Market Overview

Pintec's Subsidiary Aixin Announces Successful Interface with the Credit Reference Center of The People's Bank of China

Share:

BEIJING, April 07, 2020 (GLOBE NEWSWIRE) -- Pintec Technology Holdings Limited (NASDAQ:PT) ("Pintec" or the "Company"), a leading independent technology platform enabling financial services in China, today announced that its subsidiary, Ganzhou Aixin Internet Micro Finance Co., Ltd. ("Aixin"), has successfully interfaced with the Credit Reference Center ("CRC") of The People's Bank of China ("PBOC"). Aixin is the first internet microfinance service provider with national service coverage in Jiangxi Province to successfully interface with the CRC, enabling Aixin to leverage the CRC's extensive credit reference database (the "database") to further optimize its service offerings in China.

Aixin, formerly known as Ganzhou Jimu Micro Finance Co., Ltd., was founded in April 2016 with total registered capital of RMB500 million. In December 2017, Aixin received initial approval from the PBOC to access the CRC and begin the process of interfacing with its system. In March 2019, Aixin became a wholly-owned subsidiary of the Company.

The CRC is a credit information agency directly administered by the PBOC and is considered an essential component of the financial infrastructure in China. Companies that receive approval from the PBOC are able to access the CRC's database to assess the ability of individuals and businesses to repay debt. Notably, the database is currently composed of 1.02 billion individuals and 28.3 million businesses in China.

"The approval of Aixin to access the CRC's database by the PBOC is further recognition of its comprehensive regulatory compliance as well as the strength of its risk management capabilities," commented Mr. Steven Sim, Chief Financial Officer of Pintec. "In response to the novel coronavirus COVID-19 outbreak in China, Aixin has implemented a series of initiatives to help its small and medium-sized enterprise customers overcome their current funding challenges in the marketplace. Going forward, we plan to continue expanding Aixin's financing services, refining its product offerings, upgrading its technological capabilities, and exploring joint business development opportunities to accelerate Aixin's growth trajectory. Moreover, we are confident that Aixin's successful interface with the CRC's database will heighten our risk control processes and contribute to enhancing the overall quality of our credit assets, both of which are mission-critical to driving to the sustainable growth of our company over the long term."

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 Tang
Pintec Technology Holdings Ltd.
Phone: +1-646-308-1622
E-mail: ir@Pintec.com

Jack Wang
ICR Inc.
Phone: +1-646-308-1622
E-mail: Pintec@icrinc.com

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com