OneConnect Receives Virtual Banking Licence Contributes to the Development of Hong Kong’s Fintech Innovation

(Hong Kong, 9 May 2019) OneConnect is proud to announce that its wholly owned subsidiary, Ping An OneConnect Company Ltd. (Ping An OneConnect Bank), has been granted a virtual banking licence to operate in Hong Kong by the Hong Kong Monetary Authority (HKMA).

OneConnect is a leading financial services unicorn in China with a growing international network in Southeast Asia. The company is a member of Ping An Insurance (Group) Company of China, Ltd. (Ping An Group).

Ms. Rong Chen, Vice Chairman and Co-General Manager of OneConnect and Vice Chairman and Executive Director of Ping An OneConnect Bank, said: "We thank the Hong Kong Monetary Authority for granting OneConnect a virtual banking licence. This is an important milestone for OneConnect, as it expands into the global market with Hong Kong, the region’s leading international financial services hub, as its springboard.”

Ping An OneConnect Bank expects to launch operations in 6 to 9 months. With its leading technologies in artificial intelligence (AI) and blockchain, Ping An OneConnect Bank strives to promote the development and progression of the financial sector in Hong Kong.

Ms. Chen said, “We aim to provide more convenient, professional financial services for Hong Kong citizens and small and medium-sized enterprises, to enhance customer experience and promote a financial inclusion system.”

“With the experience of serving more than 3,000 financial institutions in Mainland China and a deep understanding of the Hong Kong market, Ping An OneConnect Bank is exceptionally well positioned to serve the Hong Kong market. We hope to contribute to the development of Hong Kong as an international financial centre with our financial technology.”

Mr. Ryan Fung Yuk-lung, Chief Executive Officer of Ping An OneConnect Bank, said: “We believe virtual banking has real potential in Hong Kong. Ping An OneConnect Bank will bring the optimized benefits of convenience and innovation in its financial services. In order to better assist the development of the financial service sector and benefit the real economy of Hong Kong, Ping An OneConnect Bank has established a team mainly consisting of local financial professionals, which will focus on the local market here in Hong Kong.”

In 2018, OneConnect built the eTradeConnect platform in Hong Kong. OneConnect took charge of designing, developing and deploying the platform. Currently, eTradeConnect serves 13 domestic and international banks in the territory.

About OneConnect

OneConnect, a member of Ping An Group, is a leading technology service platform for financial services. Adhering to the two-pronged strategy of “Finance + Technology”, OneConnect provides financial institutions including banks, insurers and investment companies with end-to-end solutions such as smart marketing, smart product, smart risk management and smart operation. OneConnect is committed to assisting financial institutions with their transformation into smart finance and aims to help them to increase income, efficiency and service, as well as reducing costs and risks.

Leveraging over 30 years’ extensive industry experience of Ping An, OneConnect adheres to the model of “Technology + Business” and accurately addresses the needs of different financial institutions and has developed 10 key financial solutions in the aspects of retail banks, small and medium-sized companies, insurers and investment companies. As of 31 March 2019, OneConnect’s patent applications in China and overseas totaled over 2000, among which 90% were invention patent applications.

As of 31 December 2018, OneConnect had provided services for over 3000 financial institutions, covering a spectrum of insurers, investment companies and other financial institutions.

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