PINTEC Teams up with Beibei Group on Consumer Financing
BEIJING, Jan. 6, 2019 /PRNewswire/ -- Pintec Technology Holdings Ltd. ("PINTEC"; NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced that it has reached partnership with Beibei Group, a leading family-focused consumer platform in China for maternal and child products. PINTEC will enable Beibei Group to better serve its users with innovative consumer financing solutions.
Based on its sophisticated financial technologies and rich experience in serving the financial industry, PINTEC has developed the online installment payment solution for Beibei Group. The solution has been deployed by Beibei Group's subsidiaries – beibei.com, its e-commerce platform for maternal and child products; beidian.com, its social e-commerce platform; and Beidai, its platform for consumer financing.
With the convenient and flexible installment payment options, enabled by PINTEC's digital lending solution, consumers at Beibei Group's platforms can buy their desired products without down payment and pay later with installments. Consumers can choose installment payments when they place their orders, or apply for credit in advance.
"E-commerce for maternal and child products is an important vertical sector for PINTEC," said PINTEC President Zhou Jing. "Our installment financing solution can provide e-commerce platforms such as Beibei Group, and their consumers, with a superior digital consumption experience. Our customizable and modular solutions can be easily and quickly adopted by our partners."
As China has been encouraging a second child by families, the market for maternal and child products in the country is expected to reach RMB3 trillion (about $437 billion) by 2020, according to an iResearch report. An increasing portion of such products will be purchased online.
"Installment payments are gaining popularity among consumers," said Chen Hongli, general manager of the finance business at Beibei Group. "Our installment financing function, jointly launched with PINTEC, helps consumer leverage their credits to enjoy convenient shopping experience. We will work together with PINTEC to develop more consumer financing products in the future."
Founded in 2011, Beibei Group aims to grow into a leading family consumption platform in the world. Of its three subsidiaries, beibei.com is serving 100 million family consumers in China on its e-commerce platform. Beidian.com links consumers, store owners and the supply chain through social sharing and communications. Beidai is a one-stop consumer financing platform, offering consumers secure and high-quality financial services.
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.
About PINTEC
PINTEC is a leading independent technology platform enabling financial services in China. With its mission to "Power the Future of Finance", PINTEC aims to advance financial services by providing customizable and modular fintech solutions to its financial and business partners. In fields such as online travel, e-commerce, telecommunications, online education, SaaS Platforms, financial technology, internet search, and online classifieds and listings, PINTEC enables financial services for institutional partners with point-of-sale financing solutions, personal installment loan solutions, business installment loan solutions, wealth management solutions and insurance solutions. PINTEC's services include series of steps: consulting services, SaaS technology services and other value-added services. PINTEC has cooperated with a number of business partners and financial partners, including without limitation Xiaomi, Qunar, Ctrip, China Telecom BestPay, Vip.com, shouqianba.com, Minsheng Securities, Orient Securities, Yunnan Trust, Guoyuan Securities, China National Investment & Guaranty Corporation, Fullerton Financial Holdings. PINTEC has launched two joint ventures to serve the Southeast Asian market: Avatec.ai (S) Pte. Ltd, formed in 2018 to offer credit assessment services and solutions, while PIVOT Fintech Pte. Ltd ("PIVOT"), formed in 2017 to provide robo-advisory services. On October 25, 2018, PINTEC was officially listed on the Nasdaq Global Market with American depositary shares trading under the symbol "PT".
For more information, please visit www.pintec.com
SOURCE PINTEC
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