OneConnect Financial Technology establishes its presence in The UAE, set to introduce global banking solutions to support open banking and open finance agenda for the region
Wai Lum Kwok – Senior Executive Director (Authorisation & Fintech) ADGM, Tan Bin Ru – CEO (Southeast Asia) OneConnect Financial Technology & Vishal Dalal – CEO (North America, Europe & Asia) Pismo
Singapore, 07 Oct 2022 – OneConnect Financial Technology Co., Ltd (OneConnect), a leading Technology-as-a-Service (TaaS) provider, has unveiled OneConnect Smart Technology (ME) Limited in the United Arab Emirates (UAE) at the Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE.
Earlier, OneConnect announced that it will help develop the ADGM SME Financing Platform, an integrated digital finance marketplace that will transform the financing services landscape for small and medium enterprises (SMEs) in the UAE. The intelligent marketplace aims to advance financial inclusion, enhance transparency, alleviate cost of finance operations for SMEs and improve the overall customer experience for SMEs and their funding partners.
The ADGM SME Financing Platform will be an open and inclusive digital finance platform that improves SMEs’ access to financing. As a marketplace connecting various key stakeholders such as SMEs, multi-lenders and data sources from government agencies, and supported by a robust loan origination process which enables seamless transfer of data, the platform will enable better, faster and more risk-appropriate financing decisions to be made. The entire loan application process is made agile and simplified through the use of digital tools such as e-contracts and e-signatures.
Ms Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology, officiated the opening ceremony and said, “OneConnect Smart Technology further expands our footprint in the Middle East. We are excited to bring our expertise in developing digital financial solutions for SMEs within the UAE and eventually to the Middle East and North Africa (MENA).”
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, said, “SMEs are a key contributor to economic growth and are deserving of an open and transparent marketplace for financial products.”
He added, “With the new platform, SMEs will find more convenient, affordable and effective financing solutions that will further improve the competitiveness and diversification of the UAE economy and transform the financing landscape in the MENA region.”
In 2021, OneConnect had worked with ADGM to launch the Digital Lab, UAE’s first Open API platform that allows financial institutions and FinTech innovators to collaborate and build the next generation of digital financial services.
“With two successful cooperation initiatives with AGDM and the newly-opened OneConnect Smart Technology office in Abu Dhabi, we are confident of contributing to the digital transformation of the finance sector within the MENA region,” said Annie Ong, Chief Revenue Officer of OneConnect Financial Technology.
Despite challenges caused by the ongoing global COVID-19 pandemic, OneConnect has been successful in securing new partnerships building a strong relationship with ADGM. Through a comprehensive suite of technologies, a unique “Finance+Technology” business model and a customer-oriented approach, OneConnect will continue to explore future opportunities within the MENA region following the adoption of a cutting-edge platform by the leading financial centre and common law jurisdiction within the region.
During the event, OneConnect introduced the End-to-End Digital Banking Solutions Suite, OneCosmo, the result of the joint product offerings of a partnership between OneConnect and Pismo, a cloud-native core processing platform from Brazil, to the business counterparts in the UAE.
As of August 31, the technological solutions on OneCosmo platform have been utilised by more than 50 million new accounts, registering more than two billion transactions with a total transaction value exceeding US$109 billion.
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 Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, opened for business on 21st October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island which is designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred top IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse and progressively governed financial hubs.
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
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