OneConnect inks partnership with Chengfang Financial Technology

By Leandra Monteiro

OneConnect Financial Technology, a technology-as-a-service platform for financial institutions has announced a strategic partnership with Chengfang Financial Technology Co. Ltd, a financial technology company established by the People’s Bank of China (PBOC). Both parties will work together to address common pain points in the financial industry, deliver technological innovations, and enhance data processing and governance.

Under the agreement, OneConnect and Chengfang Financial Technology will harness technologies — including AI, cloud computing and big data to explore new applications for data privacy technology in bank surveillance systems, promote the introduction and sharing of new data standards, and identify the financial data collaboration and circulation models needed by businesses to meet the requirements for secure cloud computing. In addition, the two parties will carry out research and development in areas such as secure computing technology, blockchain, and graph data; as well as nurture and cultivate new FinTech talents for the future.

“This partnership with Chengfang Financial Technology is a significant step forward for OneConnect. China’s digital banking sector has continuously remained at the forefront of digital transformation, and technology is at the core of its integrity and innovation. As a FinTech B2B business, OneConnect upholds its responsibility to promote the development of the financial services sector. Together with Chengfang Financial Technology, we will continue to adhere to our ongoing mission: to develop and empower the industry with our unique combination of professional expertise and technology, in order to build a new way forward for digital banking,” said Wangchun Ye, Chairman of OneConnect.

A subsidiary of PBOC, Chengfang Financial Technology is entrusted with the construction, operation, and maintenance of the digital banking system for China’s central bank. The company performs resource scheduling and operation management for PBOC’s network and data centers and operates its data transfer management platform to provide the entire system with services ranging from network communications and infrastructure to systems maintenance and data transfer. Its partnership with OneConnect promises to accelerate the digitalisation of China’s banking sector.

Looking ahead, OneConnect plans to continue exploring new partnerships with domestic and foreign organizations, government agencies and financial exchanges; strengthen its technological innovation and IP protection; and improve its R&D capabilities in technology in order to accelerate the digitalization of the global financial services sector.