OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT) has signed a strategic cooperation framework agreement with the Hainan Local Financial Supervision Administration to develop smart financial and smart supervision services in the island province of Hainan, as well as the financial sector in Hainan Free Trade Port.Fintech News
Ye Wangchun, Chairman and CEO of OneConnect, said that through bilateral cooperation, the two parties will strengthen risk prevention and control of Hainan government data in the China’s largest free trade port, ensuring information is secure, well-regulated, and manageable. “We will establish a world-leading integrated smart financial services platform for Hainan Province, utilizing the latest fintech infrastructure projects to build the free trade port and expand its global reach,” Ye said.
OneConnect will help the Hainan Local Financial Supervision Administration develop smart financial and smart supervision service systems in Hainan, pursue innovative development of financial institutions and enable efficient local financial supervision. The partners are committed to implementing integrated smart financial service systems, digitizing local financial supervision systems, consolidating multi-level fintech cooperation, and exploring Central Bank Digital Currency (CBDC) applications in Hainan to build a thriving financial sector in Hainan Free Trade Port.
OneConnect, an associate of Ping An Group, 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 served 47 international customers in 14 markets.
OneConnect, along with China Eastern, Shenzhen Stock Exchange and French energy company EDF signed contracts for 35 key projects (27 Chinese projects and eight foreign-funded projects) at a contract signing ceremony in Hainan Province’s capital city, Haikou, in June. These projects cover free trade port construction, industrial development, and public services.