Chinese insurance company Ping An is expanding its fintech subsidiary OneConnect into Indonesia.
Ping An Insurance Company of China is one of the largest insurers in the world and has subsidiaries dealing with insurance, banking and financial services. It formed OneConnect as its financial technology services business and the subsidiary has served around 450 banks to date.
OneConnect offers technology solutions ranging from AI and blockchain to biometrics. Now, Ping An is expanding this service to Indonesia, which it has cited in a release as having the fastest growing internet economy in Southeast Asia.
Tan Bin Ru, CEO of OneConnect Financial Technology (Singapore) stated: “We understand the challenges Indonesia’s fintech industry is facing, and this is where OneConnect is able to support.
“Just as OneConnect leveraged the mobile-first environment in China to gain massive consumer adoption and provide financial access to the underbanked and unbanked, we look to work with local banks and other financial institutions to replicate the success with tailored solutions to help them through their challenges.”
Tan Bin Ru spoke at the opening ceremony of OneConnect in Indonesia alongside Hannah Qiu, Co-General Manager of OneConnect, who stated: “In just three years, OneConnect has established a successful business that has already provided advanced Fintech solutions to thousands of banks and other financial institutions in China and abroad.
“We are very excited to provide our portfolio of solutions to Indonesia, where I strongly believe we can help local banks and financial institutions adopt the best that fintech has to offer.”