The Ping An Group’s OneConnect platform will soon be available in Europe thanks to a new strategic partnership with finleap connect, which manages the finleap FinTech ecosystem. Based in China, OneConnect is a comprehensive Software-as-a-Service company that provides financial institutions with AI, blockchain, cloud, and biometric capabilities.
“We are impressed by OneConnect’s technical capabilities and deep understanding of digital transformation in financial services,” said finleap Partner and Chief Commercial Officer Carolin Gabor. “Asia is clearly at the forefront here; you won’t find that level of maturity in European technology.”
finleap connect will integrate OneConnect into its own FinTech ventures, and will work with Ping An to develop new solutions for the financial market. OneConnect currently offers a range of different products, including scoring algorithms, voice recognition, and AI-driven Optical Character Recognition that can read text nearly as well as any human.
“These technologies radically shorten the identification time of the customer,” said OneConnect Insurance CEO Bi Wei. “They enable insurance or credit applications in seconds. This leads to a much faster and more convenient customer experience, reduces process costs and provides better risk management.”
OneConnect and Ping An have spent the past few years trying to come up with new ways to simplify various financial processes. Ping An, for instance, has been using facial recognition for loan applications, while OneConnect recently partnered with UBX to develop a blockchain loan platform for the Philippines.
The partnership with finleap should allow Ping An to further refine its technology while expanding its global footprint.
August 26, 2019 – by Eric Weiss