OneConnect

OneConnect Financial Technology Co., Ltd. develops platforms based on data, blockchain, and financial cloud. The company’s solutions include banking cloud, insurance cloud, investment cloud, and open platform. The company provides financial technology solutions for financial institution partners, including banks, insurance companies, securities companies, and trust companies. The company is based in Shanghai, China. OneConnect Financial Technology Co., Ltd. operates as a subsidiary of Ping An Insurance (Group) Company of China, Ltd.

OneConnect is a leading Fintech SaaS provider of advanced technology-enabled business solutions to small and medium-sized financial institutions. Their solutions are based on technologies including AI, Blockchain, Cloud platform, and Biometrics Identification. The company has achieved 99.8% recognition accuracy in facial recognition and 99%+ in VPR accuracy. Further, OneConnect has achieved world-class level in the aspects of voiceprint, micro-expression and NLP recognition.

Currently, OneConnect has over 100 products in four business disciplines including Digital Banking Solutions, Digital Insurance Solutions, Digital Investment Solutions, and SaaS Cloud Platform, covering sales, product development, risk management, operations and technology. They are a comprehensive Fintech solution provider that has coverage of all major financial industries as well as front, middle and back office functions.

In February 2018, OneConnect raised a $650m Series A round from SoftBank Vision Fund.

As of the end of 2018 Q1, OneConnect has served over 450 banks and over 2100 quasi-financial institutions.

On August 3rd, 2018, OneConnect, SBI Holdings and An Ke Technology Company Ltd. formed a joint venture deal. Under the terms of the agreement, SBI Group will hold 60% in the joint venture while OneConnect and An Ke, another wholly owned subsidiary of Ping An Group, will jointly own 40%. SBI Group said it will strive to promote the introduction of services offered by OneConnect toward domestic financial institutions through the joint venture company.

In September 2019, it was reported that the company was interested in applying for a digital banking license in Singapore.

In that same month, it was announced that OneConnect was collaborating with Asuransi Sinarmas to launch a Smart Auto Claims solution to improve operational efficiency and reduce costs. The partnership is expected to accelerate and deepen as OneConnect continues to expand in Indonesia and SE Asia.