Pintec Technology Holdings Ltd., a leading independent fintech solutions provider, announced a strategic alliance with Industrial and Commercial Bank of China (ICBC) to jointly leverage financial technologies to improve the efficiency of lending services for small and micro-sized enterprises (SMEs).
ICBC is one of China’s “Big Four” state-owned commercial banks and the world’s largest bank and public company by total assets. As of 2019, ICBC tops the rankings of Top 1000 World Banks by the British magazine The Banker and the Global 2000 list of largest public companies by Forbes for the seventh consecutive year.
Based on ICBC’s inclusive financial products for SMEs, Pintec will provide a tailor-made digital lending solution to assist ICBC in further improving the micro-credit system as well as the efficiency and effectiveness of data models and business decision-making capabilities to better serve SMEs in the country.
In August 2019, the People’s Bank of China released the three-year FinTech Development Plan (2019-2021). It defines fintech as a new engine to power financial transformation and upgrading, which has become a significant strategy for the digitalization of traditional banks. The cooperation between Pintec and ICBC shows that fintech has become a key internal driving force for the development of financial inclusion.
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By leveraging AI and big data technologies, Pintec has developed digital lending solutions for SMEs in various business ecosystems, such as e-commerce, payment and tax platforms, accumulating rich experience in evaluating these enterprises and business owners across multiple credit dimensions.
Pintec has been providing tailor-made and modular fintech solutions to its financial and business partners, including point-of-sale financing solutions, personal installment loan solutions, business installment loan solutions, wealth management solutions and insurance solutions.
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This is a promising development in the fintech industry! The collaboration between Pintec and ICBC has the potential to significantly enhance lending services for SMEs, which are often underserved yet crucial for economic growth. Leveraging advanced technologies like AI and big data to streamline micro-credit systems and decision-making is a game-changer.
For those exploring similar solutions or facing challenges with financial institutions, resources like the Washington Trust customer service page can be helpful to learn from others’ experiences and find resolutions.
Looking forward to seeing how this partnership evolves and contributes to financial inclusion in China!