PIVOT Fintech, a Singaporean wealth management technology provider, has obtained a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS).

The licence will enable the firm to provide investment services, powered by artificial intelligence (AI), to retail clients in the city-state.

PIVOT CEO Victor Lye said: “PIVOT’s entry into the consumer space with this CMS license supports our vision of financial inclusiveness through constructive disruption and supports Singapore’s vision to be a fintech innovation hub.”

The digital wealth manager, part of Chinese fintech platform PINTEC, was launched in October 2017.

The initiative was supported by life insurance firm FWD Group along with other angel investors.

The launch marked PINTEC’s first foray in a market outside China.

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PIVOT utilises AI and machine learning to provide B2B as well as B2C digital wealth services.

Using this technology, PIVOT is said to design asset allocation solutions matched to the unique risk profiles of different investors.

In the near-term, PIVOT intends to train a local AI talent pool by partnering with educational institutions in Singapore.

PINTEC CEO of wealth management business Zheng Yudong said: “At PINTEC, we are very pleased to support PIVOT’s growth in Singapore with our asset allocation algorithms that have passed rigorous testing and regulatory compliance standards to meet the growing demand for low cost, transparent and risk-managed long-term investment portfolios.”