OneConnect, the fintech subsidiary of Ping An Insurance (Group) Company of China, has launched its operations in Indonesia to support the local financial institutions with digitisation.
The company forayed into this Southeast-Asian country to exploit new business opportunities in Indonesia’s fintech industry, which faces multiple challenges.
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OneConnect expansion
OneConnect will offer a wide range of technology solutions to the banks and other financial institutions including artificial intelligence, blockchain, biometric identification and other technologies.
The solutions will enable Indonesian banks and other financial institutions to scale up their businesses. Additionally, it will also support the financial inclusion process in the country.
OneConnect co-general manager Hannah Qiu said: “In just three years, OneConnect has established a successful business that has already provided advanced Fintech solutions to thousands of banks and other financial institutions in China and abroad.
“We are very excited to provide our portfolio of solutions to Indonesia, where I strongly believe we can help local banks and financial institutions adopt the best that Fintech has to offer.”
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By GlobalDataAs a part of its expansion plan, OneConnect has partnered with Indonesia’s traditional market association (ASPARINDO).
It will enable OneConnect to conduct training workshops as well as carry out site visits to support the traders and kiosks with the digitisation process.
ASPARINDO chairman Joko Setiyanto said: “We are excited to be part of this joint effort to transform the conventional way of doing finance, using technology that is more efficient, powerful, and cost-effective.
“We look forward to utilizing OneConnect’s technology so that we can provide greater digital financial access to traders or kiosks in the market, thereby allowing their customers and suppliers to take part effectively in the financial technology ecosystem as well.”
Headquartered in Shenzhen of China, Ping An is one of the largest digital personal financial services groups in the world. It is said to have 182 million customers and 513 million internet users.
