OneConnect highlights the importance of FinTech for the development of the Grande Baie region

HONG KONG and SHANGHAI, November 8, 2021 / PRNewswire / – A seamlessly connected and integrated financial platform and FinTech talent are essential to the development of the Greater Bay Area (“GBA”), according to jessica tan, co-CEO of Ping An Group. The GBA is a huge and exciting field. Ping an, along with its associate company OneConnect, is always ready to use technology as a catalyst for the GBA’s digital economy, she said. OneConnect Financial Technology Co., Ltd. (short for “OneConnect”, NYSE: OCFT) is a leading provider of Technology as a Service Platforms.

(PRNewsfoto / OneConnect)

Ms. Tan emphasized the importance of cultivating that of Hong Kong FinTech Capabilities in a keynote address at Hong Kong FinTech Week. Held by 1-5 November, this year’s event brought together world-renowned speakers, regulators and industry players to “together advance the future of FinTech”.

“Building a transparent digital economy is the greatest opportunity in the region. But in practice, we need to solve three key issues in order to seize and maximize this opportunity. It is not something that one entity or organization can solve – it requires a collective effort across ACS. Hong Kong, the region’s international financial hub, can take the lead and harness technology to make FinTech platforms more interoperable, ”said Tan.

Building a shared digital economy across ACS

With that of Hong Kong financial expertise, from Canton manufacturing prowess and that of Shenzhen technological capabilities, the GBA is the ideal region to develop a leading digital economy. However, the region will need to address key challenges related to governance and regulation, supporting small and medium-sized enterprises (SMEs) and local talent if it is to turn these opportunities into reality, Ms. Tan said.

ACS involves three different jurisdictions, each with its own government authorities, standards and procedures. All of these should be taken into account when developing a connected financial platform, Ms. Tan said. At the same time, regulators and organizations need to be clear on how financial services can give SMEs the access and capacity to operate transparently in all regions, especially as half of all trade in ACS is carried out by small businesses. Recently, Hong Kong must find and nurture the right talent to fuel innovation and development.

Technology as a catalyst for the GBA’s digital economy

Technology is key to solving these issues and making platforms truly interoperable across the GBA, Tan said. Notably, Hong Kong should seek to consolidate its various government data and services, like the one-stop-shop sandbox platform offered by regulators to enable GBA start-ups to develop cross-border fintech tools. At the same time, data must be available in all regions to ensure that different jurisdictions and government entities adhere to the same standards, while providing a seamless experience for customers and businesses.

OneConnect has already implemented such a platform to enable all businesses, including SMEs, to participate and thrive in the digital economy. Earlier this year, the company celebrated the first anniversary of Ping An OneConnect Bank (“PAOB”), the first virtual bank in Hong Kong to use alternative data models for risk assessment. PAOB uses business data and other information to assess and forecast risks to provide unsecured loans to SMEs. To date, PAOB has served local Hong Kong SMEs with total assets reaching 1 billion Hong Kong dollars.

OneConnect has also established the Guangdong-Hong Kong-Macao Greater Bay Area Port logistics and blockchain trade facilitation platform to facilitate cross-border trade between traders, and the Guangdong SME finance platform to improve lending efficiency for SMEs.

In addition to creating the right platforms, OneConnect fosters the talent of tomorrow and fills the skills gaps in the region. Its new internship program connects aspiring professionals with established financial services and technology experts to encourage knowledge transfer.

In addition, its parent company, Ping An Group, has launched an incubator accelerator program for the GBA. The program connects emerging businesses to an open fintech platform that serves existing financial services, businesses and corporations, thereby nurturing and growing entrepreneurs in the region.

“The GBA is a huge and exciting field with many opportunities. But we can only take advantage of these opportunities with a collective effort that fully gives that of Hong Kong position as an international financial center. By using technology to bring financial institutions, FinTech companies and people together, we can promote greater cross-border collaboration and turn this vision into reality, ”Ms. Tan said.

About OneConnect Financial Technology

OneConnect Financial Technology Co. Ltd. is a technology-as-a-service platform for financial institutions. It is a Chinese national high-tech company and was listed on the New York Stock Exchange in 2019 (NYSE: OCFT). The Company integrates extensive expertise in the financial services industry with cutting-edge technology to provide technology applications and technology-based business services to financial institutions. These solutions enable our customers’ digital transformations, which help them gain efficiency, improve service quality, and reduce costs and risks.

OneConnect is a partner of Ping An Group. Leveraging Ping An Group’s more than 30 years of experience in financial services, OneConnect has established long-term cooperation with financial institutions to accurately meet their digital transformation needs. The Company provides four integrated solutions spanning all businesses – from digital retail banking, digital commercial banking, digital insurance to the Gamma platform (the financial technology infrastructure provider). In addition to showing strength and deepening capacity as a financial institution, OneConnect also actively promotes the digital transformation of the financial services ecology and provides business, credit, supply chain, data security, risk management and other related science and technology services to government, regulation and business. users. The company has also successfully exported “Made in China“technological solutions to foreign financial institutions. June 30, 2021, it has served more than 100 customers in 20 countries and regions mainly in South East Asia.

SOURCE OneConnect

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