BEYOND Selects NYSE-Listed OneConnect Financial Technology As Strategic Tech Partner In Bid For Singapore Digital Full Bank License

The partnership will further boost BEYOND’s development pipeline of innovative banking products and services anchored by cutting-edge technology such as artificial intelligence, big data analytics, and blockchain
BEYOND digital bank consortium comprises leading trusted businesses and institutions in Singapore committed to creating a digital bank that will elevate SMEs and their workforce through digital technology
OneConnect Financial Technology, an associate company of Ping An Insurance Group, serves more than 3,700 customers, including over 600 banks
Partnership underscores BEYOND’s commitment to further building a digital banking core and full suite of services to effectively support Singapore SMEs and the workforce

BEYOND and OneConnect Financial Technology entered into a memorandum of understanding (MOU) to jointly develop innovative digital banking products and services for Singapore SMEs and their workforce.

(L-R) Mr Ron Sim, founder and executive chairman of V3 Group, Mr Gan Chee Yen, chairman-designate of the BEYOND consortium, Ms Tan Bin Ru, CEO (APAC & UAE) of OneConnect Financial Technology and Mr Liang Yansui, CTO of OneConnect Financial Technology (Singapore) at the MOU signing ceremony on 27 February 2020.

3 March, 2020, Singapore – Digital banking consortium BEYOND today announced that it has selected OneConnect Financial Technology (Singapore) Co. Ltd. (“OneConnect”), a member of NYSE-listed OneConnect Financial Technology Co. Ltd, as the strategic technology partner to jointly develop innovative digital banking products and services for Singapore Small and Medium Enterprises (SMEs) and their workforce.

Mr Gan Chee Yen, Chairman-designate of BEYOND said, “BEYOND is progressively building up a future-ready infrastructure that will position us to support and elevate Singapore SMEs and their workforce. The current economic difficulties experienced by many Singapore businesses and their employees have further reinforced BEYOND’s determination to support digital transformations in order for these businesses to be more sustainable and resilient.”

Ms Tan Bin Ru, CEO (APAC & UAE) of OneConnect Financial Technology, said, “We are glad to be chosen as BEYOND’s preferred tech partner. We look forward to contributing our deep fintech bench strength and drawing on the best of Ping An’s proven fintech solutions to complement the BEYOND value proposition. The consortium members of BEYOND have extensive experience in financial institutional requirements, risks and business know-how. Together with BEYOND, we will create innovative products and services that will better serve consumers, SMEs, as well as other underbanked and underserved segments in Singapore and ASEAN.”

The BEYOND consortium is led by V3 Group through its fintech arm V3 Fintech and Singapore’s contactless payment pioneer EZ-Link, and comprises leaders in the Singapore business community including Singapore Business Federation, Far East Organization, Mitsui Sumitomo Insurance and Heliconia Capital Management.

OneConnect is a world-class technology-as-a-service platform focusing on providing financial institutions with cutting edge technology solutions in AI, big data analytics and blockchain. It has served more than 3,700 customers, including over 600 over banks – comprising all China’s major banks and 99% of its city commercial banks. Outside of China, mainly in Southeast Asia, OneConnect has already expanded their services into 14 countries with 47 clients.

In Southeast Asia, OneConnect provides digital solutions to financial institutions in markets such as Malaysia, Thailand, Indonesia, and The Philippines. OneConnect solutions have helped banks increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

OneConnect is an associate company of Ping An Insurance Group which ranked 7th on Forbes’ Global 2000 list of world’s largest public companies in 2019. In Hong Kong, Ping An OneConnect Bank has been granted a virtual banking license by the Hong Kong Monetary Authority in 2019. This will enhance and deepen OneConnect’s capabilities and know-how in virtual banking technologies.

Ms Jessica Tan, Co-CEO of Ping An Group, said, “In our pursuit of the “finance + technology” and “finance + ecosystem” strategies, Ping An provides financial products and services for 200 million retail customers and 516 million internet users. We are putting together the best Ping An’s technologies through OneConnect’s technology-as-a-service platform to work symbiotically with the larger banking community. We are excited to watch how BEYOND and OneConnect will rewrite the banking scene in Singapore.”

Mr Gan further added, “OneConnect has extensive implementation experience in Southeast Asia and China, coupled with innovative, world-leading technology – together, we look forward to developing and deploying customer-centric solutions for our SMEs and their workforce.”

BEYOND is committed to developing and implementing innovative technology that can better serve the unmet needs of SMEs, their workforce, and the under-served segments of the community. For example, technology such as artificial intelligence and the use of big data analytics can vastly improve anticipation of customer needs, as well as enable the development and launch of differentiated and personalised products in a faster and more optimal manner.

BEYOND expects to significantly strengthen its digital technology capabilities as an outcome of this strategic tech partnership with OneConnect and contribute towards the growth prospects of Singapore as a financial centre through continual skills and capabilities development.

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About The BEYOND Digital Bank Consortium

The BEYOND digital bank value proposition represents the combined strengths of some of Singapore’s most established companies and their reach to SMEs and their workforce. Collectively, the consortium members engage with over 5 million businesses and individuals in Singapore on a daily basis. BEYOND envisions a digital bank that will harness technology, connectivity, and innovation to contribute to fulfilling lives, sustainable businesses, and a better world across generations.

About OneConnect Financial Technology

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

The Company’s 13 technology solutions strategically cover multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses — from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.

For media queries on OneConnect:
Alicia Neo
Public Relations Manager
Mobile: +65 8200 0022
Email: alicianeo@ocft.com

For media queries on BEYOND:
Gillian Pinto
Account Director
Black Dot Pte Ltd
Mobile: +65 9682 3735
Email: gillian@blackdot.sg