PINTEC Expands Cooperation with China Telecom Bestpay to Offer Handset Installment Services to Government and Enterprise Cust...
June 18 2020 - 8:00PM
Pintec Technology Holdings Ltd. (NASDAQ: PT) (“PINTEC” or the
“Company”), a leading independent fintech solutions provider, today
announced that it has expanded its cooperation with China Telecom
Bestpay (“Bestpay”), a wholly-owned subsidiary of China Telecom
Corporation Limited (“China Telecom”) and one of the largest
payment platforms in China, to provide intelligent handset
installment services to Bestpay’s government and enterprise
customers. The Company began working with Bestpay to expand its
cooperation scope in March 2020.
Leveraging PINTEC’s technological expertise,
Bestpay has launched its handset financing product Chengfenqi to
provide individual customers with intelligent installment payment
services. Both parties have decided to develop the Chengfenqi
product for government and large enterprise employees, which is a
group of customers generally characterized by above-average credit
quality. By utilizing the Company’s intelligent credit solutions,
Chengfenqi is able to reduce the cost of financing for the targeted
customer group and thus enable these customers to purchase handsets
that are within their range of credit through installment
payments.
PINTEC originally established its cooperation
with Bestpay in February 2017 to provide technical support in the
development of Bestpay’s financing products. These products,
jointly developed by both parties, are currently available in over
70,000 China Telecom retail stores throughout 432 cities in 29
provinces across China. In 2019, those financing services that the
Company jointly developed with Bestpay generated a total loan
volume of RMB513 million.
“In order to fully satisfy the financing needs
of Bestpay’s government and enterprise customers, we have further
refined our service offerings and existing product matrix to
develop financing solutions tailored to the specific needs of the
targeted customer profile. Going forward, we plan to continue
utilizing our extensive service experience and fintech expertise to
provide Bestpay with advanced technical support,” commented
PINTEC.
“In addition to our work with China Telecom, we
have also established collaborations with both China Mobile Hebao
Payments and China Unicom Wopay to develop world-class smart credit
solutions. As one of the few fintech companies to serve all three
major telecom operators in China, our success in this area
continues to demonstrate our industry-leading service capabilities.
Moreover, it is also further evidence of our ability to accelerate
the development of inclusive financing services as well as
eliminate the barriers to financing for those consumers who have
been traditionally underserved in the domestic market. Looking into
2020 and beyond, we remain confident in the promise of this
consumer segment and its potential to drive growth throughout the
economy.”
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. Among other things, the quotations from management in
this announcement, as well as PINTEC’s strategic and operational
plans, contain forward-looking statements. PINTEC may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. 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. Potential
risks and uncertainties include, but are not limited to, the
Company’s limited operating history, regulatory uncertainties
relating to online consumer finance in China, the Company’s
reliance on Jimu Group for a significant portion of its funding and
the need to further diversify its financial partners, the Company’s
reliance on a limited number of business partners, the impact of
current or future PRC laws or regulations on wealth management
financial products, publicity regarding the consumer finance
industry and the evolving regulatory environment governing this
industry in China, and the Company's ability to meet the standards
necessary to maintain the listing of its ADSs on the Nasdaq Global
Market, including its ability to cure any non-compliance with
Nasdaq's continued listing criteria. Further 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 the Company 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. By connecting
business and financial partners on its open platform, PINTEC
enables them to provide financial services to end users efficiently
and effectively. The Company offers its partners a full suite of
customized solutions, ranging from point-of-sale financing,
personal installment loans and business installment loans, to
wealth management and insurance products. Leveraging its scalable
and reliable technology infrastructure, PINTEC serves a wide range
of industry verticals covering online travel, e-commerce,
telecommunications, online education, SaaS platforms, financial
technology, internet search, and online classifieds and listings,
as well as various types of financial partners including banks,
brokers, insurance companies, investment funds and trusts, consumer
finance companies, peer-to-peer platforms and other similar
institutions. For more information, please visit ir.pintec.com.
Investor Relations Contact
Joyce TangPintec Technology Holdings Ltd.Phone:
+1-646-308-1622E-mail: ir@pintec.com
Jack WangICR Inc.Phone: +1-646-308-1622E-mail:
pintec@icrinc.com
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