BEIJING, March 29, 2019 /PRNewswire/ -- Pintec Technology Holdings Ltd. ("PINTEC"; NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced it is cooperating with Bank of Nanjing and developing a new-generation digital wealth management solution for the bank.
The new solution for Bank of Nanjing is based on PINTEC's upgraded 2.0 version of its digital wealth management solution. In its 1.0 version, PINTEC helped its partners develop robo-advisory solutions with thousands of domestic and overseas mutual funds as underlying assets. In its upgraded 2.0 version, PINTEC has introduced variable products into the solution, including bank financing products and cash financial products.
"PINTEC was a pioneer in China to develop digital wealth management solutions and explore innovations and best practices," said Zheng Yudong, CEO for wealth management business at PINTEC. "PINTEC has introduced bank financing products as underlying assets to replace some monetary funds and bond funds in the 2.0 version, which can achieve the extension of products while ensuring risk-reward ratio. At the same time it can help banks bring their familiar financing products to the portfolio to conduct asset allocation in a more scientific way."
In addition, PINTEC is studying how to bring insurance products to the wealth management system, which will drive the digital advisory services development to its 3.0 stage.
Digital advisory is a new and fast-growing wealth management service model around the world. More and more mainstream financial organizations in China are exploring digital investment services and seeing it as an important field for innovation in their digital transformation.
As a leading fintech solutions platform, PINTEC has partnered with many financial institutions in China on digital wealth management solutions, including Zhejiang Rural Credit Cooperatives, E-Capital Transfer, Minsheng Securities, Bank of Zhengzhou, Guoyuan Securities, and Z-Bank. In October 2017, PINTEC launched a joint venture in Singapore with FWD Group, PIVOT Fintech Pte. Ltd ("PIVOT"), offering digital wealth management technology services throughout Southeast Asia.
Established in 1996, Bank of Nanjing is a joint-stock commercial bank. With registered capital of RMB6.059 billion, Bank of Nanjing operates 17 branches and 161 retail outlets with nearly 8,000 employees. The strategic vision for Bank of Nanjing is to become "a top comprehensive financial service provider among small and medium-sized banks in China". Bank of Nanjing has enjoyed steady and fast growth with improving operation efficiency, enhanced risk control, stable asset quality and well-organized management.
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 online travel, e-commerce, telecommunications, online education, SaaS Platforms, financial technology, internet search, and online classifieds and listings, 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 services, SaaS technology services and other value-added services. PINTEC has cooperated with a number of business partners and financial partners, including without limitation Xiaomi, Qunar, Ctrip, China Telecom BestPay, Vip.com, shouqianba.com, Minsheng Securities, Orient Securities, Yunnan Trust, Guoyuan Securities, China National Investment & Guaranty Corporation, Fullerton Financial Holdings. 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 digital wealth management services. On October 25, 2018, PINTEC was officially listed on the Nasdaq Global Market with American depositary shares trading under the symbol "PT".
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