By Dipo Olowookere
The digital wealth management technology services venture backed by Pintec Technology Holdings Ltd and FWD Group, PIVOT Fintech Ltd, has obtained a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).
This allows the company to offer AI-driven investment services directly to retail clients and is coming after the recently published MAS Guidelines on the Provision of Digital Advisory Services on October 8, 2018.
“This significant Singapore milestone marks the start of PIVOT’s ambition to deliver innovative wealth management solutions in Southeast Asia,” said PIVOT CEO Victor Lye, who created PIVOT’s proprietary gamified risk profiling analytics to drive financial inclusiveness.
PIVOT’s core shareholder, PINTEC, has proven technology and expertise in delivering AI-driven global asset allocation and money management services to financial institutions in the highly competitive China market.
By integrating PIVOT’s proprietary risk profiling analytics and client onboarding portal with PINTEC’s AI technology, PIVOT has developed its own end-to-end digital investment management service powered by machine learning AI.
PIVOT’s consumer brand is “SquirrelSave”, which designs asset allocation solutions using AI-driven real-time model portfolios comprised of Exchange-Traded Funds (ETFs) and 24×7 analytics, always managed according to the specified risk profile of each investor.
“Machine learning AI can track and predict real-time investment risk-return outcomes more efficiently than humans. SquirrelSave can address the risk management needs of existing investors and the unmet needs of the unserved and underserved, with professionalism, integrity, value, objectivity and transparency,” said Victor Lye. “PIVOT’s entry into the consumer space with this CMS license supports our vision of financial inclusiveness through constructive disruption and supports Singapore’s vision to be a fintech innovation hub.”
Strategically, PIVOT will bridge PINTEC’s extensive AI-driven experience in China and Singapore’s fintech development. A near-term goal is for PIVOT to train a local AI talent pool in collaboration with Singapore educational institutions.
PINTEC’s AI-driven asset allocation system is branded “POLARIS” in China. Launched in June 2016, POLARIS has successfully implemented machine learning AI platforms for mainstream Chinese financial institutions such as Minsheng Securities, Bank of Zhengzhou, and Guoyuan Securities.
“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.
“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.”
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