ADGM and OneConnect collaborate on FinTech development, innovation

Business Bureau, Gulf Today

The Abu Dhabi Global Market (ADGM) and OneConnect Financial Technology Co. Pte Ltd (OneConnect) signed a Memorandum of Understanding (MOU) to promote and develop FinTech innovation, ecosystems, and market opportunities that will support and connect the economies in both the Belt-and-Road corridor and the Middle East and North Africa (Mena) region.

As a member of the Ping An Group – OneConnect offers world-class technology capabilities for financial services in AI, big data analytics and blockchain to support the digital transformation of the financial services industry.

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM said: “As the leading IFC and Mena FinTech Hub, ADGM is committed to supporting the growth and development of a vibrant and sustainable FinTech and innovation ecosystem through collaboration with industry, community and regulatory stakeholders. Building connectivity and partnerships with key stakeholders such as OneConnect will help Mena FinTech participants tap opportunities in the Belt and Road corridor, and develop deep digital capabilities to accelerate the adoption and deployment of FinTech innovation in the Mena region.

We look forward to building stronger cooperation between ADGM and OneConnect in the development of multilateral technology platforms that support our FinTech ecosystem, as well as, foster greater international trade and business opportunities among China, the UAE, and countries along the Belt-and-Road.”

OneConnect’s Chief Financial Supervisor, HUANG Runzhong, said: “With our world-leading technology capabilities for financial services, OneConnnect provides technology solutions to multiple verticals in the financial services industry across the full scope of their businesses, and has been widely recognised by the industry. OneConnect proactively expands overseas and has established businesses in Southeast Asia and Japan. We value our partnerships with international financial institutions and regulators, and are deeply impressed by ADGM’s agile and responsive regulating structure, its proactive attitudes towards FinTech, as well as it open, innovative and sustainable ecosystem. In the future, we hope to build a strong foothold in the Mena region through the partnership with ADGM, empower more financial institutions in the world and foster the growth of regional financial service market.”

As part of the MoU, ADGM and OneConnect will mutually support FinTech participants and ecosystem enablers in their respective community networks in leveraging Abu Dhabi as a platform to develop, test and launch innovative FinTech products, services and business solutions in the Mena markets and Belt and Road corridor. Both parties will also participate in the development and application of joint creative projects employing artificial intelligence, blockchain and distributed ledger, application programming interface (API), and other emergent technologies.

OneConnect is a leading technology-as-a-service platform for financial institutions in China. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

OneConnect is an associate of Ping An Group. As of June 30, 2019, Ping An Group was China’s second-largest financial institution and the fifth-largest globally by market capitalization. OneConnect leverages the Group’s 30 years of extensive experience in financial services and accurately addresses the needs of different financial institutions. The Company’s 12 technology solutions strategically cover multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses—from sales and marketing and risk management to customer services and operations, as well as technology infrastructure such as data management, programme development, and cloud services.

OneConnect’s customer base includes all of China’s major banks, 99 per cent of its city commercial banks, and 38 per cent of its insurance companies

The Abu Dhabi Global Market an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (Mena)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.