(Photo: People's Daily/Yin Miao)

New York (People’s Daily) - Pintec Technology Holdings Ltd. was officially listed on the NASDAQ Stock Market on Thursday in New York – signaling the brand’s solid domestic and foreign cooperation foundations.

Pintec is a leading independent technology platform that enables financial services in China. It aims to leverage technology to advance financial services and level the playing field by providing customizable and modular fintech solutions to institutions and their customers. 

As of June 30, 2018, Pintec had 183 business partners and 83 financial partners, including Qunar, Ctrip, China Telecom BestPay, Vip.com, Xiaomi, and Minsheng Securities.

According to an Oliver Wyman report, the consumer finance market in China is expected to reach 23.2 trillion yuan by the end of 2022. However, both business ecosystems and traditional financial institutions lack the technology to effectively penetrate this market. 

Pintec indicated in its prospectus that the company connects business partners and financial partners on its open platform and enables them to provide financial services to end users.

Approximately 25.1 million people are registered for Pintec’s various loan solutions and have facilitated some 29.2 billion yuan in loans since its inception. The company has also facilitated transactions for more than 176,000 cumulative unique investors through its wealth management solutions with a cumulative transaction amount of 4.8 billion yuan.

In April, Pintec established a joint venture with United Overseas Bank Limited called Avatec.ai (S) Pte. Ltd. to offer credit services and solutions primarily in Southeast Asian countries.

“Today marks a special day for Pintec. We have strived to get here. I am very grateful to our team for their hard work, to our investors for their trust, and to our business partners and financial partners for their support,” William Wei, founder and CEO of Pintec, said. “The listing does not mark the end, but rather, it is a gate to the future. We will continue to carry forward the vision and mission of Pintec, providing the most efficient financial services to users all around the world through the latest financial technology.”

In the future, Pintec will continue to expand its network of financial partners, deepen relationships with partners with comprehensive financial solutions, continue to invest in technology infrastructure, develop and provide more innovative solutions, and expand into new regions through partnerships with local partners.