China’s Ping An forays into Indonesian fintech market

The Ping An Insurance Group Co. logo is displayed atop the Ping An International Financial Center (IFC) in Beijing, China, on Wednesday, Aug. 9 2017. Photographer: Qilai Shen/Bloomberg

China’s largest insurer Ping An has announced its expansion into Indonesia’s fintech market with the launch of its subsidiary OneConnect in Southeast Asia’s largest market.

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.

Also Read: 

China: Ping An-backed P2P lender Lufax raises $1.3b at lower valuation

China Digest: Boyu Capital backs Yimi Dida; Ping An invests in Airdoc

Indonesia’s corporate VCs eye fintech, new retail, proptech as favourite themes: DSA Summit

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.