MAS grants licence to China-backed wealth management fintech

PIVOT Fintech aims to link up with Singapore educational institutions for local AI training.

PIVOT Fintech, a digital wealth management technology services venture backed by Chinese firm Pintec Technology Holdings and FWD Group will start offering investment services to retail clients after it was granted a capital markets services license by the Monetary Authority of Singapore (MAS).

PIVOT will bridge PINTEC’s extensive AI-driven experience in China and Singapore’s fintech development, a statement said. “A near-term goal is for PIVOT to train a local AI talent pool in collaboration with Singapore educational institutions.”

“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,” said Zheng Yudong, CEO of PINTEC’s Wealth Management Business.

Yudong added that PINTEC will continue to support PIVOT throughout Southeast Asia.