OneConnect announced the launch of its joint venture with SBI last week in a move described as the key to «revitalization in Japan».
The joint venture intends to provide cloud-based and artificial intelligence services to help regional banks in Japan achieve digital transformation.
«OneConnect has proven its influence in the Chinese market. We help banks to improve their income, efficiency and quality of services, and reduce their risks and costs, we can help Japanese financial institutions to achieve the same goal,» said Ye Wangchun, chairman and CEO of OneConnect.
SBI and OneConnect first established the partnership in March this year with the aim to «foster the localization of OneConnect’s fintech solutions in Japan», starting with smartphone applications. Previously, SBI group president Yoshitaka Kitao said the joint venture would become «key to regional revitalization in Japan».
Overseas Track Record
In a release, OneConnect emphasized that it had a solid track record with financial technology projects overseas. Its milestones geographically cover: Europe where it signed a cooperation agreement with fintech ecosystem software provider Finleap to offer Saas (software-as-a-service) solutions in the region; the Middle East, where it set up a base in Abu Dhabi to build a fintech ecosystem; and Asia where it developed a cross-border blockchain trading network with Korean companies.
OneConnect currently operates in 10 countries and regions including Hong Kong, Singapore, Thailand, Indonesia, Cambodia and South Korea. It opened a branch in Singapore in March 2018 which was established as the headquarters and R&D center of Southeast Asia.
