Pintec Eyes International Market with NASDAQ Listing

Pintec Technology (NASDAQ:PT) announced on Thursday (October 25) that it is one step closer in its plans to expand internationally thanks to its launch on the NASDAQ.

The company, which is engaged in financial services in China, has examined the international market while further inspecting the domestic market as it believes the successful listing will garner additional branding value.

Pintec offers point-of-sale solutions, personal installment loan solutions and business loans for micro-to-small enterprises in addition to wealth management solutions. Positioning itself as a technology platform, it offers financial and technology solutions.

Pintec said its NASDAQ listing will strengthen the cooperation between its domestic and foreign institutional clients. The company revealed its intentions of expanding into new regions through partnerships with local partners.

“The listing does not mark the end, but rather, it is a gate to the future,” William Wei, CEO of Pintec, said in the release. “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.”

While Wei said that the demand for fintech in Southeast Asia is growing, the company over the last year has expanded into neighboring Singapore.

Case in point — in April, the company announced the launch of Avatec in partnership with United Overseas Bank to offer credit services in Singapore. The company already had a joint venture named Pivot to provide robo-advisory services in Southeast Asia.

Although the company is eyeing to broaden its reach further, its potential in its home market also seems to be at large.

In a filing with the US Securities and Exchange Commission (SEC), Pitec quoted a report from Oliver Wyman which stated that the consumer and finance market in China is expected to reach US$3.5 trillion by 2022. This translates to a compound annual growth rate (CAGR) of 23.2 percent between 2017 and 2022. However, the significant growth is expected in the outstanding balance of loans facilitated through online finance which is suggested to hit US$109.3 billion in 2022 at a CAGR of 35.3 percent between 2017 and 2022.

The company also noted that it has 25.1 million registered users for its point-of-sale solutions while the company facilitated US$4.4 billion in loans as of June 30, 2018. The company claims to have facilitated transactions for over 176,000 unique investors through its wealth management solutions.

On its first day of trading on the NASDAQ, the company’s stock opened at US$14.35. Shares of Pintec reached a day high of US$15.10 and a low of US$11.80. Pintec closed the trading session on Thursday at US$12.49.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.