Home > Overseas Investment News > PINTEC-backed Avatec Gets Greenlight to Participate in Indonesia's Digital Financial Innovation Sandbox Program
PINTEC-backed Avatec Gets Greenlight to Participate in Indonesia's Digital Financial Innovation Sandbox Program
2019-04-09

BEIJING, April 9, 2019 /PRNewswire/ -- Pintec Technology Holdings Ltd. (PINTEC; Nasdaq: PT), a leading independent platform enabling financial services in China, announced today (Beijing time) that PT. Avatec Services Indonesia (Avatec Indonesia), a wholly-owned subsidiary of Avatec.ai (S) Pte. Ltd (Avatec), has been approved by the Indonesian regulator to be a credit scoring solution provider in the country's Digital Financial Innovation (DFI) sandbox program.

As the joint venture launched by United Overseas Bank and PINTEC in April 2018, Avatec is a financial services technology platform and provides innovative digital lending solutions for the Southeast Asian market.

Avatec Indonesia is one of the first fintech firms approved by the Indonesian Financial Services Authority (OJK) as DFI providers. With the approval, Avatec Indonesia can collaborate with registered or licensed financial service institutions in the country to provide end-to-end digital lending services.

The DFI sandbox program was launched by OJK in August 2018 to enable innovative fintech companies to test their business models and processes and to conduct financial services in Indonesia.

Dennis Tan, chief executive officer of Avatec, said: "Receiving the greenlight from OJK to be part of the DFI sandbox program is a key milestone for Avatec as it will enable us to showcase our AI-driven digital credit assessment solution in Indonesia. We look forward to helping banks and companies in Indonesia offer financial solutions to a larger base of customers with more certainty and accuracy through our smart digital solution."

By leveraging artificial intelligence and machine learning technologies, Avatec provides next-generation digital credit assessment solutions to enable financial institutions and business partners to offer financial products in a more efficient way when assessing credit quality of potential customers in Southeast Asia.

Avatec's solution analyses a broader set of digitized data beyond what is traditionally used in evaluating personal or business credit applications and is able to determine an applicant's credit quality within seconds.

"This is the latest progress in our drive to tap the international markets," said PINTEC President Zhou Jing. "Avatec is an important part of PINTEC's strategy for international expansion. We will continue to leverage our experience and expertise in China to support fintech innovation in Southeast Asia and other parts of the world."

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: 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".

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