Pintec Announces Industrial and Commercial Bank of China’s Successful Implementation of its SME Risk Management Solutions
Pintec Technology Holdings Limited (Nasdaq: PT) announced an update on its partnership with Industrial and Commercial Bank of China (ICBC), which implemented Pintec's SME risk management solutions.
The collaboration enhances ICBC's SME lending services, improving accuracy in risk assessment and decision-making. This marks the completion of the first stage of their partnership. Amid rising SME financing needs due to COVID-19, ICBC has initiated measures to support SMEs, utilizing Pintec's advanced fintech solutions.
- Enhanced lending services for SMEs through Pintec's technology.
- Improved accuracy rate of ICBC's risk warning models, doubling effectiveness.
- Completion of the first stage in cooperation indicates a successful partnership.
- None.
BEIJING, July 07, 2020 (GLOBE NEWSWIRE) -- Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the “Company”), a leading independent technology platform enabling financial services in China, today announced an update on its cooperation with Industrial and Commercial Bank of China (“ICBC” or the “Bank”). ICBC has adopted and implemented Pintec’s SME risk management solutions for its micro- and small-sized (“SME”) lending business, further enhancing the effectiveness of its lending services for SME clients.
Through this cooperation, the Company has provided ICBC with a number of cutting-edge fintech technology solutions to further augment the Bank’s Jingyingkuaidai SME lending Product, an inclusive loan product designated for SMEs. ICBC has also leveraged the Company’s proprietary technology to refine account management programs. The implemented solutions such as machine-learning models have bolstered the Bank’s decision-making capabilities, and enabled ICBC to double the accuracy rate of its early risk warning models. This marks the completion of the first stage of the cooperation between both parties.
“Our ability to help ICBC better serve its SME clients through state-of-the-art fintech solutions demonstrates our industry-leading technological capabilities and compelling value propositions,” commented Pintec.
Recently, in response to the outbreak of the COVID-19 and resulting escalation in SME’s demand for financing support, there has been an increased focus on initiatives to help SMEs solve their immediate funding problems. In recognition of this critical need, ICBC promptly responded to the challenge, and introduced a number of related initiatives to support SMEs.
Pintec has outstanding technical capabilities in big data, artificial intelligence (AI), robotic process automation (RPA), and rich experience in digital banking, consumer finance, business lending, SME lending, wealth management, insurance brokerage. Pintec has cooperated with nearly 200 financial and commercial institutions, such as aiBank, United Overseas Bank (UOB), East West Bank, Fullerton Micro Finance, China Mobile, China Telecom, China UMS, Ctrip, etc., enabling them to effectively and efficiently realize digital transformation in financial services and business expansion with enhanced competitiveness.
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. Among other things, the quotations from management in this announcement, as well as PINTEC’s strategic and operational plans, contain forward-looking statements. PINTEC may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to online consumer finance in China, the Company’s reliance on Jimu Group for a significant portion of its funding and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, publicity regarding the consumer finance industry and the evolving regulatory environment governing this industry in China, and the Company's ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further 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 the Company 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.
About PINTEC
PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from point-of-sale financing, personal installment loans and business installment loans, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies, peer-to-peer platforms and other similar institutions. For more information, please visit ir.pintec.com.
Investor Relations Contact
Joyce Tang
Pintec Technology Holdings Ltd.
Phone: +1-646-308-1622
E-mail: ir@pintec.com
Jack Wang
ICR Inc.
Phone: +1-646-308-1622
E-mail: pintec@icrinc.com
FAQ
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