PIVOT Fintech Pte. Ltd., the digital wealth management technology services venture backed by Pintec Technology Holdings Ltd. (NASDAQ: PT) and FWD Group, announced last week it has been granted a Capital Markets Services (CMS) license by the Monetary Authority of Singapore (MAS). Launched in 2017 by corporate entrepreneur Victor Lye, PIVOT Fintech offers B2B and B2C digital wealth management technology services throughout Southeast Asia powered by AI and machine learning.
According to PIVOT, CMS license comes after the recently published MAS Guidelines on the Provision of Digital Advisory Services in October 2018 and allows the company to offer AI-driven investment services directly to retail clients. Lye explained:
“This significant Singapore milestone marks the start of PIVOT’s ambition to deliver innovative wealth management solutions in Southeast Asia.”
Zheng Yudong, CEO of PINTEC’s Wealth Management Business, also commented:
“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.”
Yudong went on to add:
“As a core shareholder, PINTEC is excited at the opportunities offered by the CMS license in Singapore and will continue to support PIVOT in its mission to offer digital wealth management technology services powered by artificial intelligence and machine learning throughout Southeast Asia.”