OneConnect Smart Technology launches in Malaysia

By Edil Corneille

OneConnect Financial Technology, a technology-as-a-service platform provider and an associate of Ping An Insurance Group, launched its new entity – OneConnect Smart Technology, in Malaysia. The launch was graced by Dato’ Ng Wan Peng, Chief Operating Officer of the Malaysia Digital Economy Corporation (MDEC).

In line with OneConnect’s Southeast Asia expansion strategy, Malaysia is a key growth engine. The ongoing digital transformation taking place in the financial landscape signifies a positive sign for OneConnect who has market-ready solutions for InsurTech and full-stack digital banking technologies including end-to-end frictionless account opening and onboarding, smart lending, and an eKYC solution that recognises MyKad, which is a Malaysian identity card.

Backed by Ping An’s 32 years of experience in the financial industry and a track record as a tech enabler, OneConnect is able to bring to Malaysia its solutions and journey with clients through their digital transformation roadmap.

Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology said, “Malaysia is of strategic importance to OneConnect. The country is home to five local banks that are 20 of Southeast Asia’s largest banks, enjoying strong regional presence. 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…”

She added, “Having served all the major banks and more than half of the insurance companies in China, we have amassed extensive track records in enabling digital transformations for, and accumulated a wealth of bespoke experience in the banking, insurance and ecosystem realms. 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.”

OneConnect partnered with RHB Bank to develop an omnichannel platform that fully digitalises the SME loan experience. It also partnered with another top five local bank to develop a mobile banking app powered by its eKYC solution. OneConnect is also collaborating with CIMB Philippines to enhance digital banking technologies in the Philippines.

OneConnect plans to hire local talents to grow a product and engineering team who will provide support for clients in Malaysia and have opportunities to work on its regional projects.