SHENZHEN, China, Nov. 26, 2020 /PRNewswire/ -- OneConnect
Financial Technology Co., Ltd. (NYSE: OCFT), the leading
technology-as-a-service platform provider and an associate of Ping
An Insurance Group, reaffirms its commitment as the trusted tech
partner for financial institutions in Malaysia with the launch of its new entity,
OneConnect Smart Technology (Malaysia) Sdn Bhd. In line with its
Southeast Asia expansion strategy,
Malaysia is a key growth engine
where OneConnect plans to build a local team that stands ready to
serve financial institutions across Malaysia and support its regional projects.
The launch was graced by Dato' Ng Wan
Peng, Chief Operating Officer of the Malaysia Digital
Economy Corporation (MDEC).
Malaysia's fintech space is
thriving
Bank Negara Malaysia (BNM) has launched several initiatives in a
move to embrace financial inclusion and the shift in banking habits
towards digital channels. These include the announcement last year
that it will issue new digital banking licenses and the publication
of an Electronic Know-Your-Customer (eKYC) guideline on
30 June 2020. The move has given a
boost to the nation's banking and fintech players that are ready to
accelerate digital transformation and adopt fintech
innovations.
"Fintech had garnered lots of attention for its astonishing
potential in impacting lives and changing economies. Since it
appeared, fintech helped enable ordinary people to access financial
products securely and efficiently. At the same time, it also
accelerated the economic growths of many countries. In order to
enhance the development of the fintech ecosystem for this country,
the Malaysia Digital Economy Corporation (MDEC) will continue to
engage start-ups, investors and innovators from around the world to
yield positive outcomes via its continuous efforts in expanding and
innovating the fintech industry. As OneConnect has established a
regional presence in Malaysia, it
reinforces the fact that Malaysia
is an attractive investment destination. In fact, many fintech and
data ecosystem players come to Malaysia specifically for its vibrant testbed
environment and the multi-cultural background of its talent pool
and their digital savviness and language proficiency in technical
subjects," shared Dato' Ng Wan Peng,
Chief Operating Officer, MDEC.
According to the e-Conomy SEA 2020 Report[1],
consumers and SMEs have adopted digital financial services like
never before. In Malaysia, over
the various Movement Control Order periods, many turned to the
Internet for solutions to their challenges. A significant number
tried new digital services - 36 per cent of all digital service
consumers were new - with 92 per cent of these new consumers
intending to continue their behaviour post-pandemic. Year-to-date,
Malaysia has also seen a 33 per
cent monthly active user growth for select mobile banking apps.
The scene is an important preamble to the ongoing digital
transformation taking place in the financial landscape and it
signifies a positive sign for OneConnect who has market-ready
solutions for insurtech and full-stack digital banking technologies
including end-to-end frictionless account opening and onboarding,
smart lending, and an eKYC solution that recognises MyKad.
Committed to the growth of Malaysia's financial sector
OneConnect is committed to being the trusted tech enabler in
digital transformation for financial institutions.
Backed by Ping An's 32 years of
experience in the financial industry and an extensive track record
as the tech enabler, OneConnect is able to bring to Malaysia the breadth and depth of proven
solutions, and journey with its clients through their digital
transformation roadmap.
Echoing the same, Tan Bin Ru, CEO
(Southeast Asia) of OneConnect
Financial Technology, said, "Malaysia is of strategic importance to
OneConnect. The country is home to five local banks that are 20 of
Southeast Asia's largest banks,
enjoying strong regional presence. Bank Negara Malaysia's decision
to open its door to digital banking bodes well for our Southeast Asia expansion strategy. One of our
unique value propositions that our clients value much is the
breadth and depth of our solutions which becomes a breeze when they
can have a single strategic tech partner to integrate a full suite
of digital solutions and work alongside their team through phases
of their transformation plan. We see a lot of potential in
Malaysia and with our new office
being set up, we will be able to contribute our deep market
knowledge and ready solutions to the local banks and financial
institutions in Malaysia."
She added, "Having served all the major banks and more than half
of the insurance companies in China, we have amassed extensive track records
in enabling digital transformations for, and accumulated a wealth
of bespoke experience in the banking, insurance and ecosystem
realms. Since the setting up of our regional headquarters in
Singapore in 2018, more than 50
clients across Southeast Asia and
other parts of Asia, as well as
the UAE and Europe have entrusted
us to be their tech expert."
Serving the needs of leading financial institutions in
Malaysia
OneConnect currently serves a global insurance player and three
of the top five local banks in Malaysia It has collaborated with RHB Bank and
another top five local bank where it collaborated on the
development of two firsts-of-its-kind services that were launched
in Malaysia recently. It is also
collaborating with CIMB Philippines to enhance
digital banking technologies in The
Philippines.
OneConnect has partnered with RHB Bank to develop an omnichannel
platform that fully digitalises the SME loan experience. The
omnichannel platform – comprising the RHB Financing (SME) mobile
app for customers, a sales app for the bank's relationship managers
and a seamless SME loan management website – utilises OneConnect's
artificial intelligence (AI) and eKYC technologies. Launched in
August as Malaysia's first
AI-powered SME financing mobile app, the app automates and
simplifies onboarding process where SMEs only need to submit two
scanned documents – MyKad and a bank statement – via their mobile
phones to apply for loans. The omnichannel platform lets RHB serve
SMEs more efficiently by reducing the back-office processes and
operating costs. The bank aims to provide RM500 million in financing facilities to support
small businesses in the next year.
OneConnect also partnered with another top five local bank to
develop a mobile banking app powered by its eKYC solution,
making this the first eKYC solution approved by BNM to launch in
Malaysia in October. The app is
the first in Malaysia launched by
a bank to deliver a truly digital onboarding experience without
having to visit any physical branch. Customers can open an account
and bank safely anytime and anywhere amidst the ongoing
pandemic.
Yao Jing, Head of Strategy and
Business Development (Singapore
and Malaysia), OneConnect
Financial Technology, said, "Our deep market knowledge and ready
solutions for Malaysia aptly
position us to meet the local needs. We are grateful for the trust
and confidence that some of the largest financial institutions in
Malaysia have given us and we will
continue to deepen the relationships with our valued clients. We
see ourselves as a strong tech player in this space, and are
dedicated to supporting and enabling the digital banking ecosystem
here. We will continue to forge collaborations and work closely
with financial institutions and other stakeholders, including Bank
Negara Malaysia, and nurture the local tech talents as we walk this
journey of a transformational landscape together."
OneConnect plans to hire local talents to grow a product and
engineering team who will provide support for clients in
Malaysia and have the
opportunities to work on its regional projects.
[1]
https://www.bain.com/globalassets/noindex/2020/e-conomy_sea_2020_report.pdf
|
About OneConnect Financial Technology
OneConnect (NYSE: OCFT) is a leading technology-as-a-service
platform for financial institutions. 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.
Annex: Chinese Glossary
English
|
Chinese
|
Tan Bin Ru, CEO
(Southeast Asia), OneConnect Financial Technology
|
陈敏如, 东南亚首席执行官,
金融壹账通
|
Yao Jing, Head of
Strategy and Business Development (Singapore and Malaysia),
OneConnect Financial Technology
|
姚惊,
战略兼业务拓展总经理 (新加坡与马来西亚地区), 金融壹账通
|
Dato' Ng Wan Peng,
Chief Operating Officer, Malaysia Digital Economy
Corporation
|
拿督黄婉冰,
首席运营官,马来西亚数字经济发展局
|
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SOURCE OneConnect