OneConnectHong Kong Exchanges and Clearing Limited (HKEX) on Friday entered into a memorandum of understanding (MOU) with Ping An Insurance (Group) Company of China Limited to explore possible areas of cooperation and collaboration in fintech and data analytics.

HKEX and Ping An will work together to identify areas of collaboration including Fintech solutions across different asset classes, as well as the application of data and artificial intelligence technology to support mutual connectivity of the Mainland Chinese, Hong Kong and international markets, HKEX said in a statement.

Headquartered in Hong Kong, HKEX operates a range of equity, commodity, fixed income and currency markets.

Ping An provides services in insurance, banking, and securities in China. It also provides fintech solutions to other financial institutions. Its Fintech unit, Ping An OneConnect, serves over 600 banks and 80 insurance companies in China and internationally.

Separately, Ping An’s OneConnect Financial Technology and Singapore Management University (SMU) signed an agreement on Friday, to jointly conduct research and develop a Proof of Concept (POC) on the potential of quantum computing to augment blockchain technology.

The alliance aims to ascertain the potential of quantum computing. The collaboration will focus on studying quantum algorithms that could augment blockchain technology in areas of robust large-scale consensus, efficient on-chain data searching, private record validation, high-speed smart contract processing and interoperability between blockchain networks.

The joint research will see SMU leveraging OneConnect’s business expertise and blockchain infrastructure in the real world to obtain concrete data for the research. In addition, OneConnect will also be providing space and resources during the research, including resources to host multiple nodes in a blockchain-based network for research purposes.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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