BEIJING, June 5, 2017 /PRNewswire/ -- PINTEC Group, China's leading financial technology provider, announced that its wholly owned digital lending technology subsidiary Dumiao successfully issued RMB245 million worth of asset-backed securities (ABS) on the Shanghai Stock Exchange, in the first such issue by a digital lending technology provider.
Backed by installment payments facilitated by Dumiao on online travel platform Qunar, the ABS offering was underwritten by CITIC Securities.
The underlying assets of the ABS are receivables facilitated by Dumiao on Qunar's "Naquhua" installment payment service. Qunar, a leading online travel agency in China, is supporting the ABS program, ensuring the asset formation and stable service operation. Dumiao, a leading digital consumer lending technology provider, supplies Qunar with a digital lending technology solution and offers consumers flexible and efficient financial service.
The Dumiao offering represents the first internet consumer finance ABS sponsored by a third-party digital lending technology provider. Prior to the listing of Dumiao's ABS on the Shanghai Stock Exchange, ABS offerings from the internet finance sector had been dominated by e-commerce companies.
Qunar's "Naquhua" service offers installment payments for travel purchases. Consumers can either enjoy 30 days interest free, or installments of up to 12 months when they book travel products on Qunar. With Dumiao's credit decisioning engine, consumers can get approval for "Naquhua" credit in only a few seconds.
"The public listing of Dumiao's ABS is a recognition of our risk management capabilities by institutional investors and the market, as public ABS offerings have much higher requirements for underlying assets and compliance," said William Wei, CEO of PINTEC Group. "With its advantages in technology and big data, Dumiao can help improve the efficiency of loan underwriting, automate credit decisions and mitigate risk."
Launched in June 2015 by PINTEC Group, Dumiao has grown into a leading digital lending technology provider in China. With its core credit decisioning engine, Dumiao offers digital consumer lending technology solutions, which enables real-time lending decisions. Cooperating with partners in finance, telecom, e-commerce, travel and medical industries, Dumiao has facilitated loans for more than 5 million consumers in China, and is processing over 2 million loan applications per month.
As a leading financial technology platform in China, PINTEC uses big data and digital technologies to provide effective financial solutions for consumers, enterprises, financial institutions, and small businesses. PINTEC technologies can enable more access to financial services by consumers, mitigate risk by decreasing human interference, and break down historical financial market barriers. PINTEC was named among KPMG's "2016 FINTECH100 Leading Global Fintech Innovators" and Deloitte's "2016 Technology Fast 50 China".