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HONG KONG - Galaxy Payroll Group Limited (NASDAQ:GLXG) has signed a Memorandum of Understanding to jointly develop AI-powered HR solutions with CURRENC Group Inc. (NASDAQ:CURR), according to a press release statement. CURRENC’s stock has shown significant momentum, surging over 56% in the past week, though InvestingPro data indicates the company faces financial challenges with a Weak overall health score.
The collaboration aims to create two key modules: an "AI HR & Payroll Manager" that will incorporate stablecoin payment options for payroll processing, and an "AI Recruitment Manager" designed to automate candidate screening and interview scheduling.
The partnership combines Galaxy’s payroll services expertise with CURRENC’s artificial intelligence technology to address workforce management challenges for multinational companies.
"Integrating stablecoins into our AI-driven HR product suite represents a dual innovation," said Wai Hong Lao, Chairman and CEO of Galaxy Payroll Group, in the statement.
Alex Kong, Founder and Executive Chairman of CURRENC, added that the companies aim to create "next-generation HR tools" by combining their respective strengths.
Galaxy Payroll Group provides HR and payroll outsourcing services primarily in Hong Kong, Taiwan, Macau, and mainland China. CURRENC Group focuses on AI solutions for financial institutions, including digital remittance platforms and AI-powered customer service tools.
The companies did not disclose financial terms or a timeline for product development in the announcement.
In other recent news, Currency Group Inc. reported a net loss of $38.8 million for the fourth quarter of 2024, with total revenues reaching $42 million, a 3.4% decline from the previous year. Despite the losses, the company saw a 6.4% increase in digital remittance revenue, amounting to $18.2 million. Currency Group is making strategic investments in AI-driven solutions, including a new data center in Malaysia, as part of its efforts to drive future growth. The company also processed 11.4 million transactions, highlighting its shift towards expanding digital services. Analysts noted that Currency Group is targeting a 12.5% increase in remittance revenue for 2025, with AI services expected to contribute to revenue in the latter half of the year. The firm is also focusing on expanding its market presence in Southeast Asia and the Middle East. Despite intense competition in the digital remittance space, Currency Group aims to maintain profitability and improve its operational efficiency through these initiatives. The company has also divested certain subsidiaries, which it believes will streamline its operations and enhance top-line growth.
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