Pintec, a financial solutions provider, has allied with Industrial and Commercial Bank of China (ICBC).
The fintech is working with the bank to improve the efficiency of lending services for small and micro-sized enterprises (SMEs).
based on ICBC’s existing inclusive products, Pintec will provide a tailor-made digital lending solution. The aim is to improve ICBC’s micro-credit system as well as boost efficiency and effectiveness of its data models.
In August 2019, the People’s Bank of China released the FinTech Development Plan (2019-2021). It defined fintech as an engine to power financial transformation and upgrading. The collaboration between Pintec and ICBC is one sign of this.
Pintec provides services, such as wealth management solutions, for its financial and business partners. By leveraging AI and Big Data, it has developed digital solutions in various business ecosystems.
PIVOT’s launch is assisted by life insurance company FWD Group and other angel investors.
Based in Singapore, PIVOT will provide digital wealth management services to clients across Southeast Asia.
PIVOT’s platform works on a technology underpinned by artificial intelligence and machine learning techniques.
It will offer PINTEC’s proprietary dynamic, real-time wealth management and robo-advisory technology services to fintech firms and institutional investors.
Since its launch in 2012, PINTEC has launched various AI-based digital analytic services including robo advisory platform (POLARIS), digital lending (DUMIAO), online mutual funds (HONGDIAN), and online insurance broking (MYFIN).
The licence will enable the firm to provide investment services, powered by artificial intelligence (AI), to retail clients in the city-state.
PIVOT CEO Victor Lye said: “PIVOT’s entry into the consumer space with this CMS license supports our vision of financial inclusiveness through constructive disruption and supports Singapore’s vision to be a fintech innovation hub.”