SHENZHEN, China, Nov. 17, 2020 /PRNewswire/ -- With the
advancement of new financial infrastructure, the integration of
online and offline financial institutions will be a key driver of
revenue growth. OneConnect Financial Technology Co., Ltd.
("OneConnect" or the "Company") (NYSE: OCFT), a leading
technology-as-a-service platform for financial institutions and an
associate of the Ping An Group, is leading the way in China.
At a recent technology industry roundtable discussion in
Shenzhen, Mr. Ricky Ou, CEO of Gamma of OneConnect, said the
new digital infrastructure will have four impacts on traditional
finance: creating new drivers for consumption; promoting the
digital transformation of financial institutions; improving
industry efficiency; and assisting in the restructure of the
COVID-19 Created Urgency for Contact-Free Banking
Within the trend of digital transformation, the COVID-19
pandemic has created urgency for traditional banks to increase
online capabilities. For example, during the epidemic, OneConnect
used artificial intelligence, big data and other technologies to
help many banks build "contact-free banks" to fight the epidemic
while maintaining business.
Digitized Operations Improves Lending for SMEs
As an important builder of new fintech infrastructure,
OneConnect has actively seized opportunities in recent years and
continuously improved its own capacity.
At the beginning of this year, OneConnect provided technical
support for a financing platform for small and medium-sized
enterprises (SMEs) that was launched in Guangdong Province to address the issues of
"difficult, expensive and slow financing" of SMEs. By September 2020, the platform had access to a
total of 250 government data from 34 government units, and
collected comprehensive information for more than 13 million SMEs
in the province. More than 350 financial institutions have launched
more than 1,000 financing products on the platform, more than
500,000 enterprises registered, and the total amount of financing
has exceeded RMB30 billion.
New Regulatory Framework Needed
While the new infrastructure will facilitate the digital
transformation of the traditional financial sector, it will also
create some new challenges. Fintech innovation itself requires a
deep integration of technology and finance to promote two-way
interaction and improvement of financial and technological
capabilities. However, at the same time, the innovation of
financial infrastructure also needs a new regulation framework for
digital supervision and compliance.
In order to avoid a bottleneck in implementing new financial
infrastructure, the financial sector needs to enhance the
autonomous control of fintech and engage industry associations and
regulators to build a robust financial technology ecosystem.
Gamma Platform Accelerates Digital Transformation
The OneConnect Gamma platform and its business line product
portfolio is a solution that covers banking, insurance and
investment. Built on more than 30 years of financial experience of
the Ping An Group, Gamma integrates advanced Ping An technologies in core system, data
service, open platform, artificial intelligence and cloud services.
It empowers financial institutions and financial regulators by
lowering technology barriers and building an efficient financial
and technology innovation ecosystem to accelerate digital
OneConnect is a leading technology-as-a-service platform for
financial institutions in China.
The Company's platform provides cloud-native technology solutions
that integrate extensive financial services industry expertise with
market-leading technology. The Company's solutions provide
technology applications and technology-enabled business services to
financial institutions. Together they enable the Company's
customers' digital transformations, which help them increase
revenue, manage risks, improve efficiency, enhance service quality
and reduce costs.
Our technology-as-a-service platform strategically covers
multiple verticals in the financial services industry, including
banking, insurance and asset management, across the full scope of
their businesses – from sales and marketing and risk management to
customer services, as well as technology infrastructure such as
data management, program development, and cloud services.