OneConnect Financial Technology has partnered with Chengfang Financial Technology. Working under the shared values of equitable participation, cooperative development, honesty, and trustworthiness, both sides will collaborate to address common pain points in the financial sector, offer technical advances, and enhance data processing and governance.
Under the terms of the agreement, OneConnect and Chengfang Financial Technology will explore new applications for data privacy technology in bank surveillance systems, promote the introduction and sharing of new data standards, and identify the financial data collaboration and circulation models required by businesses to meet the requirements for secure cloud computing. Furthermore, the two parties will conduct research and development in areas such as secure computing technology, blockchain, and graph data, as well as foster and cultivate future FinTech talent.
Wangchun Ye, Chairman, OneConnect, said, “This partnership with Chengfang Financial Technology is a significant step forward for OneConnect. China’s digital banking sector has continuously remained at the forefront of digital transformation, and technology is at the core of its integrity and innovation. As a FinTech B2B business, OneConnect upholds its responsibility to promote the development of the financial services sector. Together with Chengfang Financial Technology, we will continue to adhere to our ongoing mission: to develop and empower the industry with our unique combination of professional expertise and technology, in order to build a new way forward for digital banking.”
Chengfang Financial Technology, a PBOC subsidiary, is in charge of building, operating, and maintaining China’s central bank’s digital banking infrastructure. The company manages the network and data centers’ resource scheduling and operations, and it operates its data transfer management platform to provide services ranging from network communications and infrastructure to system maintenance and data transfer to the whole system. Its partnership with OneConnect is expected to advance the digitization of China’s banking sector and reinforce OneConnect’s position as a leader in digital financial development.
OneConnect uses cutting-edge technologies to improve efficiency and services for banks, government agencies, and exchanges, while also cutting costs and decreasing risk. OneConnect assists providers in accelerating digital transformation across four critical pillars: the creation of a digital ecosystem, the growth of green finance, the integration of the Greater Bay Area, and the continuous expansion of the FinTech sector.
OneConnect has strategic alliances with the China Securities Regulatory Commission’s Technology Supervisory Bureau, the Insurance Asset Management Association of China, and China Insurance Asset Registration and Trading System Co., Ltd. in addition to its partnership with Chengfang Financial Technology.
In recent years, OneConnect has also aggressively explored and led the development of privacy computing, exploiting its advantages in privacy computing technology and collaboration practices. The company has won China Merchants Bank’s proposal for the “Privacy Computing Platform Interoperability” project, and the two will begin collaborating closely to construct China’s first multi-party cross-heterogeneous privacy computing platform. The project will be used for financial scenarios such as risk management, anti-fraud, and blacklist queries. By working together on this platform, both parties will be able to fully realize the potential of big data while also increasing consumer business value while adhering to regulatory data privacy protection regulations.
In the future, OneConnect intends to continue exploring new partnerships with domestic and foreign organizations, government agencies, and financial exchanges; strengthen its technological innovation and IP protection; and improve its technology R&D capabilities in order to accelerate the digitalization of the global financial services sector.
