PIVOT Fintech Receives License to Provide Services in Singapore

- March 25th, 2019

The company provides proprietary AI-driven asset-allocation algorithms that customize risk-reward preferences for clients’ portfolios.

PIVOT Fintech, a Singapore-based company and subsidiary of PINTEC (NASDAQ:PT), announced Sunday (March 24) that it has received a Capital Markets Services License from the Monetary Authority of Singapore (MAS).

It will allow PIVOT to provide its artificial intelligence-driven (AI) financial platform to customers directly.

The approval comes after a framework was released last year by the MAS. In October, the MAS published its guidelines on the provision of digital advisory services, clarifying the requirements for businesses offering digital wealth-management advisory services, after gathering feedback from the public and related industries.  

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Within the digital-advisory sphere, PIVOT provides risk-profiling wealth-management services for investors through its AI-powered platform. Through its brand SquirrelSave, PIVOT develops a portfolio of exchange-traded funds that are allocated according to its clients’ risk profiles, applying real-time data.

“Machine-learning AI can track and predict real-time investment risk-return outcomes more efficiently than humans. SquirrelSave can address the risk management needs of existing investors and the unmet needs of the unserved and underserved with professionalism, integrity, value, objectivity and transparency,” said CEO Victor Lye in the press release.

PIVOT was founded in 2017, with PINTEC as a major shareholder. PINTEC, a financial services technology company, has developed partnerships with Minsheng Securities (OTC Pink:CMAKY), the Bank of Zhengzhou and Guoyuan Securities (SZSE:000728) in the deployment of its asset-allocation algorithms.

“At PINTEC, we are very pleased to support PIVOT’s growth in Singapore with our asset allocation algorithms that have passed rigorous testing and regulatory compliance standards to meet the growing demand for low cost, transparent and risk-managed long-term investment portfolios,” Zheng Yudong, CEO of PINTEC’s Wealth Management Business, said in the press release.

In November last year, PIVOT’s proprietary analytics won second place for the Growth Stage Pitch Award at the Growth Stage Awards in New York, an awards show led by OneTraction, whose founders include alumni from Google (NASDAQ:GOOG), MIT and Harvard.

“PIVOT is humbled to win this global recognition and honoured to rub shoulders with amazing talent and highly competitive startups across diverse industries. This win is timely as we prepare to launch a mobile wealth management solution in Singapore with potential to serve the underserved and unbanked across Asia,” Lye said in the press release.

Last October, PINTEC listed on the NASDAQ. Leading up to its IPO, revenue acceleration for PINTEC faced a noticeable uptick. In the first half of 2018, the company reported revenues of 577.7 million yuan, up 232 percent from the same time period in 2017. As of June 30, 2018, PINTEC had over 183 business partners, including Xiaomi (HKEX:1810), Qunar, Vip.com and Ctrip (NASDAQ:CTRP).

Shares of PINTEC opened at US$12.74 on Monday (March 25) and closed at US$12.30, a 3.45-percent decrease.

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

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