Ping An’s know-how division OneConnect will likely be increasing its operations into Malaysian markets. OneConnect is notably among the many few corporations which have acquired a digital banking license from the Hong Kong Financial Authority. OneConnect can be supporting the BEYOND consortium (in Singapore) as a key know-how associate in an effort to safe a full digital banking license within the city-state.
OneConnect already counts three native banks in Malaysia as its clients. They’ve teamed up with the nation’s RHB Bank Berhad to introduce a synthetic intelligence (AI)-enhanced SME financing cellular app. OneConnect can be working cooperatively with CIMB Philippines to boost their digital banking companies.
Final month, OneConnect reported that it had been working with an area bank to introduce the primary “end-to-end” digital KYC answer for Malaysian customers. Though OneConnect’s administration didn’t truly verify which banking shopper they’re working with, Hong Leong was reportedly the one bank to supply that answer in October 2020.
OneConnect’s administration famous that the agency is within the technique of placing collectively an area group that can serve monetary establishments based mostly in Malaysia whereas supporting their native initiatives. These new staff may even embody a devoted engineering group.
Tan Bin Ru, CEO (Southeast Asia) of OneConnect Monetary Expertise, said:
“Malaysia is of strategic importance to OneConnect. The country is home to five local banks that are 20 of Southeast Asia’s largest banks, enjoying strong regional presence. Bank Negara Malaysia’s decision to open its door to digital banking bodes well for our Southeast Asia expansion strategy.”
“We see a lot of potential in Malaysia and with our new office being set up, we will be able to contribute our deep market knowledge and ready solutions to the local banks and financial institutions in Malaysia.”
Responding to a query about whether or not OneConnect intends to launch a digital bank in Malaysia, she famous that the agency is especially targeted on the Better Bay Space. She additionally talked about that one of many important the reason why OneConnect acquired the banking license in Hong Kong is in order that they will absolutely commercialize their expertise in establishing a digital bank from the bottom up. It will permit them successfully to compete with different service suppliers, Tan Bin Ru defined.
She confirmed that OneConnect is at the moment holding discussions with a number of potential candidates based mostly in Malaysia. However she additionally clarified that the agency isn’t on the lookout for an equity-based association or deal. The corporate is just focused on working with different companies as their know-how associate, which is considerably much like how they conduct enterprise in Singapore.