PINTEC Technology (PT) Stock Pops On Expanded Chinese Relationship

PINTEC PT Stock News

PINTEC Technology Holdings Ltd (NASDAQ: PT) is making a run for the top in the market this morning, trading on gains of around 50% before the bell. The gains come after the company announced that it has expanded its relationship with a Chinese payment provider. Here’s what’s going on:

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PT Stock Is Flying On Expanded Chinese Relationship

In the press release, PINTEC Technology said that it expanded its relationship with Bestpay, a Chinese payment system provider. Bestpay is a wholly-owned subsidiary of China Telecom Corporation and one of the largest payment platforms in the country.

In the release, PT said that the expanded relationship surrounds intelligent handset installment services to Bestpay’s government and enterprise customers. It’s worth mentioning that this work has already begun. In fact, the work with regard to the expanded relationship started in March of 2020.

As a result of this work, Bestpay has launched its handset financing product known as Chengfenqi. The product provides individual customers with intelligent installment payment services.

Through the service, customers can reduce the cost of financing for the targeted customer group. As a result, this enables customers to purchase handsets within their range of credit through installment payments.

In a statement, PT offered the following:

=In order to fully satisfy the financing needs of Bestpay’s government and enterprise customers, we have further refined our service offerings and existing product matrix to develop financing solutions tailored to the specific needs of the targeted customer profile. Going forward, we plan to continue utilizing our extensive service experience and fintech expertise to provide Bestpay with advanced technical support.

In addition to our work with China Telecom, we have also established collaborations with both China Mobile Hebao Payments and China Unicom Wopay to develop world-class smart credit solutions. As one of the few fintech companies to serve all three major telecom operators in China, our success in this area continues to demonstrate our industry-leading service capabilities. Moreover, it is also further evidence of our ability to accelerate the development of inclusive financing services as well as eliminate the barriers to financing for those consumers who have been traditionally underserved in the domestic market. Looking into 2020 and beyond, we remain confident in the promise of this consumer segment and its potential to drive growth throughout the economy.

This Is Big News

The news released by PINTEC is great for the company and its investors. Essentially, the company is expanding its relationship with a massive Chinese player and this expanded relationship has the potential to drive incredible revenue.

All in all, with the news, PT stock is one to watch closely.

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