Pintec Technology Holdings Ltd. (NASDAQ: PT) shares nearly doubled on Friday after the firm announced an agreement with China Unicom Ltd. (NYSE: CHU) to expand its offerings. Ultimately, Pintec will offer its next-generation handset financing services to China Unicom’s broad base of subscribers.
The cooperation with China Unicom has made Pintec one of the few fintech companies in China that serve the country’s three largest telecom operators at the same time.
Developed in collaboration with Pintec, the digital handset financing solution allows customers to buy mobile phones online and offline with zero or limited down payment, improving payment flexibility and access to financing.
After customers complete online applications for installment loans, Pintec will conduct real-time credit assessment based on internal and external data sources for financial institutions to make final credit decisions. The whole process takes only a few minutes.
Allen Dong, acting CEO of Pintec, commented:
Pintec has accumulated rich experience in serving telecom operators. Before this, Pintec cooperated with China Telecom and China Mobile, providing them with widely proven digital installment loan solutions. We have gained deep understanding of telecoms, their customers, and the mobile phone market through years of field research and training in hundreds of cities across China.
Shares of Pintec Technology were last seen up 80% at $2.32, in a 52-week range of $0.40 to $13.50. China Unicom shares traded up fractionally to $9.30, in a 52-week range of $8.45 to $13.66.
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