OneConnect, the Fintech Division of Ping An Insurance, Wins Platinum Award for Digital Banking

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), an established technology-as-a-service platform for financial institutions, has won the Platinum Award for Digital Banking at the IFTA FinTech Achievement Awards 2019, “in recognition for the innovation of its OneConnect Bank Solution.”

Daniel Ling, GM at OneConnect’s Hong Kong division said that the company is honored to receive the award. Ling said it was a recognition of the Fintech firm’s effort and achievements in effectively using the latest technologies to serve the financial sector.

Ling remarked:

“We believe that Hong Kong financial institutions have enormous demand for financial technology innovation, and this market is worth exploring.”

The Institute of Financial Technologists of Asia (IFTA) is a non-profit entity based in Hong Kong. It was established in 2017 by experienced finance and tech professionals. IFTA aims to support the development of Fintech solutions while also creating an ecosystem to connect talented Fintech professionals with international business opportunities.

As mentioned in a release, the IFTA FinTech Achievement Awards aim to recognize individuals and companies that are working on innovative solutions that meet business and social requirements.

OneConnect offers Fintech solutions that aim to support digital transformation strategies in the financial services sector. The company focuses on serving Hong Kong-based financial institutions including banks, securities and asset management firms.

As noted in the announcement:

“The awarded OneConnect Bank Solution demonstrates OneConnect’s core technologies and advantages. It has impressed the industry with three key features: the Online Bank Account Opening Process, the Online SME Account Opening and Loan Solutions, and the Bank Cloud. It incorporates one-stop services that have helped bank clients drive sales, enhance risk management and improve customer service quality.”

OneConnect serves more than 630 banking institutions and around 100 insurance firms based in mainland China. The Fintech firm also works with more than 50 international clients in over 15 countries and regions across the globe. OneConnect’s subsidiaries are located in Hong Kong, Singapore, Indonesia, and several other jurisdictions.

As reported in August 2020, OneConnect had partnered with Swiss Re to co-develop a digital end-to-end solution for motor claims handling for the European market.

Earlier this month, Yonglin Xie, the President, Co-CEO & Executive Director at Ping An Insurance (Group) Co. of China Ltd, confirmed that OneConnect Financial Technology, a Ping An subsidiary, had been working on initiatives to help small businesses.

OneConnect has reportedly handled two trillion transactions for clients of other financial institutions, as of June 2020. These transactions include 171.5 million checks for fraudulent activities. They also include around 5.2 billion credit risk assessments.

Additionally, OneConnect has been serving major banking institutions and nearly all city commercial banks. It also works with many insurance providers based in mainland China. The company has been able to serve customers throughout the country which is home to around 1.5 billion residents.

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