China-based fintech solutions provider Pintec has teamed up with CITIC aiBank to together explore online consumer financial services.
Under the partnership, Pintec will provide technical solutions for aiBank’s digital lending business.
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The partnership follows the annual report on 2019 China Consumer Finance jointly published by Guanghua School of Management and Du Xiaoman Financial.
The report states that last year the number of consumer loans reached $1.9tn, which represents a year-on-year surge of 17.4%.
Among which, the online consumer loan increased from $2.86bn in 2014 to $1.1tn in 2018, which is a growth of over 400 times.
aiBank is the direct banking joint venture of CITIC Bank and Chinese search engine giant Baidu, which was in November 2017.
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By GlobalDataThe regulatory approval for the direct banking JV was secured in the same year in August.
Pintec has served customers in a variety of sectors such as online travel, online shopping, online education, among others.
It has helped its partners sell about 6.28 million airline tickets, 7.69 million train tickets, and 7.78 million hotel bookings as of 30 September last year.
It has partnered with Crip, Qunar, and Vip.com to develop, operate and manage consumer financial products and offer digital lending solutions.
