OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT), is now added to the FTSE Global Equity Index Series (GEIS), effective June 19, following the June 2020 quarterly review by global index compiler FTSE Russell.
OneConnect is a world-leading technology service platform for financial institutions in China and provides comprehensive end-to-end solutions for banks, insurers, and investment managers by integrating extensive financial service experience with market-leading technology. The Company enables customers to manage risks, enhance service quality, improve efficiency, increase revenue and reduce costs in their digital transformations. As of December 31, 2019, the Company had served all of China's major banks, 99% of its city commercial banks, and 46% of its insurance companies.
Despite the COVID-19 and economic downturn in the first quarter, the Company's revenue increased by 29.6% year-on-year, and third-party customer revenue increased by 50.4% year-on-year. Growth was driven by the Company's five smart solutions – Smart Office Solutions, Intelligent Deposit Solutions, Intelligent Operation Solutions, Artificial Intelligence (AI) Sales and Risk Management Solutions – which were delivered to financial institutions during the COVID-19 epidemic to ensure smooth online operations. The Company's gross margin expanded to 34.8% from 28.5% year-on-year. High-quality third-party customers contributed 46.4% of revenue.
On May 23, FTSE Russell announced its June 2020 quarterly review results. The reconstituted indexes took effect after the market close on June 19.