A Singapore-based fintech start-up backed by a Chinese counterpart and insurer FWD Group has secured a capital market services licence to offer digital investment advisory services to retail clients here.

Singapore's Pivot Fintech yesterday said it has been issued a capital market services licence by the Monetary Authority of Singapore.

Pivot counts China's Pintec Technology as its "core shareholder".

Pintec said it has seen success in implementing digital platforms that run on machine learning for Chinese financial institutions such as Minsheng Securities, Bank of Zhengzhou and Guoyuan Securities.

Pivot said it designs asset allocation solutions that likewise run on machine learning, with model portfolios built on exchange traded funds that are matched to the risk profile of each investor.

In a press statement, Pivot CEO Victor Lye said the fintech's entry into the consumer space here supports its vision of financial inclusiveness "through constructive disruption".

Mr Zheng Yudong, CEO of Pintec's wealth management business, said Pintec will support Pivot's plans to offer its digital wealth management technology services in not just Singapore but South-east Asia as well.