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PINTEC Expands Partnership with 1an.com to Overseas Accident Insurance Package

Vlad Poptamas

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Pintec Technology Holdings Ltd. (“PINTEC”; NASDAQ:PT), a leading independent fintech solutions provider, today announced an expanded partnership with 1an.com, a leading online insurance company based in Shenzhen. PINTEC provides 1an.com with insurance brokerage solutions and has developed customized overseas accident insurance for Chinese tourists .

The insurance product is the first in China to go beyond traditional accident and medical protection to cover some extreme emergencies, such as kidnapping and hijacking, and to provide comprehensive safety protection for Chinese travelers overseas.

The customized insurance package currently targets Chinese travelers headed overseas for short trips, with options for coverage periods of seven days, 15 days or 30 days, and may soon expand to include migrant workers and overseas students. It covers popular travel locations such as Southeast AsiaEurope and North America, and other less frequent destinations including South AmericaAfrica and Oceania. With advanced risk evaluation and differential pricing, the product also covers some high-risk countries and regions that are not included in traditional accident insurances.

Besides regular safety protection services covering accident, disease, emergency rescue, travel incidents, and personal liability, this product will also provide crisis rescue services for specific extreme accidents, which features a rescue hotline service, continuous telephone tracking, expedited care, and mental and legal counseling.

China has become the world’s largest market for outbound travel since 2014. According to data from the National Bureau of Statistics and Ministry of Culture and Tourism, China’s overseas tourists reached 150 million in 2018, up 10.8% year-over-year, and the number is expected to grow to 180 million in 2020. Meanwhile, unexpected emergencies encountered by Chinese travelers, such as accidental injuries, trip disruptions, robberies and even kidnappings, are also on the rise.

“Regular safety insurance for accident and medical coverage has been popular among overseas travelers in recent years, and there is increasing demand for protection in the case of some extreme incidents,” said Zheng Yudong, CEO of PINTEC’s wealth management business. “The insurance product PINTEC has developed for 1an.com covers both regular and extreme accidents, and provides comprehensive protection for Chinese citizens’ lives and property.”

It’s easy and convenient to purchase this insurance online. Customers only need to scan a QR code to enter the webpage, and fill basic personal and travel information. They will get a real-time text notification when completing the purchase. The process of claim settlement is also simple and efficient.

With its subsidiary MYFIN Insurance licensed as an insurance brokerage, PINTEC can customize insurance products for different scenarios and provide standardized interfaces accessing various sales scenarios to help insurance companies seize long-tail demand and enhance sales capability.

Based on its in-depth cooperation with insurance companies and strong technology capabilities, PINTEC provides end-to-end insurance brokerage solutions, covering insurance term reporting, product development, internet deployment, and online sales, and can quickly complete insurance product customization.

Previously, PINTEC developed account security insurance for 1an.com to ensure the account security of borrowers, as well as to help institutional partners meet the demands of different market segments. With access to products from multiple insurance institutions, PINTEC partnered with Z-Bank to launch an intelligent insurance service, which leverages AI and big data to analyze customers’ insurance needs and recommend customized insurance plans.

 

SOURCE PINTEC

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Fintech

Wirex Launches Enhanced Cryptoback™

Vlad Poptamas

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Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.

Released in 2018, Cryptoback™ was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.

Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:

  • 500,000 WXT = 1.5% Cryptoback
  • 100,000 WXT = 1.0% Cryptoback
  • 50,000 WXT = 0.75% Cryptoback

Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback™ every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback™ can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.

Enhanced Cryptoback™ is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:

“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”

 

SOURCE Wirex

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Fintech

Aegis Capital Corp. is pleased to announce its commitment to Equity Research

Vlad Poptamas

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Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.

Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).

Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).

Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”

 

SOURCE Aegis Capital

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Fintech

LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG

Vlad Poptamas

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LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.

The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date.  The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.

At closing, the Company will appoint to its Board of Directors one person designated by PAG.

Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”

“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”

Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.

 

SOURCE LexinFintech Holdings Ltd.

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