Pintec Technology is a Chinese Fintech from. It has recently tied up with United overseas bank Ltd. The joint venture will build a product which will assess the credit provider of the consumers in order to provide them with better financial products and solutions. The joint venture will work in the banking and finance space.
Currently, the digital data regarding the financial and credit profile of the Consumers is pretty limited. Over a period of time, as this data gets digitized, the companies will be able to provide better services to the consumers. As a result, it will become easier for the companies to provide customized services to various consumers.
The joint venture will also focus on machine learning as well as artificial intelligence in order to provide the details of the credit profile of the consumers to the companies in real time. According to William Wei, CEO of PINTEC, the demand for Fintech products in Southeast Asia is pretty obvious. More and more banks, as well as traditional financial institutions, are trying to find such Fintech solutions in order to serve the customers better. Moreover, with the increasing income levels in Southeast Asia, the prospects of the financial sector in Southeast Asia are much higher. As a result, the banks, as well as traditional financial institutions, are trying to invest in such companies which can provide them with solutions to reach out to more customers.
With the help of such digital credit solution, it will be easier for the companies to decide whether they want to provide certain financial products to the consumer or not. As a result, it will become easier for the companies to reach out to the consumers.
Moreover, the company plans on expanding to the other markets in the next 2 years as well. With the help of this joint venture, talent will not be a problem for the company. There are quite a few experienced management-level employees in the company which can handle such growth. As a result, the company will be able to expand quite swiftly and briskly.
With that being said, the Fintech sector as a whole is expanding pretty rapidly in the last few years. In the developed economies as well, the pace of growth of the Fintech companies is pretty high. As a result, the opportunities are plenty for the Fintech companies. With increasing pool of investors ready to invest in such companies, the prospects are actually pretty huge.