CLPS Incorporation Signs Memorandum of Understanding with DaoCloud to Jointly Develop Cloud-Native Fintech Solutions

CLPS Incorporation (the “Company” or “CLPS”) (Nasdaq: CLPS), today announced that it has signed a Memorandum of Understanding (“MOU”) with Shanghai DaoCloud Network Technology Co., Ltd. (“DaoCloud”) to jointly develop a series of fintech solutions based on cloud-native application modernization.

Cloud computing is one of the key engines that drives the digital transformation in the financial industry, enabling financial institutions to introduce enterprise intelligence and digital innovation. As such, cloud native and distributed technologies are gaining traction in the new generation of digital systems. Through cloud, financial institutions aim to transform their traditional centralized IT architecture into an open distributed architecture, which will improve efficiency and reduce costs while at the same time increasing customer acquisition channels through the Internet gateway.

Under the MOU, CLPS and DaoCloud will work together to meet the major needs of global financial institutions in migrating the legacy system and applications to cloud, thereby providing enterprises with the best solutions available. This will be achieved by combining their respective advantages in digital transformation and technological capabilities in order to utilize the application modernization approach. Initially, both parties will upgrade and integrate CLPS’s new generation loan system with DaoCloud’s application cloud container platform, build a joint innovation lab, and develop a comprehensive and distributed online loan system solution.

With its extensive experience in the fintech sector, CLPS plans to combine its loan system, credit card system, and other products based on blockchain, RPA, and big data, among other technologies with DaoCloud’s modernization and enterprise-level digital native product line and application transformation expert system. As a result, a one-stop shop fintech solution for clients will be jointly developed, providing low-cost, comprehensive, scenario-supported and highly secure system. Further, both parties are also planning to explore and expand business opportunities into the global market.

About DaoCloud

DaoCloud is an innovative leader in the field of cloud native. Founded in 2014, DaoCloud has the core technology of independent intellectual property rights, and is committed to creating an open cloud operating system to enable digital transformation of enterprises. Product capabilities cover the full life cycle of cloud native application development, delivery, operation and maintenance, and provide a variety of delivery methods such as public cloud, private cloud, and hybrid cloud. DaoCloud has been deeply engaged in financial technology, advanced manufacturing, intelligent vehicles, retail outlets, urban brain and other fields.

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”) consulting and solutions service provider focusing on the banking, insurance, and financial service sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial service industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong SAR, and their PRC-based IT centers. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Baoding, Xi’an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining eight global centers are located in Hong Kong SAR, USA, Japan, Singapore, Malaysia, Australia, India, and the Philippines.