SINGAPORE, May 8, 2019 /PRNewswire/ -- Pintec Technology Holdings Ltd. ("PINTEC";NASDAQ: PT), a leading fintech solutions provider, today unveiled its new international headquarters in Singapore, while also launching "SquirrelSave", a new digital wealth management service developed by its Singapore-based venture, PIVOT Fintech Pte. Ltd ("PIVOT").
"I would like to congratulate you for this joyous occasion. The opening of PINTEC’s international HQ is testament to the role that Singapore plays in facilitating the overseas expansion of Chinese corporates, and the close connectivity and collaboration between Singapore and China," said Ms. Sim Ann, senior minister of state for Ministry of Communications and Information and Ministry of Culture, Community and Youth, in her opening remarks at the event.
"Singapore serves as a gateway to Southeast Asia and we have established our importance as a technology and innovation hub. In line with Singapore’s efforts to build a Smart Financial Center employing cuttingedge technology, we hope PINTEC will bring its wealth of knowledge and experience to the fintech ecosystem," she added. "We are happy to welcome leading fintech companies like PINTEC to base their international HQ in Singapore and anchor their innovation labs and R&D center functions here... and I look forward to more exciting times ahead as we continue to work hand-in-hand with the industry to seize opportunities in the digital future."
PINTEC's international headquarters in Singapore will facilitate the development of the company's fintech services worldwide. PINTEC plans to build up a research and development center in Singapore to enhance products and services and develop advanced technologies to offer customized solutions to business and financial partners in international markets.
"The new international headquarters marks a key milestone of PINTEC's international strategy to explore opportunities to replicate our success in China to overseas markets, enabling PINTEC to better fulfill the global demand for responsible and sustainable inclusive financing solutions," said Zhou Jing, president of PINTEC, at the opening ceremony. "PINTEC's proven technologies and experience with financial and business partners in various fields will help global partners serve more users and improve operational efficiency with fintech solutions."
PINTEC will leverage its proven big data, cloud computing and artificial intelligence technologies and scalable SaaS model to provide convenient, responsive, intelligent and inclusive financing solutions to overseas markets, including point-of-sale financing solutions, personal installment loan solutions, business installment loan solutions, wealth management solutions, and insurance solutions. PINTEC will also establish an independent data center in Singapore to meet regulatory requirements, help train local talents in applying state-of-the-art financial technologies, and together drive fintech development in Singapore and other international markets.
At the opening ceremony for its new international headquarters, PINTEC's Singapore-based venture, PIVOT, officially launched its new digital wealth management service SquirrelSave, which represents another key step for PINTEC to develop innovative and customized fintech solutions for the Southeast Asia market.
SquirrelSave is a fully AI-driven digital investment solution with real-time on-demand portfolio creation, personalized risk management and dynamic asset allocation. "To support financial inclusion, we have developed our proprietary gamification AI to assess underlying psychometric traits and risk-reward behavior," said Victor Lye, CEO of PIVOT. "The service will provide the underserved who have no investment knowledge the access to on-demand global investing. Our ultimate 'Health is Wealth' vision is to converge data across investments, insurance and healthcare with rewards to drive behavior change in one application."
The foundation of PINTEC's further international expansion has been laid with the great progress the company has already made overseas with a pair of Singapore-based joint ventures that serve the Southeast Asian market. PINTEC and FWD Group jointly launched PIVOT Fintech Pte. Ltd. ("PIVOT") in October 2017 to provide digital wealth management services. PIVOT has recently been granted a Capital Markets Services license by the Monetary Authority of Singapore to offer AI-driven investment services directly to retail clients.
In April 2018, PINTEC joined with United Overseas Bank Ltd. to launch Avatec.ai (S) Pte Ltd. ("Avatec"), to provide next-generation digital credit assessment solutions to banks, tech companies and fintech companies in the region. Avatec's wholly-owned subsidiary Avatec Indonesia has been approved as a credit scoring solution provider in Indonesia's Digital Financial Innovation (DFI) sandbox program.
PINTEC's overseas business is already seeing important international developments in Australia, North America, North Africa and Europe, including the acquisition of Australian financing solution provider InfraRisk, and a business alliance with East West Bank.
"With Singapore's geographic advantage connecting Asia and other regions; its mature industrial regulations; and a talent market of great potential, PINTEC will further expand our global reach with this new headquarters," Zhou added.