oneconnect-financial-technology-announces-the-launch-of-all-in-one-digital-banking-solutions-suite,-onecosmo

OneConnect Financial Technology Announces the Launch of All-In-One Digital Banking Solutions Suite, OneCosmo

 

OneConnect Financial Technology Co., Ltd (OneConnect), the leading technology-as-a-service provider and an associate of Ping An Group, today announced the launch of OneCosmo, a one-stop omni platform for all-in-one digital banking solutions jointly developed with Brazil-based tech company Pismo, one of  the fastest growing banking Software-as-a-Service (SaaS) firms.

The launch of OneCosmo is the result of the joint product offerings of OneConnect and Pismo, having embarked on a strategic partnership earlier in April 2022. Leveraging next-generation technology such as artificial intelligence (AI), machine learning (ML), blockchain, and SaaS, the suite of solutions provided by OneCosmo is geared towards offering a highly scalable and easily integratable solution for banks and financial institutions to build digital banking capabilities. The solutions offered by OneCosmo span a wide range of services, from digital identity verification and core banking to digital payments, and digital lending. The platform also allows integration across different third-party service providers, using its highly flexible APIs (Application Processing Interfaces) and microservices.

Prospective users of OneCosmo will also be able to fully onboard themselves onto its platform within a matter of weeks due to pre-integrated and pre-configured features, while allowing financial institutions the flexibility of customisation to their required specifications.

OneCosmo will also enable financial institutions to leverage real-time data streaming, allowing for greater insight into consumer behaviour through data analysis. OneCosmo allows for flexibility in working with legacy technology, offering financial institutions the freedom to customise the solutions suite to cater to their individual needs. To date, the Pismo’s technology incorporated in OneCosmo’s solution has been utilised by more than 50 million customers.

Commenting on the launch of OneCosmo, Ms Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology said, “OneCosmo represents the fruits of our labour from our strategic partnership with Pismo. Here at OneConnect, driving the digitalisation of financial institutions and banks for a greater level of financial inclusion has been our vision, and OneCosmo allows us to further amplify our vision for more institutions at a larger scale. We believe that OneCosmo will make a difference by allowing more financial institutions to digitalise at a robust pace.”  With the combination of SaaS and TaaS, OneCosmo is an omni channel platform which enables us to better service financial institutions of all sizes.”

Research conducted by Gartner[i], revealed that the cloud services sector was forecasted to grow 18.4 per cent in 2021 to reach a total valuation of $304.9 billion, up from $257.5 billion in 2020. Further research by MarketsandMarkets[ii] also indicated that the SaaS market has been growing by 18 per cent yearly.

“Pismo’s mission is to help banks and fintechs deploy the next-gen of innovative products on the cloud for their customers, and we’re excited to extend that mission with this new offering for Asia. The launch of OneCosmo showcases our joint commitment with OneConnect to provide institutions with the tools to perfect their digital strategy for the future of financial services,” said Vishal Dalal, CEO (North America, EMEA, and APAC) at Pismo.

OneCosmo is currently available in Southeast Asian countries including ThailandMalaysiaIndonesiaThe Philippines, and Singapore, with a view to extend its offerings to financial institutions within the Middle East.

pismo-expands-to-asia-with-oneconnect,-an-associate-of-ping-an-group

Pismo expands to Asia with OneConnect, an associate of Ping An Group

 

Pismo, one of the world’s fastest-growing banking software-as-a-Service (SaaS) firms, announces its new office in Singapore and the forging of a strategic partnership with OneConnect Financial Technology Co., Ltd (OneConnect), the leading technology-as-a-service (TaaS) provider and an associate of Ping An Group, in order to expand its operations in Southeast Asia region and the Middle East.

The global core banking software market is expected to reach a US$34.48 billion valuation in 2028, with a compound annual growth rate of 18% between 2021 and 2028, according to Fortune Business Insights2 and Asia plays an important role in this growth. The partnership will allow both companies to tap into this rapidly growing core banking software market in the region, thus extending the reach to a greater range of financial institutions.

Southeast Asia region and the Middle East are key markets for Pismo, as one of the highest growing economies in the world,” says Vishal Dalal, CEO (North AmericaEurope and Asia) at Pismo. “Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing. Our presence in Singapore and our partnership with a highly-accomplished institution like OneConnect underlines our deep commitment to this region.”

This partnership sees OneConnect’s current suite of cutting-edge technological solutions being complemented with Pismo’s highly scalable, nimble, and multi-tenant SaaS platform in order to better serve a broader range of financial institutions.

Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, says: “We are excited by the potential that this partnership brings to both parties. 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.”

She adds: “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.”

OneConnect chose Pismo as its latest strategic partner due to Pismo’s deep experience developing and implementing banking SaaS solutions for financial institutions including digital banks, such as Banco ItauLatin America’s largest bank, BTG Pactual, the largest investment bank in Latin America, and renowned digital bank N26. Together with Pismo, OneConnect will soon be able to offer proven SaaS-based core banking solutions suitable for smaller banks. This potentially allows for integration within OneConnect’s existing products, such as its anti-fraud engines and mobile banking applications, which previously targeted top incumbent and large banks looking to digitalise.

The office in Singapore follows the opening of Pismo’s US and Europe offices in 2021 and is part of the company’s globalization strategy. In time, the office will also become the hub for all Pismo’s product support in South-East Asia.

oneconnect-financial-technology-and-singapore-management-university-announce-key-findings-from-joint-research-on-potential-for-quantum-computing-to-resolve-blockchain-trilemma

OneConnect Financial Technology and Singapore Management University announce key findings from joint research on potential for quantum computing to resolve blockchain trilemma

 

OneConnect Financial Technology Co., Ltd. (OneConnect) the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, and Singapore Management University (SMU) today announced the key findings from a jointly conducted research on the potential of quantum computing to augment blockchain technology for businesses. The research report has been vetted by the Blockchain Association Singapore (BAS) and the findings were shared at the BAS webinar titled “Enterprise Blockchain in the New Decade” earlier today, moderated by Ms Tan Bin Ru, Co-Chairwoman of BAS, who is also CEO (SEA) of OneConnect Financial Technology.

The findings from this research follow an earlier Memorandum of Understanding (MOU) between OneConnect and SMU in 2019 to develop a Proof of Concept (POC) to investigate the characteristics of quantum computing for distributed ledger technologies (DLTs). Co-led by Associate Professor Paul Griffin from SMU School of Computing and Information Systems, the report focused on studying quantum algorithms that could augment blockchain technology in the area of robust large-scale consensus.

While reviewing various types of consensus mechanisms and the suitability of quantum computing in business, the research has shown that the inherent constraints faced by classical DLTs known as the “blockchain trilemma”, or the notion of improving all three fundamental attributes of blockchain – speed, security and size – at once could be broken by quantum technologies, thus increasing potential business usage. For current blockchains, a longer time is required to reach a consensus for highly secure DLTs, and increasing the speed of consensus leads to lower security.

The result findings from the research project include:

  • Quantum and classical consensus take a similar number of rounds to agree on the same value, meaning that with a quantum internet, big data such as social media and IoT information could be used for consensus and not be limited to the few hundreds of financial transactions of current blockchains. This would likely benefit many areas of financing including trade finance and the under-banked.
  • Quantum consensus has more variation than classical and can take longer or shorter times to achieve consensus, potentially speeding up consensus if the shorter times are engineered to be selected.
  • Real quantum computers need careful configuration and noise mitigation, and this will take time to become commercially useful. Furthermore, there is much more work needed to connect quantum computers to quantum networks.

Ms Tan Bin Ru shared, “We are excited to be announcing the results and insights gathered from this joint research over the last one year – it has indeed been a remarkable journey and a significant milestone that we are sharing with SMU today. Collaborations like these will allow us to better understand and lay the groundwork for the potential of blockchain technology that can be applied to businesses in the future, such as improving financing and the under-banked woes. We look forward to continuing long-term partnerships with educational institutes like SMU to potentially expand its usefulness in industry applications.”

Associate Professor Paul Griffin, a speaker at the BAS webinar, shared, “It has been a wonderful journey with OneConnect to work on this exciting future-oriented research. The potential for quantum computing is just beginning to be explored and this project has helped to move this forward in a relevant area for the industry. SMU would like to thank all the people involved and look forward to continuing this and other research with OneConnect in the future.”

Following the joint research, OneConnect and SMU will continue to forge partnerships in the areas of innovation and building talents for the digital economy.