PINTEC Group is rebranding its robo-advice firm’s name to build up its global presence.
PINTEC Group is rebranding its robo-advice firm’s name to build up its global presence.
Chinese robo-advice could soon be available worldwide.
PINTEC Group, a fintech solution provider, is changing the name of its digital wealth management platform from Xuanji to Polaris for the international market.
Xuanji is an ancient Chinese word for the North Star. The company hopes to build up recognition for in the global markets by using the term Polaris in international branding.
"Polaris better conveys the brand's meaning to non-Chinese speakers, and will help build the subsidiary's brand recognition in the international market," said William Wei, CEO of PINTEC Group. "Just as the North Star guided mariners in ancient times, we believe that, with machine learning, Big Data and Artificial Intelligence capabilities, Polaris will lead the way for burgeoning middle-class investors with intelligent investment advice."
Digital wealth management in China is expanding, as the middle class increases. According to a research report from consulting firms DBS and EY, the value of wealth management products expanded by 56 per cent year-over-year to $3.5 trillion in 2015.
Xuanji was launched last year and is expanding into Asia. Its clients include Minsheng Securities, Anbang Finance and Harbin Bank, while its individual accounts were launched eight months ago.
Like most robo-advice firms, the company invests in ETFs and uses machine learning to calculate and rebalance portfolios to reflect clients’ risk tolerance. The Chinese firm is renminbi denominated but also has an international version with asset allocation based on the US dollar.
Founded in 2012, PINTEC Group has many other fintech firms, including Dumiao, an online consumer lending firm and an online mutual fund distribution called Hongdian Fund.
This article first appeared on www.roboadvicenews.com
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