OneConnect, a subsidiary of China’s insurance giant, Ping An, announced on Thursday it has commenced operations in Indonesia to enable local banks and financial institutions to accelerate their efforts in digitization of financial services and move towards a more inclusive financial industry. This news comes just a few months after OneConnect officially opens in Singapore this month and is set to expand within the region at a rapid pace.
OneConnect reported it offers full suite of proven and tested technology solutions ranging from Artificial Intelligence, Blockchain, Biometrics Identification, and other advanced technology solutions that were used by Ping An. Speaking about the expansion, Hannah Qiu, Co-General Manager of OneConnect, stated:
“In just three years, OneConnect has established a successful business that has already provided advanced Fintech solutions to thousands of banks and other financial institutions in China and abroad. We are very excited to provide our portfolio of solutions to Indonesia, where I strongly believe we can help local banks and financial institutions adopt the best that Fintech has to offer.”
Tan Bin Ru, CEO of OneConnect Financial Technology (Singapore) went on to add:
“We understand the challenges Indonesia’s Fintech industry is facing, and this is where OneConnect is able to support. Just as OneConnect leveraged the mobile-first environment in China to gain massive consumer adoption and provide financial access to the underbanked and unbanked, we look to work with local banks and other financial institutions to replicate the success with tailored solutions to help them through their challenges.”