OneConnect Enters Banking Software-as-a-Service Space with Strategic Partnership with Pismo

DigitalCFO Newsroom | 12 April 2022

Combining the best of the East and West, OneConnect taps into banking Software-as-a-Service, extending its range of services in SEA and the Middle East, with a modern core financial platform.

OneConnect Financial Technology Co., Ltd (OneConnect), the leading Technology-as-a-Service (TaaS) provider and an associate of Ping An Group, today announced an exclusive strategic partnership with Pismo, one of the world’s fastest-growing banking Software-as-a-Service (SaaS) firm with momentum in the Americas and Europe. This partnership sees OneConnect’s suite of cutting-edge technological solutions complemented with Pismo’s highly scalable, nimble, and multi-tenant SaaS platform to better serve a broader range of financial institutions within Southeast Asia and the Middle East.

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 Itau, Latin 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.

Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, said, “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. 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.”

“Southeast Asia is a key market for Pismo, as one of the highest growing economies in the world. Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing,” said Vishal Dalal, CEO (North America, Europe and Asia), Pismo. “Our presence in Singapore and our partnership with a high-accomplished institution as OneConnect underlines our deep commitment to this region.”