Pintec Technology Holdings (Pintec) and Fullerton Credit (FC) have signed a memorandum of understanding (MoU) to expand digital lending business in China.
Under the MoU, Pintec will provide digital lending solutions to FC for its online customers. It will also support FC to connect with potential customers including small and micro-sized enterprises and individuals.
Established in 2008, FC is a group of micro-credit companies owned by Fullerton Financial Holdings (FFH).
With online and offline presence in 21 Chinese locations, the entity offers consumer loans to individuals, micro businesses and SMEs. It is said to have disbursed around RMB15bn ($2.18bn) of cumulative loans to date.
Pintec founder and CEO William Wei said that as a leading independent technology platform enabling financial service in China, PINTEC possesses advanced technologies, serves massive customers in numerous scenarios through online and offline business partners, and provides financial institutions with overall solutions including system development, scenario access, customer screening, and asset management.
He added: “The cooperation with FFH and FC will help PINTEC further promote digital lending solutions among financial institution customers to realise the company’s mission to ‘Power the Future of Finance’.”
A wholly-owned independent portfolio company of investment company Temasek, FFH entered China’s micro-credit market in 2008. By the end of last year, it has established four micro-credit companies under FC.
FFH total assets were said to be S$25.6bn ($18.63bn), as of 31 December 2017.