Pintec Technology Holdings Ltd. (“PINTEC”;NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced President Zhou Jing will lead the Company’s international business expansion effort.
“In her capacity as President, Zhou will take responsibility for overseeing implementation of the Company’s strategy to further expand the international business and seek opportunities outside of China,” said Chief Executive Officer William Wei. “This strategy aims to diversify PINTEC’s revenue sources and sustain the company’s profitable growth in the long run.”
“With her 20 years’ risk management experience in multinational banking and fintech, Zhou Jing is ideally suited to guide the development of our business overseas,” Wei said.
Ms. Zhou has served as the president of the Company since January 2018. From May 2016 to January 2018, she served as the chief executive officer of the Dumiao business first under a predecessor prior to reorganization and continued with the position since PINTEC’s inception. From January 2015 to May 2016, Ms. Zhou served as the vice president of retail at the predecessor of PINTEC. Before joining PINTEC, she worked at Standard Chartered Bank and served as the Chinacountry credit head from 2013 to 2015 and as the head of credit for retail bank from 2006 to 2013. She served as a business manager at Capital One from January 1999 to 2006 in McLean, Virginia. Ms. Zhou received her bachelor’s degree in chemical engineering from Virginia Polytechnic Institute and State University in 1998.
“PINTEC’s international strategy is to actively explore opportunities to replicate the Company’s success in China to overseas markets both in other parts of the Asia Pacific region, as well as by entering new markets including Europe and North Africa,” Zhou said. “The company is evaluating both developed and emerging markets, with the belief that the experience and expertise accumulated in the China market is readily transferable to overseas markets.”
“The demand for convenient, responsive, smart and inclusive financing solutions has created many opportunities for PINTEC, and these are not constrained by geographic region,” Zhou said. “Our SaaS model is scalable, and applicable to areas beyond China.”
“PINTEC brings digital lending and wealth management solutions that have been proven to work on a large scale in China,” Zhou said. “PINTEC’s technology can help partners in new markets to digitalize their business to reach new customers, and increase operating efficiency.”
“The expansion of PINTEC’s international business will be conducted in a prudent and a calculated manner,” she said.
“As we enter new markets, we will find partners who understand the local market better than us, who know how to communicate with the local regulators, while we can bring the technology and knowhow to enable them to improve these products locally,” Zhou said. “It’s win-win, not competition.”
The international expansion effort will build on a foundation laid over the past two years, in which PINTEC has already established a pair of Singapore-based joint ventures to serve the Southeast Asian market. PIVOT Fintech Pte. Ltd. was formed with FWD Group in October 2017 to provide robo-advisory services. In April 2018, PINTEC joined with United Overseas Bank Ltd. to launch Avatec.ai (S) Pte Ltd., to provide smart risk management solutions and data products to banks, tech companies and fintech companies in the region.
Both of the ventures have made progress since establishment. Avatec has begun to provide smart risk management solutions and data products to banks, tech companies and fintech companies in Indonesia and Vietnam. PIVOT is in communication for robo-advisory solutions with clients in Singapore, Malaysia and Hong Kong.
“Further expanding the international business will be a key business focus for PINTEC in 2019,” Zhou said.
“Our home market in China is still growing very strong, but it has always been a part of our strategy to seek international opportunities,” Zhou said. “Many members of our management team have a background in markets outside of China. They understand other markets, and how our products are applicable there.”
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.
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, 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 www.pintec.com.