BEIJING, March 6, 2019 -- Pintec Technology Holdings Ltd. ("PINTEC";NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced that Singapore-based United Overseas Bank ("UOB") plans to use Avatec.ai's (S) Pte Ltd ("Avatec") technology as part of an Memorandum of Understanding (MOU) it signed with OctoRocket.asia ("OctoRocket"). Avatec is a joint venture set up by PINTEC and UOB in April 2018 to help banks and finance companies to be more efficient and more accurate when assessing credit quality of potential customers, including those who are new to credit.
According to the MOU signed between UOB and OctoRocket, UOB will enable small businesses that use OctoRocket for at least six months to apply for financing directly via the online platform. UOB plans to use Avatec's technology to assess the applicant's creditworthiness based on its transactional data on OctoRocket, removing the need for applicants to submit their company's financial statements when applying for financing.
Avatec harnesses the power of artificial intelligence and machine learning to gain insights into the applicant's cashflow and day-to-day operations, determining the applicant's credit quality quickly and with more certainty. This will enable UOB to cut the time taken for loan approvals from an average of 2.5 days to just 15 minutes.
"We're glad that Avatec has been making steady progress in the Southeast Asian market," said Zhou Jing, president of PINTEC. "Avatec and the Southeast Asian market are an important part of PINTEC's international expansion efforts. The demand for convenient, responsive, smart and inclusive financing solutions has created huge opportunities for PINTEC, and these are not constrained by geographic distance, as our SaaS model is scalable and applicable to markets beyond China."
PINTEC is actively exploring opportunities to replicate the Company's success in China to overseas markets both in other parts of the Asia Pacific region, as well as new markets including Europe and North Africa. PINTEC's experience and expertise accumulated in the China market is readily transferable to overseas markets, added Zhou, who is leading PINTEC's international business expansion.
Dennis Tan, chief executive officer of Avatec, said, "Avatec's involvement in UOB's and OctoRocket's collaboration demonstrates the value our next-generation credit assessment technology can bring to ASEAN's small businesses who needs access to credit quickly and conveniently as part of their growth plans."
Safe Harbor Statement
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