PINTEC-Backed Avatec to Participate in Indonesia’s Digital Financial Innovation Sandbox Program

Pintec Technology Holdings Ltd. (PINTEC; Nasdaq: PT), an independent platform enabling financial services in China, announced on Monday PT. Avatec Services Indonesia (Avatec Indonesia), a wholly-owned subsidiary of Avatec.ai (S) Pte. Ltd (Avatec), has been approved by the Indonesian regulator to be a credit scoring solution provider in the country’s Digital Financial Innovation (DFI) sandbox program.

Pintec reported that as the joint venture launched by United Overseas Bank and PINTEC in April 2018, Avatec is a financial services technology platform and provides innovative digital lending solutions for the Southeast Asian market.

“Avatec Indonesia is one of the first fintech firms approved by the Indonesian Financial Services Authority (OJK) as DFI providers. With the approval, Avatec Indonesia can collaborate with registered or licensed financial service institutions in the country to provide end-to-end digital lending services.”

The DFI sandbox program was reportedly launched by OJK in August 2018 to enable innovative fintech companies to test their business models and processes and to conduct financial services in Indonesia. Dennis Tan, CEO of Avatec, stated:

“Receiving the greenlight from OJK to be part of the DFI sandbox program is a key milestone for Avatec as it will enable us to showcase our AI-driven digital credit assessment solution in Indonesia. We look forward to helping banks and companies in Indonesia offer financial solutions to a larger base of customers with more certainty and accuracy through our smart digital solution.”

PINTEC President, Zhou Jing, added:

“This is the latest progress in our drive to tap the international markets. Avatec is an important part of PINTEC’s strategy for international expansion. We will continue to leverage our experience and expertise in China to support fintech innovation in Southeast Asia and other parts of the world.”

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