OneConnect Financial Technology Co. Ltd. has reportedly inked a strategic partnership with Chengfang Financial Technology Co. Ltd.
Under the terms of the agreement, Chengfang Financial Technology and OneConnect will gain control of advanced technologies like cloud computing, AI, and big data to promote the unveiling and sharing of new data standards.
Furthermore, it will explore new applications for data privacy technologies in bank surveillance systems and recognize the financial data circulation and collaboration models required by businesses to cater to the demands for secure cloud computing.
Working with the shared values of joint development, equal collaboration, trustworthiness, and honesty, both parties will collaborate to acknowledge general pain points in the financial sector, provide technological innovations, and improve data governance and processing.
Both companies will also conduct research and development in sectors like blockchain, secure computing technology, and graph data as well as cultivate and nurture future FinTech talents.
According to Wangchun Ye, the Chairman of OneConnect, the collaboration with Chengfang Financial is a substantial step for the company. Ye added that the company will uphold its responsibility to foster the development of the financial services industry in the country.
Chengfang Financial Technology, a subsidiary of PBOC, is assigned with the development, operation, and maintenance of the digital banking system for the central bank of China. The company’s collaboration with OneConnect commits to expediting the digitization of the banking sector of China and establishes the position of the Shenzhen-based company as a leader in the development of digital finance.
Apart from its collaboration with Chengfang Financial Technology, OneConnect has forged partnerships with the China Insurance Asset Registration and Trading System Co. Ltd., Technology Supervisory Bureau of the China Securities Regulatory Commission, and Insurance Asset Management Association of China.
The Shenzhen-based company has also been leading and exploring the development of privacy computing to leverage its benefits in cooperation practices.
OneConnect plans to reinforce its IP protection, technological innovation, and enhance its R&D abilities in technology to expedite the digitization of the global financial services sector.