Ping An’s fintech arm, One Connect, appoints three seasoned members to form its inaugural advisory panel based in Singapore.
The advisory panel will consist of Yaacob Ibrahim, professor of engineering at the Singapore Institute of Technology and member of parliament for Jalan Besar Group Representation Constituency; Steven Miller, vice provost of research at Singapore Management University; and David Lee Kuo Chen, professor at Singapore University of Social Sciences and vice president of Economic Society of Singapore.
According to a statement, the newly appointed advisors will not only support OneConnect in its «next phase of growth» but also provide independent oversight and ensure best practices in corporate governance.
Industry Enabler
Ping An was still mulling the prospects of a Singapore digital banking license in September last year but shifted gears away from direct competition and decided later that it would instead become an industry enabler by being a one-stop shop for virtual lenders that lack tech capabilities. Currently, OneConnect already serves more than 3,700 financial institutions in China which collectively reach hundreds of millions of end-users.
According to Miller, the panel will seek to support the firm’s ambitions to provide «practical and industry-ready versions of the latest technologies to financial institutions» to enable sustainable growth. Lee echoed Miller's sentiments, describing OneConnect’s plans as a pursuit of its «open platform and ecosystem strategies towards a financially inclusive Asia».
«I am pleased to welcome Singapore’s top line luminaries to our advisory panel,» said Tan Bin Ru, APAC and UAE CEO OneConnect Financial Technology. «Under the guidance and leadership of Dr. Yaacob, Dr. Miller and Dr. Lee, I, along with my executive team, look forward to benefiting greatly from their wisdom and acumen in the technology and business spheres as OneConnect continues making inroads into key markets of Asia.
