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.