BEIJING, August 5, 2019 – Pintec Technology Holdings Ltd. (“Pintec”; NASDAQ: PT), a leading independent fintech solutions provider, today announced a comprehensive strategic partnership with Caissa Travel, a leading travel service provider in China. Bringing together their respective resources, Pintec and Caissa Travel will cooperate in consumer finance and information technology to embrace the rising demand from increasing consumption and intelligent finance.
According to the partnership agreement, Pintec and Caissa Travel will establish a joint venture factoring company with registered capital of $50 million, which will be the partner platform for Caissa Travel’s consumer installment service. Based on big data risk control and AI technologies, and together with Pintec’s rich experience in retail finance for the travel industry, the joint venture will provide installment payment services for Caissa Travel and other third-party platforms.
In addition, Pintec will provide Caissa Travel with technology services for its financial service system development and operation.
“With years of experience in intelligent retail finance, Pintec has a deep understanding in financial business and online operations,” said William Wei, founder and CEO of Pintec. “We will enable Caissa Travel to provide diversified financial service products, seamless financing consumption, effective travel protection, and integrated online and offline experience for its customers.”
Founded in 1993 and headquartered in Beijing, Caissa Travel has witnessed steady growth for 26 years since inception. It has branches in eight overseas cities including Hamburg, Paris, London and Los Angeles, and has subsidiaries in 50 cities in China including Beijing, Shanghai, Guangzhou, Chengdu and Shenyang. In 2015, Caissa Travel successfully listed A-shares on the Shenzhen Stock Exchange, trading under the ticker 000796.
According to Caissa Travel, commercial factoring is complementary to its travel business. By providing installment payment services for travel-related purchases to Caissa Travel and other consumption platforms, the joint venture will help Caissa Travel increase sales of travel products, enlarge the customer base, and improve the service capability.
Statistics from China Tourism Research Institute show that China’s overseas travelers continued to rank first in the world in 2018 with the total number reaching 140 million, an increase of 11 million (13.5%) from 2017.
Caissa Travel added that efficient and intelligent financial service is crucial for the company to develop more travel products, improve travel experience and customize high-end travel services, as the upgrade of travel consumption has just started in China with increasing demands for personalized and diversified travel experience. By leveraging Pintec’s mature technologies and experience, Caissa Travel hopes the partnership will create more value for the company and support it to grow into a world-class travel brand.