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OneConnect Inks New Strategic Partnership Agreement with Chengfang Financial Technology

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DigitalCFO Newsroom | 10 January 2022

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) (“OneConnect”), a leading technology-as-a-service platform for financial institutions has today announced it has entered into a strategic partnership with Chengfang Financial Technology Co. Ltd., (abbreviated as “Chengfang Financial Technology”), a financial technology company established by the People’s Bank of China (“PBOC”). Working with shared principles of equal collaboration, joint development, honesty and trustworthiness, both parties will work together to address common pain points in the financial industry, deliver technological innovations, and enhance data processing and governance.

Under the agreement, OneConnect and Chengfang Financial Technology will harness cutting-edge technologies — including AI, cloud computing and big data — to explore new applications for data privacy technology in bank surveillance systems, promote the introduction and sharing of new data standards, and identify the financial data collaboration and circulation models needed by businesses to meet the requirements for secure cloud computing. In addition, the two parties will carry out research and development in areas such as secure computing technology, blockchain, and graph data; as well as nurture and cultivate new FinTech talents for the future.

“This partnership with Chengfang Financial Technology is a significant step forward for OneConnect. China’s digital banking sector has continuously remained at the forefront of digital transformation, and technology is at the core of its integrity and innovation. As a FinTech B2B business, OneConnect upholds its responsibility to promote the development of the financial services sector. Together with Chengfang Financial Technology, we will continue to adhere to our ongoing mission: to develop and empower the industry with our unique combination of professional expertise and technology, in order to build a new way forward for digital banking,” said Wangchun Ye, Chairman of OneConnect.

A subsidiary of PBOC, Chengfang Financial Technology is entrusted with the construction, operation, and maintenance of the digital banking system for China’s central bank. The company performs resource scheduling and operation management for PBOC’s network and data centers, and operates its data transfer management platform to provide the entire system with services ranging from network communications and infrastructure to systems maintenance and data transfer. Its partnership with OneConnect promises to accelerate the digitalization of China’s banking sector, and cements OneConnect’s position as a leader in digital financial development.

As the world’s leading technology-as-a-service platform for financial institutions, OneConnect harnesses cutting-edge technologies to improve efficiency and services for banks, government agencies and exchanges, while also reducing costs and minimizing risk. OneConnect helps providers accelerate digital transformation across four key pillars: the construction of a digital ecosystem, the cultivation of green finance, the integration of the Greater Bay Area, and the continued development of the FinTech sector.

In addition to its partnership with Chengfang Financial Technology, OneConnect has established strategic alliances with the China Securities Regulatory Commission’s Technology Supervisory Bureau, Insurance Asset Management Association of China, and China Insurance Asset Registration and Trading System Co., Ltd. The company has also successfully implemented major FinTech projects around the world, including the Hong Kong Stock Exchange’s FINI IPO settlement platform, Singapore Stock Exchange’s ESG platform, a corporate financing platform for small to medium-sized enterprises in the Guangdong province, Hong Kong’s trade finance linkage platform, Guangxi Province’s cross-border digital finance platform, the Hainan Provincial Financial Supervisory Bureau’s smart integrated financial services platform, and more.

OneConnect has also been aggressively exploring and leading the development of privacy computing in recent years, leveraging its advantages in privacy computing technology and cooperation practices. The company has won China Merchants Bank’s bid for the “Privacy Computing Platform Interoperability” project, and the two companies will begin working together closely to build China’s first multi-party cross-heterogeneous privacy computing platform. The project will be applied to financial scenarios such as financial risk control, anti-fraud, and blacklist query. By collaborating on this platform, both parties will jointly activate the full potential of big data and boost customer business value on the basis of meeting regulatory data privacy protection regulations.

Looking ahead, OneConnect plans to continue exploring new partnerships with domestic and foreign organizations, government agencies and financial exchanges; strengthen its technological innovation and IP protection; and improve its R&D capabilities in technology in order to accelerate the digitalization of the global financial services sector.

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