OneConnect Financial Technology Co., Ltd (OneConnect), an associate company of Ping An Group, won the “Kotler New Marketing Year Successful Overseas Marketing Award” at the prestigious “2019 Kotler Future Marketing Summit” held in Beijing on 12 October. OneConnect’s win is an affirmation of its outstanding global marketing efforts that successfully export Ping An’s technologies to leading financial institutions outside of China within a short span of one year or so. Philip Kotler, known as the “father of modern marketing”, graced the event at the Wangjing Hyatt Hotel in Beijing.
The yearly Kotler New Marketing Awards aim to establish industry benchmarks and recognize successful experiences, further inspiring enterprises to carry out marketing innovations and pave the future of marketing. The summit focused on two main themes: cutting-edge marketing and growth marketing.
OneConnect celebrated the opening of its Singapore Office in November 2018 to spearhead regional expansion, and in February 2019, celebrated the launch of its Indonesia Office. Within a short span, OneConnect made remarkable progress inking maiden deals with leading financial institutions in Malaysia, Indonesia, Thailand, Cambodia, the Philippines, Japan and Abu Dhabi.
Ms Tan Bin Ru, CEO of OneConnect Financial Technology, said: “Over the past one year or so, OneConnect has built an impressive footprint with customers in about 10 countries outside of China. More Asian banks are looking to strengthen their technological capabilities to serve the millennials and the unbanked and underserved segments. We are making an impact in enabling banks and insurers in their transformation journey.”
OneConnect has served more than 600 banks and over 80 insurance companies, and is expanding its operations. In August, OneConnect announced a strategic joint venture partnership with SBI Holdings, Inc. to enter Japan market. SBI OneConnect Japan will fully leverage SBI Neo Financial Services and other SBI companies to introduce OneConnect’s fintech services to financial institutions and businesses across Japan.
In June, OneConnect and UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines, entered a partnership to build SeekCap – the country’s first lending platform to meet the banking needs of micro, small and medium enterprises (MSMEs). SeekCap was launched by UBX within four months in November, demonstrating OneConnect’s strong tech capabilities. Today, SeekCap is a true loan marketplace with multiple lenders showcasing their loan products for borrowers to choose what best suits their business needs, and apply for loans digitally and seamlessly on a single end-to-end platform. Loans can be approved on the same day, and disbursed within three working days. This drastically shortens turnaround time as compared with traditional loan applications in the Philippines.
In Indonesia, OneConnect is the choice tech partner of Sinar Mas Financial Services Group, the financial arm of conglomerate Sinar Mas. As a key strategic partner, OneConnect is partnering with Bank Sinarmas, PT. Kredit Biro Indonesia Jaya, the country’s first private credit bureau to provide banks and micro-finance organizations with better lending decisions, and ASPARINDO, an association for retailers in Indonesia, to build a smart lending ecosystem. OneConnect is also partnering with Asuransi Sinarmas to build a smart auto claims solution, as well as Sinar Mas Multi-finance to build a smart retail lending platform for Indonesians to gain easy access to loans.
In Malaysia, OneConnect is partnering with one of the country’s top banks to build an SME lending platform. In Thailand, OneConnect counts three of the top 10 banks as its customers.
In Abu Dhabi, it is building a financial ecosystem with the Abu Dhabi Global Market to spur fintech innovations, collaborations and market opportunities. The first initiative was the launch of an innovation lab at the Fintech Abu Dhabi in October. The lab will use OneConnect’s technology to connect legacy systems of financial institutions to fintech applications through enabling the creation of APIs, System Virtual Machines, data and applications in a cost-effective and scalable manner. It will enable financial institutions to transform digitally, accelerate product development, drive innovation, as well as embrace interoperability, partnerships and collaboration within a truly inclusive financial ecosystem.
Beyond Asia, OneConnect is partnering finleap connect to offer its fintech software-as-a-service (SaaS) technology to the European market. finleap connect is a business unit of finleap, Europe’s leading fintech ecosystem, which is based in Berlin and has offices in Milan, Paris and Madrid.
These achievements underscore OneConnect’s mission of using technology to make finance easier, and its vision of becoming a technology partner that financial institutions trust to ride the wave of digital transformation.