Ping An Insurance Group’s technology-as-a-service (TaaS) platform provider OneConnect Financial Technology has launched operations in Malaysia.
OneConnect has launched a new entity called ‘OneConnect Smart Technology’.
Malaysia foray is in line with OneConnect’s Southeast Asia expansion strategy.
It aims to offer full-stack digital banking and insurtech solutions such as end-to-end account opening and onboarding, smart lending, and eKYC.
OneConnect claims that its eKYC solution recognises Malaysian identity card ‘MyKad’.
Moreover, the fintech firm also joined forces with RHB Bank to create an omnichannel platform to digitise small business (SME) lending.
It has also teamed up with top five local banks to create a mobile banking app, which is powered by its eKYC solution.
It plans to hire more people to grow its product and engineering team to support Malaysian clients.
Additionally, OneConnect has partnered with retail lender CIMB to bolster digital banking technologies in the Philippines.
OneConnect Southeast Asia CEO Tan Bin Ru said: “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.
“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.”