KUALA LUMPUR, March 25 (Bernama) -- PIVOT Fintech Pte Ltd (PIVOT) has been granted a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS).
The digital wealth management technology services venture is backed by Pintec Technology Holdings Ltd (PINTEC) and FWD Group.
PIVOT’s CMS licence, which came after the recently published MAS Guidelines on the Provision of Digital Advisory Services on Oct 8, 2018, allows the company to offer AI-driven investment services directly to retail clients.
PIVOT chief executive officer, Victor Lye said this significant Singapore milestone marked the start of PIVOT’s ambition to deliver innovative wealth management solutions in Southeast Asia.
By integrating PIVOT’s proprietary risk profiling analytics and client on-boarding 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 comprising Exchange-Traded Funds and 24x7 analytics, always managed according to the specified risk profile of each investor.
“’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.
“PIVOT’s entry into the consumer space with this CMS licence supports our vision of financial inclusiveness through constructive disruption and supports Singapore’s vision to be a fintech innovation hub,” said Lye.
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.
-- BERNAMA
-- BERNAMA
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