家支付系统UZCARD和HUMO，支持国 内无现金交易和转账。在无现金支付方式上主要有两类，一是移动支付。Click、Payme、Oson、P ...

巴基斯坦国家银行（巴央行）近日发布了《2024－2025财年支付系统年度评估》，报告指出该国支付体 系数字化转型展现成效，零售支付交易、支付基础设施建设及大额支付交易均实现增长。 作为该国处理大额交易的实时全额结算平台，巴基斯坦实时银行间结算机制（PRISM）可提供资金转 账、政府证券结算及相关清算业务。2024－2025财年PRISM处理的交易总额达4.34万亿美元，相当于该 国GDP总额的11倍左右。其中72.5％为政府证券结算、25.2％为资金转账、2.3％为辅助结算。 从巴央行公布的数据来看，该国数字支付领域仍有较大进步空间，零售支付总额中，数字支付仅占三 成，目前仍集中在城镇地区。而农村及偏远地区仍较为依赖银行网点或非银行代理机构提供的柜台交 易。巴基斯坦的数字支付体系，仍需在完善基础设施、提升金融素养、优化监管框架等方面协同发力， 才能实现数字支付生态的健康发展。（巴基斯坦财富网供稿） 零售支付交易总量增至90.8亿笔，同比增长38％；交易总额为2.142万亿美元，同比增长12％。其中数字 渠道交易量约80亿笔，占比由上一财年的85％提升至88％，交易额为6265亿美元，约占零售支付交易总 额的3 ...

正式首发的交通银行与数字人民币西安通联名硬钱包基于安全芯片等技术，支持无网无电支付，集 成了多种实物现金优点。活动现场，公众踊跃领取数字人民币硬钱包，并在文体、美妆、服饰、生活服 务等区域进行现场体验。 11月10日，"丝路新风尚 数币畅西安"数字人民币宣传月暨西安市数字人民币硬钱包首发仪式，在 西安DT51商场举行。人民银行陕西省分行、西安市委金融办，交通银行陕西省分行、西安市数字人民 币各试点金融机构等单位相关负责人出席活动。此次活动是西安市数字人民币应用拓展的又一重要节 点，标志着社会公众即将迎来数字支付新体验。 在宣传月活动启动仪式上，人行陕西省分行相关负责人介绍了西安市数字人民币试点取得的成效， 希望通过数字人民币的扩大应用，进一步惠民生、促消费，鼓励各方力量积极参与，共同营造安全、高 效、普惠的数字支付生态。 本次宣传月活动期间，各试点运营机构将推出相关系列主题活动：如工商银行、农业银行、建设银 行聚焦商业综合体场景，在王府井百货熙地港店等西安大型商业综合体推出数字人民币大额满减活动； 中国银行侧重社区生活场景，在"7-11"、肯德基等商超连锁店推出数字人民币红包优惠；邮储银行陕西 省分行、西安银 ...

Financial Data and Key Metrics Changes - The company achieved a record Total Payment Volume (TPV) exceeding $10 billion, with a gross profit surpassing $100 million, marking a nearly 60% year-over-year growth in TPV and a 32% increase in gross profit [3][4][15] - Adjusted EBITDA reached $72 million, representing 70% of gross profit, with net income growing to $52 million due to lower finance costs [4][19] - Revenue for the quarter was $282 million, up 52% year-over-year, driven by strong volume growth [16] Business Line Data and Key Metrics Changes - TPV growth was broad-based, with significant contributions from remittances, e-commerce, on-demand delivery, and SaaS verticals, while advertising showed weakness primarily due to Egypt [15][16] - Cross-border transactions grew 75% year-over-year, while local-to-local transactions increased by 46% year-over-year [15] - The company reported strong performance in Brazil, Colombia, and other LATAM regions, despite challenges in Argentina and Mexico [4][15] Market Data and Key Metrics Changes - Local payment methods in Brazil, driven by PIX, now account for over half of e-commerce volume, with expectations to reach nearly 60% by 2027 [5] - The company noted a gradual pickup in TPV in Argentina post-elections, indicating potential for growth despite currency uncertainties [24][28] - The effective income tax rate for the quarter was 15%, with expectations to diversify away from Argentine securities to reduce volatility [19] Company Strategy and Development Direction - The company aims to be a one-stop shop for emerging market financial infrastructure, focusing on local payment methods and alternative financial solutions [6][7] - Product innovation remains a priority, with recent launches including Buy Now Pay Later solutions and expanded APM capabilities [12][45] - The company is focused on navigating the complexities of emerging markets while maintaining a disciplined cost posture and strong cash generation [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in Argentina and Brazil, despite acknowledging risks from currency fluctuations and changing tax regimes [24][25][28] - The company expects continued strength in remittances and commerce, with no immediate signs of alarm for these verticals [30] - Management highlighted the importance of monitoring global macroeconomic conditions and potential trade barriers that could impact business [20][21] Other Important Information - The company reported a healthy adjusted free cash flow to net income conversion, reinforcing its cash-generative business model [5] - The net retention rate (NRR) increased to 149%, reflecting strong customer loyalty and upsell opportunities [9] Q&A Session Summary Question: Impact of Argentina's elections on business - Management noted a gradual pickup in TPV post-elections, indicating a positive outlook for growth in Argentina, while monitoring exchange rates closely [24] Question: Tax regime changes in Brazil - Management clarified that recent tax changes do not negatively impact the company, and they are monitoring the evolving fiscal landscape [25][26] Question: Growth drivers in remittances and e-commerce - Management highlighted strong growth across various verticals, with remittances growing over 200% year-on-year, and expressed confidence in continued strength [30] Question: Take rate concerns - Management indicated that the recent take rate compression was influenced by one-off factors and that a normalized take rate would remain above 100 basis points [31][32] Question: Brazilian market performance - Management confirmed that the growth in Brazil is broad-based and not reliant on a single merchant, with a strong rebound in cross-border transactions [36] Question: Future of local to local transactions - Management reassured that cross-border volumes have remained stable, and local to local transactions are not expected to significantly dilute overall take rates [38] Question: Alternative payment methods and their impact - Management emphasized the growing adoption of local payment methods and the potential for higher take rates from Buy Now Pay Later offerings [44][45]

Core Insights - The 2025 Singapore FinTech Festival (SFF) showcased China's fintech capabilities, particularly through WeChat's mobile payment and digital solutions, highlighting China's leadership in the fintech sector and the systematic adoption of Chinese mobile payment technologies in overseas markets like Singapore [1][22]. Group 1: WeChat Payment Solutions - WeChat's cross-border payment solutions, including "WeChat Cross-Border Payment," "Global Checkout for Mini Programs," and "Cross-Border Remittance," are enhancing the cross-border business experience and creating a new digital payment ecosystem globally [1][4]. - The newly launched TenPay Global Checkout allows overseas merchants using WeChat Mini Programs to easily integrate various local payment methods, significantly lowering the technical and operational barriers for businesses engaging in cross-border transactions [4][5]. Group 2: User Experience Enhancements - Innovative features such as "One-Click Translation" support instant language switching in 18 languages, enhancing the shopping experience for users abroad [5]. - The "Dual Code Integration" capability allows merchants to cater to both local app users and mini program users, optimizing customer acquisition through offline scanning [5]. Group 3: Cross-Border Partnerships - WeChat Pay has expanded its "Outsourcing and Internal Use" service, collaborating with over 40 wallets from more than 10 countries, enabling users to pay in China using their familiar wallet apps without additional registration [19][21]. - The integration of international credit cards like VISA and Mastercard into WeChat Pay allows foreign users to make payments at Chinese merchants seamlessly [21]. Group 4: Technological Innovations - Tencent's Palm payment technology, showcased at SFF, offers a unique "contactless payment" experience using palm recognition, which has been implemented in various consumer scenarios in Singapore [8][9]. - The new PalmDa POS terminal combines multiple payment methods, including palm, card, and QR code payments, aimed at improving transaction efficiency in retail and dining environments [10][18]. Group 5: Market Expansion - The launch of WeChat's payment solutions in Singapore and Macau is the first step, with plans to expand into Japan, Australia, and New Zealand, aiming to provide convenient payment services for global users [4][22]. - The increasing presence of Chinese tourists abroad is driving overseas businesses to adopt the WeChat mini program ecosystem, facilitating the global spread of Chinese digitalization [3][21].

Financial Data and Key Metrics Changes - In Q3 2025, revenue was $77.7 million, with a normalized revenue growth of 5% year-over-year, and gross profit was $57.8 million, with a gross profit growth of 1% [12][14] - Adjusted EBITDA was $31.2 million, representing approximately 40% adjusted EBITDA margins, and free cash flow was $20.8 million, resulting in a 67% free cash flow conversion [14][15] - The company had approximately $96 million in cash and $250 million in undrawn revolver capacity, totaling $346 million in liquidity [15] Business Line Data and Key Metrics Changes - Consumer payments segment reported a gross profit increase of 1% year-over-year, with a single-digit growth when excluding the impact of client losses [14][13] - Business payments segment saw a normalized gross profit increase of 12% year-over-year, with over 20% growth when excluding the impact of client losses [9][14] - The supplier network in the business payments segment increased to over 540,000 suppliers, growing approximately 60% year-over-year [10] Market Data and Key Metrics Changes - The company added five new software partners, bringing the total partnership network to 291 across consumer and business payment segments [6] - The company experienced a stable consumer marketplace, with noted softness in the automotive-to-used car segment [35] Company Strategy and Development Direction - The core growth strategy focuses on optimizing digital payment flows and embedding payment technology into software platforms [4] - The company is enhancing its go-to-market strategies, automating processes, and deploying AI tools to build a scalable future [5][6] - The strategic focus is on increasing TotalPay adoption and prioritizing resources towards accounts payable opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to sustainable growth as they exit the year, with expectations for sequential improvement in normalized growth in Q4 [4][16] - The company anticipates ongoing margin pressures due to a mix of larger clients with volume discounts and higher transaction values [17][18] - The updated Q4 outlook expects normalized gross profit growth of 6%-8% and free cash flow conversion to be greater than 50% [16][18] Other Important Information - The company repurchased approximately 3% of its outstanding shares in August, totaling $38 million year-to-date [11][15] - Management is open to M&A opportunities to accelerate growth potential [19] Q&A Session Summary Question: Free cash flow outlook into 2026 - Management expects free cash flow conversion to be in the upper 50s for Q4, with a strong 67% conversion in Q3 [21] Question: Political media spend headwind for Q4 - The headwind for Q4 last year was $4.6 million in gross profit, with an annual impact of around $11.75 million [22] Question: Visa Commercial Enhanced Data Program - Management discussed the transition from level two to level three data requirements, which may affect interchange rates [27][30] Question: Consumer payments softness - Management noted stability in the consumer marketplace but identified softness in the automotive-to-used car segment [35] Question: M&A pipeline - Management sees a healthy pipeline for M&A opportunities in both consumer and B2B segments [37]

Financial Data and Key Metrics Changes - In Q3 2025, Repay reported revenue of $77.7 million, reflecting a 5% normalized year-over-year growth, while gross profit was $57.8 million, with a 1% increase on a normalized basis [13][14] - Adjusted EBITDA was $31.2 million, representing approximately 40% adjusted EBITDA margins, and free cash flow was $20.8 million, resulting in a 67% free cash flow conversion [15][16] - The company had approximately $96 million in cash and $250 million in undrawn revolver capacity, totaling $346 million in liquidity [16] Business Line Data and Key Metrics Changes - Consumer payments segment gross profit increased by 1% year-over-year, with a noted impact of approximately 3% from client losses [14][15] - Business payments segment saw a normalized gross profit increase of 12% year-over-year, with over 20% growth when excluding the impact of client losses [10][15] - The supplier network in the business payments segment grew to over 540,000 suppliers, a 60% increase year-over-year [11] Market Data and Key Metrics Changes - The company added five new software partners, bringing the total partnership network to 291 across consumer and business payment segments [6] - The automotive-to-used car market showed some softness, consistent with previous observations [34] Company Strategy and Development Direction - Repay's core growth strategy focuses on optimizing digital payment flows and embedding payment technology into software platforms [4] - The company is investing in AI tools and automation to enhance client onboarding and improve operational efficiency [5] - Capital allocation priorities include organic growth investments, managing CapEx, and maintaining a strong balance sheet [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to sustainable growth, expecting normalized gross profit growth of 6%-8% in Q4 2025 [17][18] - The company anticipates continued margin pressures due to a mix of larger clients with volume discounts and increased ACH and check volumes [18] - Management highlighted a healthy M&A pipeline and openness to acquisitions to accelerate growth potential [36] Other Important Information - The company repurchased approximately 3% of its outstanding shares in August, totaling $38 million year-to-date [12][16] - Repay retired $73.5 million of its 2026 convertible notes at a discount, reducing total outstanding debt to $434 million [16] Q&A Session Summary Question: Free cash flow outlook into 2026 - Management expects Q4 free cash flow conversion to be in the upper 50s, with a strong 67% conversion in Q3 [21] Question: Political media spend headwind - The headwind for Q4 last year was $4.6 million in gross profit, with an annual impact of approximately $11.75 million [22] Question: Visa Commercial Enhanced Data Program - Management discussed changes in data requirements for B2B transactions and the potential impact on interchange rates [26][30] Question: Consumer payments softness - Management noted stability in the consumer marketplace but identified softness in the automotive-to-used car segment [34] Question: M&A targets and pipeline - Management indicated a healthy pipeline for M&A opportunities in both consumer and B2B segments [36] Question: Nature of net working capital affecting free cash flow - Management clarified that the lower free cash flow conversion is due to timing of working capital and margin compression [41]