{"id":388987,"date":"2020-11-27T07:00:15","date_gmt":"2020-11-27T12:00:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388987"},"modified":"2020-11-27T07:00:15","modified_gmt":"2020-11-27T12:00:15","slug":"oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/","title":{"rendered":"OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SHENZHEN, China<\/span>, <span class=\"xn-chron\">Nov. 26, 2020<\/span> \/PRNewswire\/ &#8212; OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, reaffirms its commitment as the trusted tech partner\u00a0for financial institutions in <span class=\"xn-location\">Malaysia<\/span> with the launch of its new entity, OneConnect Smart Technology (<span class=\"xn-location\">Malaysia<\/span>) Sdn Bhd. In line with its <span class=\"xn-location\">Southeast Asia<\/span> expansion strategy, <span class=\"xn-location\">Malaysia<\/span> is a key growth engine where OneConnect plans to build a local team that stands ready to serve financial institutions across <span class=\"xn-location\">Malaysia<\/span> and support its regional projects. The launch was graced by Dato&#8217; <span class=\"xn-person\">Ng Wan Peng<\/span>, Chief Operating Officer of the Malaysia Digital Economy Corporation (MDEC).<\/p>\n<p>\n        <b><br \/>\n          <span class=\"xn-location\">Malaysia&#8217;s<\/span> fintech space is thriving<\/b>\n      <\/p>\n<p>Bank Negara Malaysia (BNM) has launched several initiatives in a move to embrace financial inclusion and the shift in banking habits towards digital channels. These include the announcement last year that it will issue new digital banking licenses and the publication of an Electronic Know-Your-Customer (eKYC) guideline on <span class=\"xn-chron\">30 June 2020<\/span>. The move has given a boost to the nation&#8217;s banking and fintech players that are ready to accelerate digital transformation and adopt fintech innovations. <\/p>\n<p>&#8220;Fintech had garnered lots of attention for its astonishing potential in impacting lives and changing economies. Since it appeared, fintech helped enable ordinary people to access financial products securely and efficiently. At the same time, it also accelerated the economic growths of many countries. In order to enhance the development of the fintech ecosystem for this country, the Malaysia Digital Economy Corporation (MDEC) will continue to engage start-ups, investors and innovators from around the world to yield positive outcomes via its continuous efforts in expanding and innovating the fintech industry. As OneConnect has established a regional presence in <span class=\"xn-location\">Malaysia<\/span>, it reinforces the fact that <span class=\"xn-location\">Malaysia<\/span> is an attractive investment destination. In fact, many fintech and data ecosystem players come to <span class=\"xn-location\">Malaysia<\/span> specifically for its vibrant testbed environment and the multi-cultural background of its talent pool and their digital savviness and language proficiency in technical subjects,&#8221; shared Dato&#8217; <span class=\"xn-person\">Ng Wan Peng<\/span>, Chief Operating Officer, MDEC.<\/p>\n<p>According to the e-Conomy SEA 2020 Report<sup>[1]<\/sup>, consumers and SMEs have adopted digital financial services like never before. In <span class=\"xn-location\">Malaysia<\/span>, over the various Movement Control Order periods, many turned to the Internet for solutions to their challenges. A significant number tried new digital services &#8211; 36 per cent of all digital service consumers were new &#8211; with 92 per cent of these new consumers intending to continue their behaviour post-pandemic. Year-to-date, <span class=\"xn-location\">Malaysia<\/span> has also seen a 33 per cent monthly active user growth for select mobile banking apps.<\/p>\n<p>The scene is an important preamble to the ongoing digital transformation taking place in the financial landscape and it signifies a positive sign for OneConnect who has market-ready solutions for insurtech and full-stack digital banking technologies including end-to-end frictionless account opening and onboarding, smart lending, and an eKYC solution that recognises MyKad. <\/p>\n<p>\n        <b>Committed to the growth of <span class=\"xn-location\">Malaysia&#8217;s<\/span> financial sector<\/b>\n      <\/p>\n<p>OneConnect is committed to being the trusted tech enabler in digital transformation for financial institutions. <\/p>\n<p>Backed by <span class=\"xn-person\">Ping An&#8217;s<\/span> 32 years of experience in the financial industry and an extensive track record as the tech enabler, OneConnect is able to bring to <span class=\"xn-location\">Malaysia<\/span> the breadth and depth of proven solutions, and journey with its clients through their digital transformation roadmap.<\/p>\n<p>Echoing the same, <span class=\"xn-person\">Tan Bin Ru<\/span>, CEO (<span class=\"xn-location\">Southeast Asia<\/span>) of OneConnect Financial Technology, said, &#8220;<span class=\"xn-location\">Malaysia<\/span> is of strategic importance to OneConnect. The country is home to five local banks that are 20 of <span class=\"xn-location\">Southeast Asia&#8217;s<\/span> largest banks, enjoying strong regional presence. Bank Negara Malaysia&#8217;s decision to open its door to digital banking bodes well for our <span class=\"xn-location\">Southeast Asia<\/span> expansion strategy. One of our unique value propositions that our clients value much is the breadth and depth of our solutions which becomes a breeze when they can have a single strategic tech partner to integrate a full suite of digital solutions and work alongside their team through phases of their transformation plan. We see a lot of potential in <span class=\"xn-location\">Malaysia<\/span> and with our new office being set up, we will be able to contribute our deep market knowledge and ready solutions to the local banks and financial institutions in <span class=\"xn-location\">Malaysia<\/span>.&#8221;<\/p>\n<p>She added, &#8220;Having served all the major banks and more than half of the insurance companies in <span class=\"xn-location\">China<\/span>, we have amassed extensive track records in enabling digital transformations for, and accumulated a wealth of bespoke experience in the banking, insurance and ecosystem realms. Since the setting up of our regional headquarters in <span class=\"xn-location\">Singapore<\/span> in 2018, more than 50 clients across <span class=\"xn-location\">Southeast Asia<\/span> and other parts of <span class=\"xn-location\">Asia<\/span>, as well as the UAE and <span class=\"xn-location\">Europe<\/span> have entrusted us to be their tech expert.&#8221;\u00a0<\/p>\n<p>\n        <b>Serving the needs of leading financial institutions in <span class=\"xn-location\">Malaysia<\/span><\/b>\n      <\/p>\n<p>OneConnect currently serves a global insurance player and three of the top five local banks in <span class=\"xn-location\">Malaysia<\/span> It has collaborated with RHB Bank and another top five local bank where it collaborated on the development of two firsts-of-its-kind services that were launched in <span class=\"xn-location\">Malaysia<\/span> recently. It is also collaborating\u00a0with\u00a0CIMB\u00a0Philippines to enhance digital banking technologies in <span class=\"xn-location\">The Philippines<\/span>.<\/p>\n<p>OneConnect has partnered with RHB Bank to develop an omnichannel platform that fully digitalises the SME loan experience. The omnichannel platform \u2013 comprising the RHB Financing (SME) mobile app for customers, a sales app for the bank&#8217;s relationship managers and a seamless SME loan management website \u2013 utilises OneConnect&#8217;s artificial intelligence (AI) and eKYC technologies. Launched in August as <span class=\"xn-location\">Malaysia&#8217;s<\/span> first AI-powered SME financing mobile app, the app automates and simplifies onboarding process where SMEs only need to submit two scanned documents \u2013 MyKad and a bank statement \u2013 via their mobile phones to apply for loans. The omnichannel platform lets RHB serve SMEs more efficiently by reducing the back-office processes and operating costs. The bank aims to provide <span class=\"xn-money\">RM500 million<\/span> in financing facilities to support small businesses in the next year.<\/p>\n<p>OneConnect also partnered with another top five local bank to develop\u00a0a mobile banking app powered by its eKYC solution, making this the first eKYC solution approved by BNM to launch in <span class=\"xn-location\">Malaysia<\/span> in October. The app is the first in <span class=\"xn-location\">Malaysia<\/span> launched by a bank to deliver a truly digital onboarding experience without having to visit any physical branch. Customers can open an account and bank safely anytime and anywhere amidst the ongoing pandemic.<\/p>\n<p>\n        <span class=\"xn-person\">Yao Jing<\/span>, Head of Strategy and Business Development (<span class=\"xn-location\">Singapore<\/span> and <span class=\"xn-location\">Malaysia<\/span>), OneConnect Financial Technology, said, &#8220;Our deep market knowledge and ready solutions for <span class=\"xn-location\">Malaysia<\/span> aptly position us to meet the local needs. We are grateful for the trust and confidence that some of the largest financial institutions in <span class=\"xn-location\">Malaysia<\/span> have given us and we will continue to deepen the relationships with our valued clients. We see ourselves as a strong tech player in this space, and are dedicated to supporting and enabling the digital banking ecosystem here. We will continue to forge collaborations and work closely with financial institutions and other stakeholders, including Bank Negara Malaysia, and nurture the local tech talents as we walk this journey of a transformational landscape together.&#8221;<\/p>\n<p>OneConnect plans to hire local talents to grow a product and engineering team who will provide support for clients in <span class=\"xn-location\">Malaysia<\/span> and have the opportunities to work on its regional projects.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[1]<\/sup><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/www.bain.com\/globalassets\/noindex\/2020\/e-conomy_sea_2020_report.pdf\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/www.bain.com\/globalassets\/noindex\/2020\/e-conomy_sea_2020_report.pdf<\/a>\u00a0\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>About OneConnect Financial Technology<\/b>\n      <\/p>\n<p>OneConnect (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The Company&#8217;s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company&#8217;s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company&#8217;s customers&#8217; digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs. <\/p>\n<p>Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses \u2013 from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.<\/p>\n<p>\n        <b>Annex: Chinese Glossary<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>English <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Chinese<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u9648\u654f\u5982, \u4e1c\u5357\u4e9a\u9996\u5e2d\u6267\u884c\u5b98, \u91d1\u878d\u58f9\u8d26\u901a<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Yao Jing, Head of Strategy and Business Development (Singapore and Malaysia), OneConnect Financial Technology<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltea50\" class=\"prnews_span\">\u59da\u60ca, \u6218\u7565\u517c\u4e1a\u52a1\u62d3\u5c55\u603b\u7ecf\u7406\u00a0(\u65b0\u52a0\u5761\u4e0e\u9a6c\u6765\u897f\u4e9a\u5730\u533a), \u91d1\u878d\u58f9\u8d26\u901a<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Dato&#8217; Ng Wan Peng, Chief Operating Officer, Malaysia Digital Economy Corporation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u62ff\u7763\u9ec4\u5a49\u51b0, \u9996\u5e2d\u8fd0\u8425\u5b98,\u9a6c\u6765\u897f\u4e9a\u6570\u5b57\u7ecf\u6d4e\u53d1\u5c55\u5c40<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN05023&amp;sd=2020-11-27\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec-301181093.html\">http:\/\/www.prnewswire.com\/news-releases\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec-301181093.html<\/a><\/p>\n<p>SOURCE  OneConnect<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN05023&amp;Transmission_Id=202011270124PR_NEWS_USPR_____CN05023&amp;DateId=20201127\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SHENZHEN, China, Nov. 26, 2020 \/PRNewswire\/ &#8212; OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, reaffirms its commitment as the trusted tech partner\u00a0for financial institutions in Malaysia with the launch of its new entity, OneConnect Smart Technology (Malaysia) Sdn Bhd. In line with its Southeast Asia expansion strategy, Malaysia is a key growth engine where OneConnect plans to build a local team that stands ready to serve financial institutions across Malaysia and support its regional projects. The launch was graced by Dato&#8217; Ng Wan Peng, Chief Operating Officer of the Malaysia Digital Economy Corporation (MDEC). Malaysia&#8217;s fintech space is thriving Bank Negara Malaysia (BNM) has launched &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-388987","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHENZHEN, China, Nov. 26, 2020 \/PRNewswire\/ &#8212; OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, reaffirms its commitment as the trusted tech partner\u00a0for financial institutions in Malaysia with the launch of its new entity, OneConnect Smart Technology (Malaysia) Sdn Bhd. In line with its Southeast Asia expansion strategy, Malaysia is a key growth engine where OneConnect plans to build a local team that stands ready to serve financial institutions across Malaysia and support its regional projects. The launch was graced by Dato&#8217; Ng Wan Peng, Chief Operating Officer of the Malaysia Digital Economy Corporation (MDEC). Malaysia&#8217;s fintech space is thriving Bank Negara Malaysia (BNM) has launched &hellip; Continue reading &quot;OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-27T12:00:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN05023&amp;sd=2020-11-27\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"OneConnect Financial Technology cements presence in Malaysia with new entity; 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Launch graced by MDEC - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/","og_locale":"en_US","og_type":"article","og_title":"OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC - Market Newsdesk","og_description":"PR Newswire SHENZHEN, China, Nov. 26, 2020 \/PRNewswire\/ &#8212; OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, reaffirms its commitment as the trusted tech partner\u00a0for financial institutions in Malaysia with the launch of its new entity, OneConnect Smart Technology (Malaysia) Sdn Bhd. In line with its Southeast Asia expansion strategy, Malaysia is a key growth engine where OneConnect plans to build a local team that stands ready to serve financial institutions across Malaysia and support its regional projects. The launch was graced by Dato&#8217; Ng Wan Peng, Chief Operating Officer of the Malaysia Digital Economy Corporation (MDEC). Malaysia&#8217;s fintech space is thriving Bank Negara Malaysia (BNM) has launched &hellip; Continue reading \"OneConnect Financial Technology cements presence in Malaysia with new entity; Launch graced by MDEC\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-27T12:00:15+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN05023&amp;sd=2020-11-27","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/oneconnect-financial-technology-cements-presence-in-malaysia-with-new-entity-launch-graced-by-mdec\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"OneConnect Financial Technology cements presence in Malaysia with new entity; 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