In a release, Ping An said, OneConnect has commenced its operations in Indonesia to enable local banks and financial institutions to accelerate their efforts in digitization of financial services and move towards a more inclusive financial industry.
“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,” OneConnect Financial Technology (Singapore) CEO Tan Bin Ru said.
One of the company’s highlighted technologies in biometric authentication is the facial recognition (FR) technology which it claims has 99.8 per cent accuracy. It also provides blockchain-based trade finance and supply chain solutions.
“These technologies will equip Indonesian banks and other financial institutions with end-to-end services that would increase their efficiencies, enhance risk-control capabilities, and cost reduction – which means local financial institutions could enhance their services and offerings, providing more financial access to a greater number of Indonesians,” said PT OneConnect Financial Technology Indonesia president director Hendra Tan.
OneConnect is forming a partnership with Indonesia’s traditional market association (ASPARINDO) that will see the former conduct training workshops and make site visits to the markets to help traders and kiosks digitize themselves.
Ping An is the latest overseas financial services company to foray into the Indonesian fintech market. Last week, Hong Kong-based financial services startup Oriente announced a partnership with local conglomerate Sinar Mas to launch lending platform Finmas.