Ping An’s Fintech Subsidiary Commences Operations in Indonesia

March 2019

OneConnect, a subsidiary of China-based Ping An insurance group commenced operations in Indonesia on 20 February. OneConnect is a Fintech SaaS provider of advanced technology-enabled business solutions to small and medium-sized financial institutions. 

OneConnect has 101 products in four business disciplines including Digital Banking Solutions, Digital Insurance Solutions, Digital Investment Solutions, and SaaS Cloud Platform, covering sales, product development, risk management, operations and technology. It offers tested technology solutions which range from Artificial Intelligence, Blockchain, Biometrics Identification and other advanced technology solutions that were utilized by Ping An. 

Among the company’s highlighted technologies in Biometric Authentication is the Facial Recognition (FR) technology with 99.8% facial recognition accuracy. Financial institutions in Indonesia could use this technology to accurately and safely verify customers’ identities during the consumer onboarding process. The Blockchain technology could equip Indonesian banks and other financial institutions with end-to-end services that would increase their efficiency, enhance risk-control capabilities and reduce costs. 

OneConnect is partnering with Indonesia’s traditional market association (ASPARINDO) to conduct workshops and perform site visits at markets to help traders and kiosks digitize themselves.  

(Source: PR Newswire)

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