PINTEC Group, a fintech player in China, announced the launch of PIVOT Fintech Pte. Ltd. (“PIVOT”), to offer digital wealth management technology services powered by artificial intelligence and machine learning throughout Southeast Asia from its base in Singapore.
PIVOT will be PINTEC’s first venture outside of China, and is in part backed by pan-Asian life insurer FWD Group and angel investors.
“We are pleased to collaborate with an innovative and entrepreneurial financial group like FWD,”
said William Wei, CEO of PINTEC Group.
“Through PIVOT, we hope to both tap the huge fintech potential in Southeast Asia, while also supporting the call of the Chinese government’s One Belt, One Road Initiative.”
PIVOT will operate in Southeast Asia to offer PINTEC’s proprietary dynamic, real-time wealth management and robo-advisory technology to financial institutions. Tracing its roots to 2012 when it first began operating in the digital credit analytics space, PINTEC has since grown to include AI and data-driven technologies such as robo advisory (POLARIS), digital lending (DUMIAO), online mutual funds (HONGDIAN), and online insurance broking (MYFIN).
“With over 400 technical engineers, data analysts and staff, PINTEC will support PIVOT throughout Southeast Asia,”
said Zheng Yudong, Chief Executive Officer of PINTEC’s POLARIS unit.
“We want to offer a truly intelligent platform that mitigates risk by decreasing human interference and level the playing field for customers.”
A unique solution offered by PIVOT is “dynamic asset allocation” powered by machine learning algorithms. Every investment model portfolio is designed using predicted information and matched to the investor’s personal investment risk profile – at the time when the investor enrolls. As investment markets change all the time, the model portfolios are machine-determined each new day without human intervention. Furthermore, any portfolio rebalancing at PIVOT is driven not only by market changes to the specific investor’s portfolio, but also on machine-predictions of market trends, transaction costs, liquidity and other friction-related factors. The solution allows investors to sense the likelihood of rebalancing via a unique probability indicator on the mobile app.
PINTEC launched its digital wealth-management and robo-advisory unit (POLARIS) in June 2016, and has successfully implemented the AI and machine learning platform for mainstream financial institutions in China, such as Minsheng Securities and Anbang Insurance Group.
POLARIS is unique with completely machine-generated models based on latest market data and trends, adjusted in real time 24×7, and managed to the specified risk profile of the customer. POLARIS’ asset allocation algorithms have passed rigorous testing and regulatory compliance standards to meet the growing demand for low cost, transparent and risk-managed long-term investment portfolios.
“PIVOT is an exciting opportunity for customers in the region,”
said Victor Lye, Co-Founder & CEO of PIVOT.
“I will leverage my 25-year experience in investments, insurance and healthcare to deliver better value and transparency with our digital wealth management engine. PIVOT is off to a good start, being among 11 finalists selected from over 160 applicants from around the world to showcase our solutions at the FinTech Abu Dhabi Innovation Challenge in October 2017.”
Featured image via ixuanji.com