Fire Rock - the hidden tech-stock gem to buy other than Sea Limited

As every investor knows, it has been a stunning rise for Sea Limited, the emerging gaming, e-commerce, and digital finance giant based in Singapore. It shares went public on the New York Stock Exchange in late 2017 at a market capitalization of $5 billion. The market capitalization of Sea Limited has just reached $180 billion today.

There is another listed company in Hong Kong namely Fire Rock (HKSE:1909) which has the similar business as Sea Limited's. Similar to Sea Limited gaming business, Fire Rock has been developing premium games and initiated the R&D of new mobile games. Its online game business has been bringing strong revenue to the Group. Fire Rock continues to expand the business of their self-developed games overseas and the overseas revenue has been surging.

Besides the gaming segment, there is another driving force of Sea Limited's growth - the Sea's digital finance arm. Total payment volume surged 150% to $4.1 billion last quarter as Sea's digital wallet has become more of the go-to app for customers in the region. Fire Rock, on the other hand, has announced that it is in negotiation with FOMO Pay Pte. Ltd. ("FOMO Pay"), a leading provider of one-stop mobile payment solutions and digital banking solutions in Southeast Asia, for a strategic cooperation framework memorandum to facilitate the establishment of Fire Rock's blockchain overseas business which will be extended from games to other digital assets. The mobile payment and cross-border remittance solutions provided by FOMO Pay cover Singapore, Malaysia and a number of other countries, offering enterprises with assistance in global payments and global payment collections to meet the physical and online payment demands of businesses.

On 1 Sep 2021, FOMO Pay has officially received three new payment services licences from the Monetary Authority of Singapore, the city-state's central bank. These include licences to start offering domestic remittance service, merchant acquiring service and digital payment token service. It will allow FOMO Pay to extend its payment-based solutions to clients including corporates, SMEs and financial institutions. The three licenses will strengthen FOMO Pay, thus Fire Rock's leading position in the payment service industry across the region.

Prospects remain bright for Fire Rock as it continues to grow its footprint. New markets and the digitization of emerging economies will fuel Fire Rock for the next decade. Sea Limited's stock price has skyrocketed 3,500% since its IPO and it shows no signs of slowing down. Having the similar business as Sea Limited's, Fire Rock is definitely another hidden tech-stock gem which is worth investing.