PINTEC Group, a financial technology company based in China, has launched its first overseas venture in Singapore as it releases its artificial intelligence-powered financial advisory service.
The venture, called PIVOT Fintech Pte Ltd, is supported by Hong Kong-based insurer FWD, which will also be a partial owner.
PINTEC, which also operates an online insurance brokerage in China, plans to offer its robo-advisor to various financial institutions in Southeast Asia. Several of its clients in China include Minsheng Securities and
Anbang Insurance Group.
“ASEAN is a fast growing region with many emerging affluent clients, while digital wealth, fintech solutions are just starting in the region, with many institutions interested,” Zheng Yudong, chief executive of PINTEC’s robo advisor unit Polaris, told Reuters.
PINTEC follows several other Chinese fintech heavyweights such as Alibaba affiliate Ant Financial and
Ping An Insurance’s peer-to-peer lender Lufax in expanding abroad. These firms leverage their expertise and massive domestic revenue in establishing businesses in other Asian markets.
Several of PINTEC’s other early backers include electronics makers Xiaomi Inc, Investec Bank Plc, and venture capital funds Ventech Capital and Shunwei Capital.
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