OneConnect launches SaaS solution OneCosmo, powered by Pismo, in the UAE

OneCosmo suite allows financial Institutions and fintechs in the region to build a wide range of digital banking capabilities, gaining flexibility and scalability

Abu Dhabi – October 18, 2022 – OneConnect Smart Technology (ME) Ltd (OneConnect), the leading technology-as-a-service provider and an associate of Ping An Group, has announced the launch of OneCosmo, a one-stop omni platform for all-in-one digital banking solutions, in the United Arab Emirates (UAE). It was jointly developed with Brazil-based tech company Pismo, one of the fastest-growing banking Software-as-a-Service (SaaS) firms.

OneCosmo allows customers to launch financial products in a matter of weeks due to pre-integrated and pre-configured features. It also enables real-time data streaming for greater insight into consumer behaviour through data analysis. OneCosmo is a flexible and microservices-led API driven platform— offering financial institutions the freedom to customise the solutions suite to meet their individual needs. To date, Pismo’s technology used in OneCosmo’s solutions has been utilised by more than 60 million banking customers growing rapidly on a month-on-month basis. 

The launch of OneCosmo is the result of a strategic partnership established in April 2022 by OneConnect and Pismo. Leveraging the Pismo next-generation cloud native SaaS platform, OneCosmo’s suite of solutions offers a highly scalable and easily integrable option for banks and financial institutions to build digital banking capabilities. It includes a wide range of services, from digital identity verification and core banking to card issuance, digital wallets, and digital lending. The platform also allows integration across different third-party service providers using highly flexible APIs (Application Programming Interfaces) and microservices.

“The digital banking and digital payment market in the UAE will be growing faster than the global average, within the next five  years. Customers have very high expectations of their banks and show a strong appetite for digital banks,” said Vishal Dalal, CEO (North America, EMEA and APAC) at Pismo. “With the partnership between Pismo and OneConnect, we are taking to the market the right technology for helping banks and fintechs offer the digital products their customers want.”

“Following the success of OneCosmo launch in Asia, we are exhilarated that the solution had garnered tremendous interest from the local financial institutions. Now, together with OneConnect’s strategic partner Pismo, we are excited to bring our leading edge technological solutions and professional expertise to the UAE. As the leading Fintech market in the MENA region, along with strong support from the local regulators, the UAE will be a significant market to us.” says Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology.

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About OneConnect Financial Technology

OneConnect Financial Technology Co. Ltd. (“The Company”) is a leading technology-as-a-service platform for financial institutions. The globally-recognised company is a high-tech enterprise that was listed on the New York Stock Exchange in 2019 (NYSE: OCFT) and achieved dual primary listing in Hong Kong in 2022 (HKEX: 6638). The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers’ digital transformations, which seek to increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

OneConnect is an associate of Ping An Group. By leveraging on Ping An Group’s extensive experience of over 30 years in financial services, OneConnect has established long-term relationships with financial institutions to serve and accurately address their digital transformation needs. Above its expertise and experience as a leading digital banking solutions provider, OneConnect also actively promotes digital transformation for financial institutions and provides trade, credit, supply chain, data security, risk management and other related scientific and technological services for government, regulatory and enterprise users. The Company currently serves more than 20 countries and regions.

OneConnect has world-leading technology capabilities for financial services in AI, Big Data Analytics, Blockchain and Financial Cloud. As of 31 December 2021, the Company had submitted 5,652 global patent applications, including 1,525 overseas patent applications. The Company was included in the 2022 IDC FinTech Rankings Top 100 for the fifth consecutive year coming 61st in 2022. The Company has also won 61 international professional awards, including four consecutive IDC Awards, the prestigious Wu Wen Jun AI Science and Technology Award, BAI Global Insurance Certification Award, the first prize in the OMG Micro-expression Competition, the first prize in Machine Learning in DROP Leaderboard and the CMMI5 international certification.

About Pismo

Pismo is a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure. Large banks, marketplaces, and fintechs already use our cloud-native microservices platform. Pismo clients are launching next-generation solutions while migrating their legacy systems onto the most advanced platform in the market. Pismo cloud-based platform empowers teams to build fast and companies to launch rapidly, scaling as they grow to have a broader audience while keeping high security and availability standards.

For press inquiries, please contact:

OneConnect Financial Technology
Rifdi Jaffar
APRW
rifdi@aprw.asia

Kelvin Seng
OneConnect Financial Technology
enquiry@ocft.com

Pismo
Patricia Bartuira
+1 (786) 270-6253
patricia@bmcsmart.com