Part of Ping An Group, OneConnect to Offer Banking as a Service in Partnership with Pismo

OneConnect Financial Technology Co., Ltd, part of the Ping An Group, has signed a 10-year exclusive strategic partnership with Pismo, a banking Software-as-a-Service (SaaS) provider.

According to a company statement, OneConnect current services will be augmented by Pismo’s “multi-tenant SaaS platform” to serve a broader range of financial institutions within the Southeast Asia region and the Middle East.

Pismo already serves some well-known names, including several digital banks like Banco Itau, Latin America’s largest bank, BTG Pactual, the largest investment bank in Latin America, and Germany’s N26. Pismo currently serves over 40 million accounts.

OneConnect expects to soon be able to offer a core banking solution suitable for mid-to small-sized banks. It will also potentially allow for integration within OneConnect’s existing TaaS proprietary products, such as its anti-fraud engines and mobile banking application.

OneConnect notes that research indicates that the global core banking software market is set to reach a $34.48 billion valuation in 2028. The partnership will allow OneConnect and Pismo to tap into the rapidly growing core banking software market in Southeast Asia and the Middle East.

Tan Bin Ru, CEO of OneConnect Financial Technology, stated:

“We are excited by the potential that this partnership brings to both OneConnect and Pismo. As a financial technology solutions provider, we are constantly looking out for new technologies and ways for us to bring better value to financial institutions. With this partnership with Pismo, we are glad to be able to extend our range of services to now include SaaS, which we envision to be more accessible and implementable for mid-to-small-sized banks. This is also where we believe we can bring together the best of the East – best-in-class AI innovations and technology – and the West – a flair in product engineering.”

Vishal Dalal, CEO (North America, Europe and Asia) at Pismo, said that Southeast Asia is a key market for them:

“Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing,” said . “Our presence in Singapore and our partnership with a high-accomplished institution as OneConnect underlines our deep commitment to this region.”



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