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OneConnect Financial Technology, a cloud-based fintech platform controlled by Ping An Insurance (Group), expects to see “accelerated growth” in Southeast Asia as the Covid-19 pandemic spurs demand for digital banking services among regulators and institutions for its products and services.
“Our new expansion pace in the region would be faster,” said Michael Fei, board secretary of OneConnect, pointing out that before the outbreak OneConnect had secured nearly 50 clients in 10 Southeast Asian nations within a year. “We have quite a few orders from the clients there in the pipeline.”
The New York-listed company last week raised US$356.4 million from a follow-on sale of 20.7 million shares, which it plans to use to expand overseas, strengthen new product development and for strategic investments.
OneConnect, one of Ping An’s many businesses backed by SoftBank Group, provides technology solutions that help to increase revenue and manage risks for firms and financial watchdogs.
The China-based company positions itself as a pure SaaS (software as a service) business which, via cloud computing, enables enterprise clients to use a range of software and other digital resources as an on-demand service, cutting their costs and boosting efficiency.
Unlike Ant Group – an affiliate of Alibaba Group Holding, which also owns this newspaper – that is expanding outside the mainland by serving individual consumers with its own financial technologies, OneConnect focuses on supporting corporate clients and regulators in the overseas markets as a technology solutions provider.
Southeast Asia, Hong Kong and Japan are currently the three major overseas markets targeted by OneConnect, Fei said.
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