AnalytixInsight’s MarketWall Well Positioned for FinTech Online Usage Surge
TORONTO, May 19, 2020 (GLOBE NEWSWIRE) — Artificial Intelligence company, AnalytixInsight Inc. (“AnalytixInsight”, or the “Company”) (TSX-V: ALY; OTCQB: ATIXF) expects its FinTech affiliate MarketWall will benefit from the surging new trend toward online channels caused by the COVID-19 pandemic, following Intesa Sanpaolo’s Q1 2020 report which witnessed strong online digital channel usage during the quarter.
MarketWall develops and sells FinTech online digital solutions for major European financial services firms, including Intesa Sanpaolo. During 2019, MarketWall grew its revenues by 65% to C$6.2 million and net income by 259% to C$1.5 million. MarketWall is 49%-owned by AnalytixInsight and 33%-owned by Intesa Sanpaolo.Excerpts from Intesa Sanpaolo’s Q1 2020 results relating to approximate online digital channel usage during the quarter:300,000 increase in Intesa Sanpaolo App active users to 5.8 million,60% increase in Market Hub trading orders to 80,000 per day on average,94% increase in digitally completed commercial transactions to 350,000 average for the quarter,12% increase in digital operations to 26 million for the quarter,Best Q1 net income since 2008 of 1.4 billion euro, excluding provisions for future COVID impact.The Intesa Sanpaolo App is at the heart of the bank’s digital strategy to invest 2.8 billion euros to increase its digitized business to 70%. MarketWall developed the App’s stock-trading component “Investo”, which was deployed in 2018 as part of the App constellation. The App is ranked top 4th App in Europe by Forrester Digital Wave.Market Hub is Intesa Sanpaolo’s trading platform, which will also be the execution broker for MarketWall’s European online financial brokerage initiative, once established. MarketWall has applied to become an online financial broker in Europe and is awaiting regulatory approvals.AnalytixInsight believes the need for online banking and online trading platforms will increase because of consumer behavior shifts caused by the COVID-19 pandemic and expects MarketWall’s business will benefit from this trend shift.Intesa Sanpaolo is one of the top banking groups in Europe with approximately 11.8 million customers and approximately 3,700 branches throughout Italy. It has emerged as Italy’s first digital bank and is investing 2.8 billion euro in a strategic plan to increase the bank’s digitized business to 70%, with mobile being at the heart of the digital ecosystem. S&P Global ranks Intesa Sanpaolo as the 27th largest bank in the world by total assets.
CONTACT INFORMATION:Scott Urquhart
VP Corporate Development
Scott.Urquhart@AnalytixInsight.comABOUT MARKETWALL S.R.L.MarketWall is a FinTech company focused on the design and development of software solutions as part of a fully integrated ecosystem of Smart Devices – Web, Mobile, Wearables and Smart TV. Our aim is to innovate methods to access financial markets by combining technology, data and user experience. We work to empower market data experience and investment knowledge by developing B2B and B2B2C multidevice platforms for major players in the Financial and Technology industries. Our platforms cover 50,000 stocks and provide news, real-time quotes for EU and US markets and other financial contents. MarketWall.comMarketWall is 49% owned by AnalytixInsight Inc., and 33% owned by Intesa Sanpaolo.ABOUT ANALYTIXINSIGHT INC.AnalytixInsight Inc. is an Artificial Intelligence, machine-learning company. AnalytixInsight’s financial analytics platform CapitalCube.com algorithmically analyzes market price data and regulatory filings to create insightful actionable narratives and research on approximately 50,000 global companies and ETFs, providing high-quality financial research and content for investors, information providers, finance portals and media. AnalytixInsight also designs and implements Workforce Optimization solutions for large global enterprises. AnalytixInsight holds a 49% interest in MarketWall, a developer of FinTech solutions for financial institutions. AnalytixInsight.comRegulatory StatementsThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the Company’s ability to spin out or monetize its interest in MarketWall, the relationship between the Company and Intesa Sanpaolo, the impact to MarketWall resulting from Intesa Sanpaolo’s plans, the ability for MarketWall to obtain regulatory approvals to become an online broker, the impact of COVID-19 on the Company and MarketWall’s business, the use of the Company’s content by various parties; and the Company’s future performance. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company’s technology and revenue generation; risks associated with operation in the technology sector; ability to successfully integrate new technology and employees; foreign operations risks; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE