Ping An’s OneConnect Leads China To Rapid Fintech Advancement

Fintech technology provider OneConnect officially released its Gamma O open platform in Shenzhen, China on May 29. The platform is being advertised as a “technology app store for financial institutions,” and the company touts its newest offering as an intelligent open platform with a focus on bringing financial institutions and technology service providers together.

According to OneConnect, its Gamma O platform has been attracting partners already thanks to its transparency, its robust communities and its integrated technology. These partners infuse the platform with critical research and development; this facilitates the platform’s goal of connecting financial institutions with the technology providers and developers who can create one-stop solutions and help foster open banks.

Become a Subscriber

Please purchase a subscription to continue reading this article.

Subscribe Now

OneConnect unveiled its new platform at a press conference, where the company also signed collaboration agreements with Hong Kong Cyberport and Ping An Cloud Accelerator. (OneConnect and Ping An Cloud Accelerator are both subsidiaries of Ping An Insurance Company, a major Chinese holding conglomerate.) These agreements will allow the Gamma O platform to connect with broader technical developer resources as well as extending its reach to Chinese and international financial institutions.

OneConnect chairman and CEO Ye Wangchun stated that “the Gamma O open platform was built to bring together financial technology professionals of all backgrounds, who can provide innovative thinking, cutting-edge technologies and scene resources, with the goal of furnishing various financial institutions, including small and medium-sized banks, with one-click access to rich technology products and application scenarios.” He went on to say that “the platform connects to a large number of cutting-edge financial technology capabilities, responds to constantly changing technical and product requirements, and provides continuous technical momentum for banks seeking transformation.”

At the press conference, OneConnect’s chief development officer Wang Xiaoyuan noted that the Gamma O platform is based on three core principles that will empower further development of open banks. First, the platform’s app store will act as a one-stop shop for extensive and advanced technology resources, including AI and big data. Second, the app store will maintain strict standards for admission, ensuring that banks utilizing the platform have access to safe and reliable technologies. Lastly, the platform’s sandbox testing environment will accelerate financial institutions’ ability to test new products, allowing these institutions to adopt cutting-edge, high-tech products more quickly.

The company reports that over 500 technology developers and over 300 banks have already registered to participate in the Gamma O platform.