BEIJING, March 8, 2019 /PRNewswire/ -- Pintec Technology Holdings Ltd. ("PINTEC"; NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced a partnership with Xueba100, a popular one-on-one tutoring platform in the country, to develop efficient and convenient consumer financing solutions for online education.
Xueba100 is the one-on-one tutoring brand of Xuebajun that specializes in intelligent online education. With PINTEC's next-generation digital credit assessment technologies, customers of Xueba100 can easily apply for installment purchases by supplying basic personal information after making a down payment, and get the result in just a few seconds.
China's online education market is expected to reach 433 billion RMB by 2020, with the number of online education users reaching 296 million, according to an online education industry report by iiMedia Research. Statistics show these users tend to have relatively high credibility and low fraud risks, and they are increasingly willing to choose installment payment when buying highly priced courses online.
For installment financing, PINTEC has established partnerships with enterprises from various fields, including Ctrip, Qunar, Hujiang Education, Vip.com, Shefenqi and Evercare. In October 2018, PINTEC launched a new and lighter solution, enabling its partners with customized installment solutions, developed in only a few days, that connect with partners' WeChat account or a QR code.
Xuebajun is a leading intelligent education company serving primary and secondary students in China. The company aims to explore and shape education development with technology. In January 2017, Xuebajun completed Series C financing of 100 million US dollars. Investors include Temasek, China Merchants, and Qiming Venture Partners. Xueba100, the one-on-one tutoring brand of Xunbajun, has more than 5 million registered users and a renewal rate of 87%. In 2018, Xueba100 achieved single-month turnover of more than 100 million RMB with its annual revenue exceeding 1 billion RMB.
PINTEC is a leading independent technology platform enabling financial services in China. With its mission to "Power the Future of Finance", PINTEC aims to advance financial services by providing customizable and modular fintech solutions to its financial and business partners. In fields such as online travel, e-commerce, telecommunications, online education, SaaS Platforms, financial technology, internet search, and online classifieds and listings, PINTEC enables financial services for institutional partners with point-of-sale financing solutions, personal installment loan solutions, business installment loan solutions, wealth management solutions and insurance solutions. PINTEC's services include: consulting services, SaaS technology services and other value-added services. PINTEC has cooperated with a number of business partners and financial partners, including without limitation Xiaomi, Qunar, Ctrip, China Telecom BestPay, Vip.com, shouqianba.com, Minsheng Securities, Orient Securities, Yunnan Trust, Guoyuan Securities, China National Investment & Guaranty Corporation, and Fullerton Financial Holdings. PINTEC has launched two joint ventures to serve the Southeast Asian market: Avatec.ai (S) Pte. Ltd, formed in 2018 to offer credit assessment services and solutions, while PIVOT Fintech Pte. Ltd ("PIVOT"), formed in 2017 to provide robo-advisory services. On October 25, 2018, PINTEC was officially listed on the Nasdaq Global Market with American depositary shares trading under the symbol "PT".
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