Avatec Gets Greenlight to Participate in Indonesia's Digital Financial Innovation Sandbox Program

SINGAPORE, April 9, 2019 /PRNewswire/ -- (S) Pte. Ltd (Avatec), a financial services technology platform specializing in digital lending solutions, today announced that its wholly-owned subsidiary PT. Avatec Services Indonesia (Avatec Indonesia) has been approved by the Indonesian regulator to be a credit scoring solution provider in the country's Digital Financial Innovation (DFI) sandbox program.

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."

Avatec is a joint venture launched by United Overseas Bank and Pintec Technology Holdings Ltd (PINTEC) in April 2018. By leveraging artificial intelligence and machine learning technologies, the company 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.

About Avatec

Avatec is a financial services technology platform focusing on creating innovative solutions to connect funding sources, financial institutions and commercial organizations to consumers and small and micro businesses in Southeast Asia. Avatec is committed to providing end-to-end credit assessment services through the intelligent use of information technology in the areas of artificial intelligence, machine leaning, anti-fraud algorithms and big data. Avatec is offered by (S) Pte Ltd, a joint venture by United Overseas Bank Limited and Pintec Technology Holdings Limited. 

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Media Contact:

James Xue

Source: Avatec
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