Data in China is about to take a major step forward thanks to a new partnership between technology-as-a-service (TaaS) firm OneConnect Financial Technology and People’s Bank of China subsidiary Chengfang Financial Technology. According to a press release from OneConnect, the new allies intend to exploit the latest in AI and cloud computing technologies to bring a new level of data security and application to the financial industry.
The implications of this partnership are considerable, not only for the Chinese market but for the region at large. Chengfang is responsible for operations and maintenance of digital banking services for China’s central bank, and its new partnership with OneConnect represents a plethora of opportunities while working with financial firms the world over. For its part, B2B digital transformation standout OneConnect has forged connections with a variety of other organizations over the last several years, including various Chinese insurance entities and the Hong Kong Stock Exchange.
“Together with Chengfang Financial Technology, we will continue to adhere to our ongoing mission,” said OneConnect chairman Wangchun Ye, namely, “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.”