SHENZHEN, China, Dec. 21, 2020 /PRNewswire/ -- Financial
technology has moved from the innovation fringe of the financial
services sector to become the engine of its growth, says Ye
Wangchun, Chairman and CEO of OneConnect Financial Technology Co.,
Ltd. (NYSE: OCFT) ("OneConnect" or "the Company"), the leading
technology-as-a-service platform provider.
Mr. Ye made his remarks at the
fourth annual China Digital Banking Forum, which OneConnect
co-organized with the Internet Finance Association of Small and
Medium-sized Banks, China Banking Magazine and the Shenzhen Banking
Association, under the guidance of the China Banking Association
and the Shenzhen Municipal Financial Regulatory Bureau.
"It is widely recognized in the industry that banks should
accelerate the strategic layout of the development of fintech,
which has become a driving force for small and medium-sized banks
to adapt to the digital economy," Mr. Ye said. "The global fintech
adoption rate increased from 16 percent in 2015 to 64 percent in 2019,
and the rate for China now stands
at about 87 percent."
The forum attracted about 300 industry experts, scholars and
media professionals to share insights on the digital transformation
of banks and how technology has become a major driver for them to
enhance the quality and efficiency of their financial services. The
event has become an influential platform for regulators, banks and
financial technology firms to exchange ideas and advance potential
Fintech transformation is moving from "making spare parts to
manufacturing the entire vehicle," Mr. Ye said. The Internet
Finance Association of Small and Medium-sized Banks "aims to become
the most valuable platform for banks to exchange ideas and
cooperate to realize digital transformation" by effectively
integrating the resources of its partners into the ecosystem to
promote more cooperation and interaction among all players in the
Technological transformation moves in sync with industry
China's economy is moving
towards a new pattern of development, as the digital economy has
gradually become the main driver of the economy, starting with the
comprehensive transformation of the financial industry.
OneConnect has enabled many financial institutions to initiate
digital transformation and has accumulated rich first-hand
experience, Ye said.
The industry is rapidly moving to end-to-end transformation,
integration of resources, smart innovation, domestic core and cloud
infrastructure construction. OneConnect is upgrading its services
by integrating products and solutions to provide end-to-end service
to better meet the digital transformation needs of financial
institutions, regulators and the government. The association will
also support small and medium-sized banks to integrate cloud-to-end
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 infrastructures such as
data management, program development, and cloud services.