BEIJING, Nov. 22, 2016 /PRNewswire/ -- PINTEC Group, China's leading financial technology platform, was recently named to Deloitte's list of the top 50 fastest-growing technology companies in China.
PINTEC's strong innovation capacity and significant investment in research and development have driven rapid growth at the Company, according to the 2016 Deloitte Technology Fast 50 China Study, a Deloitte program ranking the top 50 leading technology companies in China.
With technology and engineering professionals accounting for 80% of its total headcount, PINTEC is investing more than 100 million yuan in research and development each year, making waves in the digital consumer lending and robo-investment management sectors.
"PINTEC has focused its investment in R&D on big data processing and innovative financial technologies. Our purpose is to boost the efficiencies of financial services by leveraging technology to create new types of financial products, lowering the traditional barriers to financial services and providing access for more people to enjoy high quality financial services," said William Wei, CEO of PINTEC.
The top 50 companies named to Deloitte's 2016 list come from multiple sectors including software (38%), Internet and media (19%), hardware (17%), telecommunications (11%), biotechnology and pharmaceuticals (9%) and clean energy (6%). These companies are based in nine Chinese cities including Beijing, Wuhan, Shenzhen, Dalian, Shanghai, Chengdu, Hangzhou, Qingdao and Guangzhou.
Deloitte noted in the report that 47% of the award-winning companies prioritized their investment in product and service innovation, while 19% of them said they will boost efforts in promoting innovation.
Amid an economic slowdown in China, innovation is an important factor to activate the growth potential of various industries. Previous experience has revealed that innovative enterprises are more capable of seizing opportunities during economic headwinds, according to the Deloitte study.
Weakness in the economy will also lower the costs of innovation, while creating unprecedented opportunities for companies to grow faster, the report said.
The Deloitte Technology Fast 50 China program was launched in 2005. It is part of the Deloitte Technology Fast 500 program that started in 1995 in Silicon Valley, which has expanded to Europe, Asia Pacific, the Middle East and Africa. The Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences and energy technology companies. The program is now considered as a benchmark for fast-growing technology companies across the globe.
There are stringent entry requirements for the Deloitte Technology Fast 50 China program. To be eligible, companies must have had business operations for at least three years. They must also have revenues of at least 1 million yuan in the first of the three years being analyzed.
Previous award winners include many industry leaders such as Tencent Holdings, Baidu Inc., Alibaba Group, LeECo and Qihoo 360. Companies were mostly selected when they were still at a preliminary or growth stage, thus the Deloitte Technology Fast 50 China is also known as a benchmark for the "stars of tomorrow".