FinTech Firm OneConnect Expands To Indonesia To Accelerate Finance Industry’s Digital Transformationbr>
OneConnect, the financial technology company of Ping An Group, has commenced its operations in Indonesia to enable local banks and financial institutions to accelerate their efforts in digitization of financial services.
OneConnect provides financial technology solutions for small and medium-sized banks. It offers full suite of technology solutions ranging from artificial intelligence (AI), blockchain, biometrics identification, and other advanced technology solutions that were used by Ping An. Last year, the firm worked with the Hong Kong Monetary Authority (HKMA), the country’s central bank, to launch Singapore’s blockchain trade finance platform.
While Indonesia is the largest and fastest growing Internet economy in Southeast Asia with a $27 billion economy in 2018, the country’s FinTech industry continues to face various challenges. OneConnect believes that their tech solutions will equip Indonesian banks and other financial institutions with end-to-end services that would increase their efficiencies, enhance risk-control capabilities, and cost reduction. This means local financial institutions will be able to enhance their services and offerings and provide more financial access to a greater number of Indonesians.
“We understand the challenges Indonesia’s FinTech industry is facing, and this is where OneConnect is able to support,” said Tan Bin Ru, CEO of OneConnect Financial Technology (Singapore). “Just as OneConnect leveraged the mobile-first environment in China to gain massive consumer adoption and provide financial access to the underbanked and unbanked, we look to work with local banks and other financial institutions to replicate the success with tailored solutions to help them through their challenges.”
OneConnect said that it is partnering with Indonesia’s traditional market association ASPARINDO to conduct training workshops and perform site visits at the markets to help the traders and kiosks digitize themselves.
“We are excited to be part of this joint effort to transform the conventional way of doing finance, using technology that is more efficient, powerful, and cost-effective,” said Joko Setiyanto, Chairman of ASPARINDO. “We look forward to utilizing OneConnect’s technology so that we can provide greater digital financial access to traders or kiosks in the market, thereby allowing their customers and suppliers to take part effectively in the financial technology ecosystem as well.”