Pintec Technology Holdings Ltd. (“Pintec”; NASDAQ: PT), a leading independent fintech solutions provider, today announced a cooperation with CITIC aiBank Corporation Limited (“aiBank”). Pintec will provide technical solutions for aiBank’s digital lending business. The first phase of cooperation will focus on online consumer financial products.
aiBank is China’s first direct bank jointly established by China CITIC Bank and search engine Baidu Inc on November 18, 2017.
The Annual Report on 2019 China Consumer Finance jointly published by Guanghua School of Management of Peking University and Du Xiaoman Financial showed that the market size of consumer loan has experienced dramatic growth in recent years. As of the end of 2019, the amount of consumer loan reached RMB 13.34 trillion (USD 1.9 trillion), with a year-on-year growth of 17.4%. Among which, the amount of online consumer loan increased from RMB 20 billion (USD 2.86 billion) in 2014 to RMB 7.8 trillion (USD 1.1 trillion) in 2018, with a growth rate of more than 400 times.
Pintec has accumulated rich experience in serving customers from online travel, online shopping, online education and other sectors. As of September 30, 2019, Pintec has helped partners realize sales of 6.28 million orders for airline tickets, 7.69 million orders for train tickets, and 7.78 million orders for hotel bookings. Pintec has cooperated with Crip, Qunar, Vip.com to provide digital lending solutions as well as jointly develop, operate and manage consumer financial products with these partners.