OneConnect and finleap join forces to bring innovative tech to Europe

Aug 27, 2019 | Luana Pascu

Categories Biometrics News | Financial Services

OneConnect, a service platform for financial institutions in China, will be introducing its biometric identification, cloud, and artificial intelligence (AI) technologies to the European market, following a partnership signed with European fintech vendor finleap, the company announced.

OneConnect Financial Technology, a subsidiary of Ping An Insurance (Group), also offers Optical Character Recognition (OCR), voice recognition and scoring algorithms.

“These technologies radically shorten the identification time of the customer,” explained Bi Wei, CEO of OneConnect’s Insurance Division. “They enable fast and easy insurance or credit applications as well as risk-based decisions in seconds. This leads to a much faster and more convenient customer experience, reduces process costs and provides better risk management.”

According to the agreement, the long-term plan is for finleap and OneConnect to join forces with enterprises operating in the financial services industry in Europe to flawlessly introduce these products to finleap’s European customers, as well as ensure they are compliant with EU standards.

Impressed by OneConnect’s understanding of digital transformation in financial services and comprehensive tech knowledge, finleap Chief Commercial Officer and Partner, Dr. Carolin Gabor, believes “Asia is clearly at the forefront here; you won’t find that level of maturity in European technology.”

In 2018, Ping An invested some EUR 41.5 million (US$46 million) in finleap, considering it a “powerful and like-minded partner” that “will provide an excellent platform for deploying Ping An technologies in Europe.”

Earlier this year, OneConnect launched its artificial intelligence, biometrics and blockchain technologies in Indonesia.