OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC

SHENZHEN, China, Nov. 26, 2020 /PRNewswire/ — OneConnect Monetary Expertise Co., Ltd. (NYSE: OCFT), the main technology-as-a-service platform supplier and an affiliate of Ping An Insurance coverage Group, reaffirms its dedication because the trusted tech associate for monetary establishments in Malaysia with the launch of its new entity, OneConnect Sensible Expertise (Malaysia) Sdn Bhd. Consistent with its Southeast Asia enlargement technique, Malaysia is a key progress engine the place OneConnect plans to construct a neighborhood workforce that stands able to serve monetary establishments throughout Malaysia and assist its regional tasks. The launch was graced by Dato’ Ng Wan Peng, Chief Working Officer of the Malaysia Digital Economic system Company (MDEC).

Malaysia’s fintech area is flourishing

Financial institution Negara Malaysia (BNM) has launched a number of initiatives in a transfer to embrace monetary inclusion and the shift in banking habits in direction of digital channels. These embody the announcement final 12 months that it’s going to problem new digital banking licenses and the publication of an Digital Know-Your-Buyer (eKYC) guideline on 30 June 2020. The transfer has given a lift to the nation’s banking and fintech gamers which are able to speed up digital transformation and undertake fintech improvements.

“Fintech had garnered a lot of consideration for its astonishing potential in impacting lives and altering economies. Because it appeared, fintech helped allow abnormal folks to entry monetary merchandise securely and effectively. On the identical time, it additionally accelerated the financial growths of many international locations. So as to improve the event of the fintech ecosystem for this nation, the Malaysia Digital Economic system Company (MDEC) will proceed to interact start-ups, traders and innovators from around the globe to yield constructive outcomes by way of its steady efforts in increasing and innovating the fintech business. As OneConnect has established a regional presence in Malaysia, it reinforces the truth that Malaysia is a gorgeous funding vacation spot. In actual fact, many fintech and information ecosystem gamers come to Malaysia particularly for its vibrant testbed setting and the multi-cultural background of its expertise pool and their digital savviness and language proficiency in technical topics,” shared Dato’ Ng Wan Peng, Chief Working Officer, MDEC.

In response to the e-Conomy SEA 2020 Report^[1], shoppers and SMEs have adopted digital monetary providers like by no means earlier than. In Malaysia, over the varied Motion Management Order durations, many turned to the Web for options to their challenges. A big quantity tried new digital providers – 36 per cent of all digital service shoppers had been new – with 92 per cent of those new shoppers aspiring to proceed their behaviour post-pandemic. Yr-to-date, Malaysia has additionally seen a 33 per cent month-to-month energetic person progress for choose cell banking apps.

The scene is a vital preamble to the continuing digital transformation happening within the monetary panorama and it signifies a constructive signal for OneConnect who has market-ready options for insurtech and full-stack digital banking applied sciences together with end-to-end frictionless account opening and onboarding, sensible lending, and an eKYC resolution that recognises MyKad.

Dedicated to the expansion of Malaysia’s monetary sector

OneConnect is dedicated to being the trusted tech enabler in digital transformation for monetary establishments.

Backed by Ping An’s 32 years of expertise within the monetary business and an in depth observe report because the tech enabler, OneConnect is ready to convey to Malaysia the breadth and depth of confirmed options, and journey with its purchasers via their digital transformation roadmap.

Echoing the identical, Tan Bin Ru, CEO (Southeast Asia) of OneConnect Monetary Expertise, mentioned, “Malaysia is of strategic significance to OneConnect. The nation is residence to 5 native banks which are 20 of Southeast Asia’s largest banks, having fun with sturdy regional presence. Financial institution Negara Malaysia’s choice to open its door to digital banking bodes effectively for our Southeast Asia enlargement technique. One in all our distinctive worth propositions that our purchasers worth a lot is the breadth and depth of our options which turns into a breeze once they can have a single strategic tech associate to combine a full suite of digital options and work alongside their workforce via phases of their transformation plan. We see a variety of potential in Malaysia and with our new workplace being arrange, we will contribute our deep market information and prepared options to the native banks and monetary establishments in Malaysia.”

She added, “Having served all the main banks and greater than half of the insurance coverage corporations in China, now we have amassed in depth observe information in enabling digital transformations for, and collected a wealth of bespoke expertise within the banking, insurance coverage and ecosystem realms. For the reason that organising of our regional headquarters in Singapore in 2018, greater than 50 purchasers throughout Southeast Asia and different elements of Asia, in addition to the UAE and Europe have entrusted us to be their tech knowledgeable.” 

Serving the wants of main monetary establishments in Malaysia

OneConnect at the moment serves a worldwide insurance coverage participant and three of the highest 5 native banks in Malaysia It has collaborated with RHB Financial institution and one other high 5 native financial institution the place it collaborated on the event of two firsts-of-its-kind providers that had been launched in Malaysia lately. It is usually collaborating with CIMB Philippines to reinforce digital banking applied sciences in The Philippines.

OneConnect has partnered with RHB Financial institution to develop an omnichannel platform that totally digitalises the SME mortgage expertise. The omnichannel platform – comprising the RHB Financing (SME) cell app for patrons, a gross sales app for the financial institution’s relationship managers and a seamless SME mortgage administration web site – utilises OneConnect’s synthetic intelligence (AI) and eKYC applied sciences. Launched in August as Malaysia’s first AI-powered SME financing cell app, the app automates and simplifies onboarding course of the place SMEs solely have to submit two scanned paperwork – MyKad and a financial institution assertion – by way of their cell phones to use for loans. The omnichannel platform lets RHB serve SMEs extra effectively by lowering the back-office processes and working prices. The financial institution goals to offer RM500 million in financing services to assist small companies within the subsequent 12 months.

OneConnect additionally partnered with one other high 5 native financial institution to develop a cell banking app powered by its eKYC resolution, making this the primary eKYC resolution permitted by BNM to launch in Malaysia in October. The app is the primary in Malaysia launched by a financial institution to ship a really digital onboarding expertise with out having to go to any bodily department. Prospects can open an account and financial institution safely anytime and wherever amidst the continuing pandemic.

Yao Jing, Head of Technique and Enterprise Growth (Singapore and Malaysia), OneConnect Monetary Expertise, mentioned, “Our deep market information and prepared options for Malaysia aptly place us to fulfill the native wants. We’re grateful for the belief and confidence that among the largest monetary establishments in Malaysia have given us and we’ll proceed to deepen the relationships with our valued purchasers. We see ourselves as a robust tech participant on this area, and are devoted to supporting and enabling the digital banking ecosystem right here. We are going to proceed to forge collaborations and work intently with monetary establishments and different stakeholders, together with Financial institution Negara Malaysia, and nurture the native tech skills as we stroll this journey of a transformational panorama collectively.”

OneConnect plans to rent native skills to develop a product and engineering workforce who will present assist for purchasers in Malaysia and have the alternatives to work on its regional tasks.

About OneConnect Monetary Expertise

OneConnect (NYSE: OCFT) is a number one technology-as-a-service platform for monetary establishments. The Firm’s platform gives cloud-native expertise options that combine in depth monetary providers business experience with market-leading expertise. The Firm’s options present expertise functions and technology-enabled enterprise providers to monetary establishments. Collectively they permit the Firm’s prospects’ digital transformations, which assist them enhance income, handle dangers, enhance effectivity, improve service high quality and cut back prices.

Our technology-as-a-service platform strategically covers a number of verticals within the monetary providers business, together with banking, insurance coverage and asset administration, throughout the complete scope of their companies – from gross sales and advertising and danger administration to buyer providers, in addition to expertise infrastructure reminiscent of information administration, program growth, and cloud providers.

Annex: Chinese language Glossary

English	Chinese language
Tan Bin Ru, CEO (Southeast Asia), OneConnect Monetary Expertise	陈敏如, 东南亚首席执行官, 金融壹账通
Yao Jing, Head of Technique and Enterprise Growth (Singapore and Malaysia), OneConnect Monetary Expertise	姚惊, 战略兼业务拓展总经理 (新加坡与马来西亚地区), 金融壹账通
Dato’ Ng Wan Peng, Chief Working Officer, Malaysia Digital Economic system Company	拿督黄婉冰, 首席运营官,马来西亚数字经济发展局

SOURCE OneConnect

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