BEIJING, Dec. 18, 2018 /PRNewswire/ -- Pintec Technology Holdings Ltd. ("PINTEC") (NASDAQ: PT), a leading independent technology platform enabling financial services in China, today signed a strategic cooperation agreement with China National Investment & Guaranty Corporation ("I&G"), a leading enterprise in China's guarantee industry. The two sides will jointly develop the next generation digital lending technologies and nurture a dynamic credit financing ecosystem for small and micro-sized enterprises in China.
Financial technology has transformed the traditional financial services and posed a new challenge to traditional financial institutions. The converging of technology and financial services has become a global trend. The strategic partnership between PINTEC and I&G aims to develop a credit financing ecosystem for small and micro-sized enterprises, which will better drive inclusive finance and support the real economy in China.
"I&G has long observed the trend driven by financial technology, and has been embracing the changes and leveraging fintech to develop our businesses," said Li Feng, vice president of I&G, at the press conference. "We will leverage I&G's brand and business advantages in guarantee and credit enhancement, and cooperate closely with PINTEC to develop technologies and provide efficient and effective financial services for small and micro-sized enterprises, helping create a favorable credit financing environment for the real economy."
I&G is one of the largest guarantee institutions in China in terms of business scale, product offerings and client resources. The company has launched a number of fintech platforms and products in recent years, including Zhejiang Internet Financial Assets Exchange, Guotou (Ningxia) Internet Microfinance Co., Ltd, and lending services, such as Lingzhikuaidai and www.igfax.com.
"PINTEC values I&G's rich experience and insights from the financial industry," said William Wei, founder and CEO of PINTEC. "Combining our respective advantages, we will work together to develop the next generation digital lending solutions. PINTEC will continue to invest in R&D and develop innovative solutions to enable financial institutions to better serve small and micro-sized enterprises and individuals while realizing our corporate mission of 'Power the future of finance'."
Based on big data and artificial intelligence technologies, PINTEC has developed multiple end-to-end fintech solutions in digital lending and intelligent wealth management, providing advisory services, SaaS technologies, and value-add services that include traffic enhancement, data mining, risk management, and joint-operations services to our business and financial partners in China and abroad. The company has launched two joint ventures in Singapore, Avatec and Pivot, to provide fintech services in the Southeast Asian markets.
Established by the Ministry of Finance and the former State Economic and Trade Commission in 1993 with the approval of the State Council, China National Investment & Guaranty Corporation (I&G) is the first specialized guarantee institution in China. In 2015, I&G was transformed into a limited liability company and was listed at NEEQ (stock code: 834777).
As a flagship enterprise in China's guarantee industry, I&G has established a business architecture pillared by credit enhancement, asset management and internet finance, and set up business lines in cross-currency market, stock market and bond market.
By the end of 2017, I&G had a registered capital of RMB4.5 billion, total assets of RMB19.163 billion, and bank credit of RMB111.5billion. It was granted long-term credit rating of AAA (with rating outlook of "stable") by authoritative credit rating agencies such as China Cheng Xin International Credit Rating Co., Ltd. (CCXI), China Lianhe Credit Rating Co. and Dagong Global Credit Rating Co., Ltd. By the end of 2017, I&G had provided more than 20,000 clients with guarantee services worth RMB490.4 billion, making it the largest, also the earliest, guarantee institution in China.
As a member of the world's top three guarantee and credit insurance associations, I&G has formed a comprehensive strategic alliance with China's first-class banks, securities companies, trust investment companies, financial assets management companies and professional investment and consulting organizations. It is a member enterprise of State Development & Investment Corporation (SDIC) and the president institution of China Financing Guarantee Association. For more information, please visit http://www.guaranty.com.cn.
PINTEC is a leading independent technology platform enabling financial services in China. With its mission to "Power the Future of Finance", PINTEC aims to advance financial services by providing customizable and modular fintech solutions to its financial and business partners. In fields such as finance, online travel, e-commerce, offline retail, and online classifieds, PINTEC enables financial services for institutional partners with point-of-sale financing solutions, personal installment loan solutions, business installment loan solutions, wealth management solutions and insurance solutions. PINTEC's services include consulting, SaaS technology services and other value-added services. As of Sep 30, 2018, PINTEC had cooperated with business partners and financial partners that include Xiaomi, Qunar, Ctrip, China Telecom BestPay, Vip.com, shouqianba.com, Bank of Zhengzhou, Minsheng Securities, Orient Securities, Yunnan International Trust, Guoyuan Securities and Industrial Consumer Finance. PINTEC has launched two joint ventures to serve the Southeast Asian market: Avatec.ai (S) Pte. Ltd, formed in 2018 to offer credit assessment services and solutions, while PIVOT Fintech Pte. Ltd ("PIVOT"), formed in 2017 to provide robo-advisory services. On October 25, 2018, PINTEC was officially listed on the NASDAQ Stock Market with shares trading under the stock code "PT". For more information, please visit www.pintec.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and PINTEC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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Annie He, PINTEC, +86-152-0141-9749, email@example.com; Edmond Lococo, ICR Inc., +86-10-6583-7510, Edmond.Lococo@icrinc.com