Singapore's attraction for wealth management FinTechs
The news that fintech platform PINTEC has launched PIVOT Fintech in Singapore underlines the city-state's attraction for fintechs.
PIVOT Fintech is the company’s first venture outside China.
PIVOT’s launch is assisted by life insurance company FWD Group and other angel investors.
Based in Singapore, PIVOT will provide digital wealth management services to clients across Southeast Asia.
PIVOT’s platform works on a technology underpinned by artificial intelligence and machine learning techniques.
It will offer PINTEC’s proprietary dynamic, real-time wealth management and robo-advisory technology services to fintech firms and institutional investors.
Since its launch in 2012, PINTEC has launched various AI-based digital analytic services including robo advisory platform (POLARIS), digital lending (DUMIAO), online mutual funds (HONGDIAN), and online insurance broking (MYFIN).
PINTEC Group CEO William Wei said: “Through PIVOT, we hope to both tap the huge fintech potential in Southeast Asia, while also supporting the call of the Chinese government’s One Belt, One Road Initiative.”
Having just spent a week in Singapore for the Private Banker International Global Wealth Summit and Awards, I can see that fintechs are very welcome in Singapore and are welcomed by the regulator.
DBS is a good example of a bank leading the use of FinTech in wealth management in Singapore.