Singapore, 17 December 2020 – Leading technology-as-a-service platform provider and associate of Ping An Insurance Group, OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) has been awarded the Asia-Pacific Smart Lending Platform for the BFSI Industry Technology Innovation Leadership Award at Frost & Sullivan’s 2020 Best Practices Awards. The award was presented to Ms Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, at the virtual presentation ceremony today.
Frost & Sullivan’s 2020 Best Practices Awards identify and honour organisations in the Asia-Pacific that have demonstrated excellence in their respective industries – having accomplished innovative or disruptive breakthroughs while continually demonstrating tremendous industry achievements. Award recipients were identified based on in-depth interviews, analysis, and extensive secondary research conducted by Frost & Sullivan analysts. Companies were also studied on their revenues, market share, capabilities, and overall contributions to the industry in order to identify best practices.
Frost & Sullivan believes that OneConnect’s strong focus on research and development is a key success factor to its win. Last year, OneConnect spent USD 135 million, 41 per cent of its total revenue, in research and development.
The award was presented for OneConnect Smart Lending Platform, a state-of-the-art solution embedded with advanced artificial intelligence (AI) algorithms that crunch a wide spectrum of alternative data, capable of helping retail and SME lenders improve their online lending business and reduce operating costs while maintaining risk management standards.
“Leveraging AI and big data analytics, OneConnect has developed a cloud-based smart lending platform that enables banks to improve their lending business safely and securely. The innovative platform is vital in transforming banks’ partially digital lending business into a completely digital process. Banks can now accelerate loan processing by implementing OneConnect’s smart lending platform, enhancing customer experience. The platform can also reduce fraudulent activities by conducting remote interviews accurately and analysing the loan applicant’s changing facial expressions and suspicious eye movements. Overall, OneConnect’s platform securely automates the loan application processing and effectively reduces manual work by up to 90 per cent,” said Mohammed Riyaz Ahmed, Industry Analyst, TechVision, Frost & Sullivan.
OneConnect has conducted a total of 171.5 million anti-fraud checks and 5.2 billion credit risk assessments as of 30 June 2020. Within Asia-Pacific, OneConnect partners with one of the largest SME banks in Malaysia to digitalise SME loan experience. In August, the bank launched Malaysia’s first AI-powered SME financing mobile app. The app automates and simplifies onboarding and application processes using facial recognition and only requires SMEs to submit two scanned documents – a local ID card and a bank statement – via mobile phones. With the app, the bank is able to serve SMEs more efficiently by reducing the back-office processes and operating costs.
OneConnect also partners with UBX, the fintech arm of Union Bank of the Philippines, to build SeekCap, the Philippines’ first smart lending platform with multiple lenders and ecosystem partners offering micro, small and medium enterprises loans that best suit their business needs on a single platform. Loans applications are approved on the same day and disbursed within three working days, drastically shortening the turnaround time as compared to traditional applications in The Philippines.
Receiving the award at the virtual presentation ceremony, Ms Tan Bin Ru said, “We are very proud and excited to receive this accolade from Frost & Sullivan. The award is a testament to the confidence the industry and our clients have in us. Since our establishment in 2015, we have built an extensive track record in enabling digital transformation for more than 600 banks and over 80 insurance companies. Our international footprint has also expanded rapidly with the launch of our regional headquarters in Singapore in 2018. Outside of China, we serve more than 50 clients across 15 over countries and territories today.”
“OneConnect is committed to sharing our expertise and empowering our clients to serve businesses and consumers with the best of digital banking services. One of our unique value propositions is the breadth and depth of our solutions which allows us to be the single tech expert integrating a full suite of digital solutions, and to be the strategic tech partner who can journey with them through the different phases of their transformation roadmap,” she added.
OneConnect was evaluated for the Technology Innovation Leadership Award using the key benchmarking criteria: Commitment to Innovation, Commercialisation Success, Technology Incubation, Financial Performance, Growth Potential, and Customer Acquisition.
About OneConnect Financial Technology
OneConnect (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.
Our technology-as-a-service platform strategically covers 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 press inquiries, please contact:
OneConnect Financial Technology
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+65 8200 0022
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+65 9226 0061
+65 9457 6461