Why Digital Payments Play CLPS Stock Is Skyrocketing Today

CLPS (NASDAQ:CLPS) stock is on the rise Wednesday after the company announced plans to expand its business.

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CLPS is an IT company that offers its services to digital payment platforms. The company announced today that its subsidiary, CLPS Technology, has signed an agreement to offer IT services to a major digital payment platform in the U.S.

The agreement between CLPS and this entity will have it providing the platform with data analysis and payment risk management services. That will cover the payment platform’s international business.

Matthew Tang, the CEO of CLPS U.S. and Hong Kong, said this about the news boosting CLPS stock up today.

“We are extremely honored that for more than six years of cooperation, the Client has awarded us with a global contract. This also aligns with our global strategy by leveraging our expertise in the financial industry with globally competitive IT services to achieve and exceed exceptional client satisfaction.”

CLPS mainly operates out of its home country of China. However, it’s been looking for opportunities to reach a more international audience. This recent deal builds on its already-existing relations. That includes working with “large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong.”

The news today has resulted in heavy trading of CLPS stock. As of this writing, more than 66 million shares of the stock have changed hands. That’s quite the jump from the company’s daily average trading volume of about 618,000 shares.

CLPS stock was up 193.5% as of Wednesday morning and is up 365.6% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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