Ping An’s fintech platform OneConnect has just launched a new software-as-a-service (SaaS) platform to cater to the digital transformation needs of China’s commercial banks.
OneConnect has announced that its subsidiary Baorun Xingye (宝润兴业) and Ping’an Yiqian Bao (平安壹钱包) have teamed up to launch the “Cloud Rights Platform” (云权益平台), based upon Ping An Group’s “rights resources database” (平安集团权益资源库).
According to OneConnect the platform is an SaaS services platform that will help commercial banks to accelerate the digital transformation of their retail operations.
Ten financial institutions have already executed letters of cooperative intent to become the first round of clients for the platform. They include Bank of Beijing, Xiamen International Bank, Bank of Liuzhou, Nanhai Rural Commercial Bank and Anxin Securities.
OneConnect chair and CEO Ye Wangchun (叶望春) said that the new platform integrates Ping An Group’s rich resources with OneConnect’s advanced AI and big data analytical capabilities, with the goal of creating targeted and differentiated services for different client demographics.
“This will help financial institutions to achieve targeted sales and excavation and transformation of clients, expediting user stickiness and ongoing upgrades in value contributions.”
OneConnect’s retail finance CEO Qin Zheng (秦政) said that with competition in the banking sector intensifying, the digitisation of retail operations is receiving increasing attention from commercial lenders in China.