BEIJING--Pintec Technology Holdings Ltd. (“PINTEC”; NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced a business alliance with East West Bank, a wholly owned subsidiary of East West Bancorp (NASDAQ: EWBC). Leveraging its leading fintech capabilities and experience, PINTEC will enable East West Bank to provide efficient digital banking services and support the bank in its digital transformation.
In this arrangement, PINTEC will apply its big data and artificial intelligence technologies to develop customized services for East West Bank, targeting the bank’s Chinese and Chinese-American customers. The new technologies and services, covering application process, interactive design, information collection, identification and verification, and client retention, will improve the bank’s user experience and enhance its customer acquisition capability. In the future, PINTEC and East West Bank will explore more cooperation in mobile product innovation, payment, and business operations.
East West Bank is the largest independent bank headquartered in Southern California. It operates more than 130 locations across the U.S. and Greater China, with an exclusive focus on those two markets. The bank ranks among the 25 largest publicly traded banks in the U.S. by market capitalization. In 2019, Forbes recognized East West Bank as No. 8 in “America’s Best Banks.” Velo by East West BankTM is a global digital banking services platform owned by East West Bank. It is a fast, easy, and safe way to access premium financial products and services offered by East West Bank, as well as useful tips and education to connect customers to emerging opportunities.
“East West Bank is devoted to digital banking innovation to bring a superior mobile banking experience to our customers--especially Chinese clients in and coming to America--and to boosting the efficiency of cross-border financing,” said Catherine Zhou, Executive Vice President and Head of Consumer and Digital Bank at East West Bank. “PINTEC is a valuable collaborator in our digital transformation drive, which requires not only the application of new technologies, but also breakthroughs in business process, technology framework, and integration of innovation and business value.”
A recent McKinsey report on digital innovation in the banking industry pointed out that tightening regulations, changing customer behavior and requests, and a new internet model, are disrupting the traditional banking industry landscape. Traditional banks need to undergo digital transformation, including adopting a new business model, user-oriented digital services, and deployment of fintech solutions, to embrace the challenges and new opportunities, said the report.
“The digital transformation of traditional banks is an irreversible global trend,” said Zhou Jing, President of PINTEC. “With our fintech capabilities and experience, PINTEC will help East West Bank improve its competitiveness and provide efficient and convenient mobile financing services through digital innovation. The two sides will explore more in-depth cooperation in the future to develop comprehensive financing solutions to better serve customers.”
The alliance with East West Bank is a good example of how PINTEC empowers financial institutions, and it also represents important progress in PINTEC’s international expansion. PINTEC would like to tap the international market with its innovative technologies and experience. Empowered by PINTEC’s fintech solutions, financial institutions and business partners can create new business growth opportunities and provide their customers with better experience, Zhou added.
As part of PINTEC’s international expansion initiatives, PINTEC launched two joint ventures in Singapore to serve the Southeast Asian market: PIVOT Fintech Pte. Ltd ("PIVOT"), formed in 2017 with FWD Group to provide intelligent wealth management and robo-advisory services, while Avatec.ai (S) Pte. Ltd, formed in 2018 with United Overseas Bank Ltd. to offer digital credit assessment and decisioning solutions.
Both ventures have made progress since establishment. Avatec has begun to provide digital risk management solutions and data products to banks, tech companies and fintech companies in Indonesia and Vietnam. PIVOT is working on robo-advisory solutions with clients in Singapore, Malaysia and Hong Kong.
About East West Bank
East West Bancorp is a publicly owned company with total assets over $41 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC.” The Company’s wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West Bank is a premier bank focused exclusively on the United States and Greater China markets and operates over 130 locations worldwide, including in the United States markets of California, Georgia, Nevada, New York, Massachusetts, Texas and Washington. In Greater China, East West’s presence includes full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. East West Bank offers 24-hour English-Chinese bilingual banking, auto telephone banking and mobile banking services. For more information on East West Bank.