BEIJING, June 20, 2018 /PRNewswire/ -- PINTEC, a leading independent technology platform enabling financial services in China, has expanded its cooperation with leading e-commerce platforms in China, enabling them to better serve the young generation of consumers with convenient and easily-accessible consumer financing options.
Leveraging its end-to-end digital lending solution based on artificial intelligence and big data technologies, PINTEC has strengthened its partnerships in the e-commerce sector by expanding relationships with key players, including Vipshop (NYSE: VIPS), a leading online discount retailer for brands in China, Shefenqi, an e-commerce installment platform for luxury products, and Zhen.com, a leading e-commerce platform for luxury products.
"Through working with our e-commerce partners, we found that the emerging middle-class and young generation born after 1990 have become mainstream consumers in China," said Zhou Jing, President of PINTEC. "These consumers are driving the consumption upgrade in China and generating huge demand for consumer financing."
PINTEC has worked together with Vipshop to upgrade the e-commerce platform's consumer finance services and products, which can now provide its customers with optimized installment payment options to allow zero down payment and flexible interest-free installment payments for up to 56 days.
"Vipshop is our flagship partner in the e-commerce sector," Zhou said. "During our one-year cooperation, customers purchasing with installment payments at Vipshop have increased significantly. As younger consumers shift their consumption from necessities to premium products and services, PINTEC will strengthen its cooperation with Vipshop to develop personalized financial solutions for these young consumers."
Statistics show that consumers born in the 1990s accounted for nearly 40% of Vipshop's total customers in the first quarter this year, and about half of its new customers are between 19 and 28 years old.
The younger generation has become the largest demographic segment for online fashion retailers like Vipshop, said Zhou Jing. "The installment payment solutions enabled by PINTEC technologies have effectively bridged the gap between these young consumers' purchase desires and their purchasing power."
PINTEC's advanced digital lending solution has also been adopted by Zhen.com and Shefenqi to provide customized installment financing solutions for their customers to purchase luxury products on their e-commerce platforms.
The consumer finance market in China was about RMB6 trillion last year, and is expected to exceed RMB12 trillion by 2020 with an annual growth rate of 20%, according to the 2017 China Consumer Finance Innovation Report published by the National Institution for Finance & Development (NIFD), one of China's top think tanks.
PINTEC launched its digital lending solutions platform "Dumiao" in 2015, which utilizes data such as third-party credit information and e-commerce transactions to generate credit decisions based on artificial intelligence and machine learning, for different customer groups. PINTEC analyzes key elements in retail financial services and turns the complicated process into standardized and modularized solutions that can enable its business partners to offer online financial services efficiently and effectively.
About PINTEC
PINTEC is a leading independent technology platform enabling financial services in China. It aims to leverage technology to advance financial services and to level the playing field by providing customizable and modular fintech solutions to institutions and their customers. Used in fields such as finance, online travel, e-commerce, offline retail payment and business lending, these include solutions for consumer finance, SME loans, wealth management and robo-advisory solutions, and online insurance. PINTEC has launched two joint ventures in Singapore to serve the Southeast Asia market: Avatec.ai (s) Pte. Ltd ("Avatec"), announced in 2018, provides digital lending technology, while Pivot Fintech Pte. Ltd ("Pivot"), announced in 2017, offers wealth management technology.
For more information, please visit www.pintec.com
Media Inquiries, please contact:
PINTEC
Annie He
Phone：+86 152 0141 9749
yini.he@pintec.com
ICR Inc.
Edmond Lococo
Phone: +86 (10) 6583-7510
Edmond.Lococo@icrinc.com
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