BEIJING, June 19, 2020 (GLOBE NEWSWIRE) -- Pintec Technology Holdings Ltd. (NASDAQ: PT) (“PINTEC” or the “Company”), a leading independent fintech solutions provider, today announced that it has expanded its cooperation with China Telecom Bestpay (“Bestpay”), a wholly-owned subsidiary of China Telecom Corporation Limited (“China Telecom”) and one of the largest payment platforms in China, to provide intelligent handset installment services to Bestpay’s government and enterprise customers. The Company began working with Bestpay to expand its cooperation scope in March 2020.
Leveraging PINTEC’s technological expertise, Bestpay has launched its handset financing product Chengfenqi to provide individual customers with intelligent installment payment services. Both parties have decided to develop the Chengfenqi product for government and large enterprise employees, which is a group of customers generally characterized by above-average credit quality. By utilizing the Company’s intelligent credit solutions, Chengfenqi is able to reduce the cost of financing for the targeted customer group and thus enable these customers to purchase handsets that are within their range of credit through installment payments.
PINTEC originally established its cooperation with Bestpay in February 2017 to provide technical support in the development of Bestpay’s financing products. These products, jointly developed by both parties, are currently available in over 70,000 China Telecom retail stores throughout 432 cities in 29 provinces across China. In 2019, those financing services that the Company jointly developed with Bestpay generated a total loan volume of RMB513 million.
“In order to fully satisfy the financing needs of Bestpay’s government and enterprise customers, we have further refined our service offerings and existing product matrix to develop financing solutions tailored to the specific needs of the targeted customer profile. Going forward, we plan to continue utilizing our extensive service experience and fintech expertise to provide Bestpay with advanced technical support,” commented PINTEC. “In addition to our work with China Telecom, we have also established collaborations with both China Mobile Hebao Payments and China Unicom Wopay to develop world-class smart credit solutions. As one of the few fintech companies to serve all three major telecom operators in China, our success in this area continues to demonstrate our industry-leading service capabilities. Moreover, it is also further evidence of our ability to accelerate the development of inclusive financing services as well as eliminate the barriers to financing for those consumers who have been traditionally underserved in the domestic market. Looking into 2020 and beyond, we remain confident in the promise of this consumer segment and its potential to drive growth throughout the economy.”