OneConnect successfully signed a contract with the Philippines' UBX to help upgrade the "ICP"
Recently, OneConnect successfully signed a memorandum of understanding for the "Smart Lending Platform Upgrade" (SLP Upgrade) project with UBX, a subsidiary of Union Bank of the Philippines, to meet the growing online lending business needs of UBX.
UBX, a subsidiary of Union Bank of the Philippines (UnionBank), is well-known for advancing financial technology services. UnionBank is the ninth-largest commercial bank in the Philippines. Since their collaboration began in 2019, UBX and OneConnect have been committed to building a technology platform to meet the financing needs of small and medium-sized enterprises (SMEs) in the Philippines. This "Smart Lending Platform Upgrade" project is a second upgrade to UBX's existing technology platform, aimed at continuously optimizing the platform's backend support capabilities to more effectively support UBX's expanding online lending business. The project involves upgrading the basic product version from 1.1.1 to 6.2.0, ensuring that all lenders already online function normally, including migrating data from 15 lenders already on the platform from the old version structure to the new version structure.
As an important window for the external output of Ping An Group's technological capabilities, OneConnect fully leverages its unique "technology + business" competitive advantage. It provides digital finance and technology empowerment services to governments and financial institutions in "Belt and Road" countries. So far, its overseas business has covered 20 countries and regions including Singapore, Thailand, Malaysia, the United Arab Emirates, the Philippines, and 172 overseas financial institutions. OneConnect's projects based on artificial intelligence, blockchain, cloud computing, and other leading global technologies have been successively implemented in "Belt and Road" cooperative countries.
This renewed collaboration with UBX is expected to positively influence the "Smart Lending Platform Upgrade" process for other overseas clients of OneConnect. It will encourage more clients to complete upgrades promptly, optimize system capabilities, and better meet the financing and credit needs of SMEs.
