oneconnect-expands-its-presence-in-the-middle-east,-by-developing-with-abu-dhabi-global-market-a-digital-sme-funding-platform

OneConnect expands its presence in the Middle East, by developing with Abu Dhabi Global Market a digital SME funding platform

 

OneConnect Financial Technology Co., Ltd (“OneConnect” or the “Company”, Stock Code: 6638.HK), a leading Technology-as-a-Service (“TaaS”) provider, announced that it will help develop the Abu Dhabi Global Market (ADGM) SME Financing Platform, an integrated digital finance marketplace that will transform the financing services landscape for small and medium enterprises (SMEs) in the United Arab Emirates (UAE). Working with ADGM, the international financial centre in the capital of the UAE, the intelligent marketplace will help advance financial inclusion, enhance transparency, alleviate operational costs in SME finance and improve the overall customer experience for SMEs and funding organizations.

The ADGM SME Financing Platform will be an open and inclusive digital finance platform that improves SMEs’ access to financing. As a marketplace connecting various key stakeholders such as SMEs, multi-lenders and data sources from government agencies, and supported by a robust loan origination process which enables seamless transfer of data, the platform will enable better, faster and more risk-appropriate financing decisions to be made. The entire loan application process is made agile and simplified through the use of digital tools such as e-contracts and e-signatures.

As a result, SMEs will be able to access a wider range of financing options such as effective supply chain finance solutions. It will also give financiers such as banks and credit funds access to a wider pool of customers. Further, an intelligent recommendation engine will help SMEs identify the best-fit loan products available to them within the marketplace.

“At OneConnect, we believe in creating long term value for our clients. We listen to our client’s needs and deliver next generation omni-solutions which can cater to not only their present needs but their future needs as well. With ADGM, this is our second project, which is a direct reflection of our deepened client relationships and trust. We believe that great things in business are never done by one person! We learn from all to build for all. We are excited to bring our expertise in developing digital financial solutions for SMEs within the UAE region and eventually to Middle East and North Africa(MENA) region” said Ms Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology.

Earlier, OneConnect had worked with ADGM to launch the Digital Lab in early 2021. The Digital Lab is UAE’s first Open API platform that allows financial institutions and FinTech innovators to collaborate and build the next generation of digital financial services.

“SMEs are a key contributor to economic growth and are deserving of an open and transparent marketplace for financial products,” said Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority. “With the new platform, SMEs will find more convenient, affordable and effective financing solutions that will further improve the competitiveness and diversification of the UAE economy and transform the financing landscape in the MENA region.”

Despite challenges caused by the ongoing global COVID-19 pandemic, OneConnect has been successful in securing a new partnership building a strong relationship with ADGM. Through a comprehensive suite of technologies, a unique “Finance+Technology” business model and a customer-oriented approach, OneConnect will continue to explore future opportunities within the MENA region following the adoption of a cutting-edge platform by a leading financial centre and common law jurisdiction in the region.

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.

oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity;-launch-graced-by-mdec

OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, reaffirms its commitment as the trusted tech partner for financial institutions in Malaysia with the launch of its new entity, OneConnect Smart Technology (Malaysia) Sdn Bhd. In line with its Southeast Asia expansion strategy, Malaysia is a key growth engine where OneConnect plans to build a local team that stands ready to serve financial institutions across Malaysia and support its regional projects. The launch was graced by Dato’ Ng Wan Peng, Chief Operating Officer of the Malaysia Digital Economy Corporation (MDEC).

Malaysia’s fintech space is thriving

Bank Negara Malaysia (BNM) has launched several initiatives in a move to embrace financial inclusion and the shift in banking habits towards digital channels. These include the announcement last year that it will issue new digital banking licenses and the publication of an Electronic Know-Your-Customer (eKYC) guideline on 30 June 2020. The move has given a boost to the nation’s banking and fintech players that are ready to accelerate digital transformation and adopt fintech innovations.

“Fintech had garnered lots of attention for its astonishing potential in impacting lives and changing economies. Since it appeared, fintech helped enable ordinary people to access financial products securely and efficiently. At the same time, it also accelerated the economic growths of many countries. In order to enhance the development of the fintech ecosystem for this country, the Malaysia Digital Economy Corporation (MDEC) will continue to engage start-ups, investors and innovators from around the world to yield positive outcomes via its continuous efforts in expanding and innovating the fintech industry. As OneConnect has established a regional presence in Malaysia, it reinforces the fact that Malaysia is an attractive investment destination. In fact, many fintech and data ecosystem players come to Malaysia specifically for its vibrant testbed environment and the multi-cultural background of its talent pool and their digital savviness and language proficiency in technical subjects,” shared Dato’ Ng Wan Peng, Chief Operating Officer, MDEC.

According to the e-Conomy SEA 2020 Report[1], consumers and SMEs have adopted digital financial services like never before. In Malaysia, over the various Movement Control Order periods, many turned to the Internet for solutions to their challenges. A significant number tried new digital services – 36 per cent of all digital service consumers were new – with 92 per cent of these new consumers intending to continue their behaviour post-pandemic. Year-to-date, Malaysia has also seen a 33 per cent monthly active user growth for select mobile banking apps.

The scene is an important preamble to the ongoing digital transformation taking place in the financial landscape and it signifies a positive sign for OneConnect who has market-ready solutions for insurtech and full-stack digital banking technologies including end-to-end frictionless account opening and onboarding, smart lending, and an eKYC solution that recognises MyKad.

Committed to the growth of Malaysia’s financial sector

OneConnect is committed to being the trusted tech enabler in digital transformation for financial institutions.

Backed by Ping An’s 32 years of experience in the financial industry and an extensive track record as the tech enabler, OneConnect is able to bring to Malaysia the breadth and depth of proven solutions, and journey with its clients through their digital transformation roadmap.

Echoing the same, Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology, said, “Malaysia is of strategic importance to OneConnect. The country is home to five local banks that are 20 of Southeast Asia’s largest banks, enjoying strong regional presence. Bank Negara Malaysia’s decision to open its door to digital banking bodes well for our Southeast Asia expansion strategy. One of our unique value propositions that our clients value much is the breadth and depth of our solutions which becomes a breeze when they can have a single strategic tech partner to integrate a full suite of digital solutions and work alongside their team through phases of their transformation plan. We see a lot of potential in Malaysia and with our new office being set up, we will be able to contribute our deep market knowledge and ready solutions to the local banks and financial institutions in Malaysia.”

She added, “Having served all the major banks and more than half of the insurance companies in China, we have amassed extensive track records in enabling digital transformations for, and accumulated a wealth of bespoke experience in the banking, insurance and ecosystem realms. Since the setting up of our regional headquarters in Singapore in 2018, more than 50 clients across Southeast Asia and other parts of Asia, as well as the UAE and Europe have entrusted us to be their tech expert.”

Serving the needs of leading financial institutions in Malaysia

OneConnect currently serves a global insurance player and three of the top five local banks in Malaysia It has collaborated with RHB Bank and another top five local bank where it collaborated on the development of two firsts-of-its-kind services that were launched in Malaysia recently. It is also collaborating with CIMB Philippines to enhance digital banking technologies in The Philippines.

OneConnect has partnered with RHB Bank to develop an omnichannel platform that fully digitalises the SME loan experience. The omnichannel platform – comprising the RHB Financing (SME) mobile app for customers, a sales app for the bank’s relationship managers and a seamless SME loan management website – utilises OneConnect’s artificial intelligence (AI) and eKYC technologies. Launched in August as Malaysia’s first AI-powered SME financing mobile app, the app automates and simplifies onboarding process where SMEs only need to submit two scanned documents – MyKad and a bank statement – via their mobile phones to apply for loans. The omnichannel platform lets RHB serve SMEs more efficiently by reducing the back-office processes and operating costs. The bank aims to provide RM500 million in financing facilities to support small businesses in the next year.

OneConnect also partnered with another top five local bank to develop a mobile banking app powered by its eKYC solution, making this the first eKYC solution approved by BNM to launch in Malaysia in October. The app is the first in Malaysia launched by a bank to deliver a truly digital onboarding experience without having to visit any physical branch. Customers can open an account and bank safely anytime and anywhere amidst the ongoing pandemic.

Yao Jing, Head of Strategy and Business Development (Singapore and Malaysia), OneConnect Financial Technology, said, “Our deep market knowledge and ready solutions for Malaysia aptly position us to meet the local needs. We are grateful for the trust and confidence that some of the largest financial institutions in Malaysia have given us and we will continue to deepen the relationships with our valued clients. We see ourselves as a strong tech player in this space, and are dedicated to supporting and enabling the digital banking ecosystem here. We will continue to forge collaborations and work closely with financial institutions and other stakeholders, including Bank Negara Malaysia, and nurture the local tech talents as we walk this journey of a transformational landscape together.”

OneConnect plans to hire local talents to grow a product and engineering team who will provide support for clients in Malaysia and have the opportunities to work on its regional projects.