Ping An’s OneConnect officially rolled out the “Gamma O” FinTech open platform at Ping An’s head office in Shenzhen (on May 29, 2019). It is positioned as a “one-stop App Store” for financial institutions and is the industry’s first open platform offering vertical integration of turnkey FinTech solutions.
At the ceremony, OneConnect signed MoUs with Hong Kong Cyberport and Ping An Cloud Accelerator. Under the MoU framework, Cyberport will enter into a strategic partnership with “Gamma O” and invite qualified Cyberport start-ups and companies to join the new marketplace platform. The arrangement allows Cyberport’s start-ups enjoying the priority, to access the most cutting-edge technologies – such as open APIs applying big data and AI and, the opportunity to produce their innovative solutions with financial institutions using the platform.
MOU signing ceremony with William Fang Gouwai, CTO & Chief Architect Ping An Technology, Hannah Qui, Deputy General Manager & Chief Innovation Officer OneConnect & George Lam, Chairman of Cyberport
By opening up the API interface of a large number of technology service providers (including OneConnect), financial institutions are provided with one-stop solutions as well as the opportunity to reach out to potential customers. It represents a new milestone in the development of China’s FinTech ecosystem and has laid the cornerstone for the upcoming “Open Banking” trend. So far, more than 500 tech companies and 300 banks have signed up for or indicated interest in joining Gamma O.
Mr Ye Wangchun, Chairman and CEO of OneConnect remarked that, “as China’s leading cloud FinTech platform, OneConnect is delighted to form a strategic partnership with Cyberport, which becomes one of the first batch of partners of our ‘Gamma O’ open platform. Gamma O brings together FinTech talent, innovative ideas, cutting-edge technologies and infrastructure resources to enable financial institutions, especially small- and medium-sized banks, to access a wealth of FinTech products and solutions.” He added that “the platform would empower the industry with the much-needed capability and capacity to deliver innovative financial services that could be scaled to respond to evolving technological and product requirements.”
George Lam, Chairman of Cyberport, said, “Our partnership with Ping An, the leading tech-powered personal financial services group in China, not only gives our FinTech start-ups access to a large number of banking customers across the border, but also creates a favourable environment for them to ride the wave of open banking in the Greater Bay Area. This opens up more opportunities for them to collaborate with industry players and tap the mainland market.” Mr Lam added that “Cyberport will work with OneConnect to explore together possibilities of introducing an incubation programme to promote cross-border FinTech talent exchanges between Hong Kong and Shenzhen in order to also address the current talent shortage in the midst of a fast-growing market.”
Source: Cyberport Hong Kong