Ping An’s fintech arm OneConnect launches subsidiary in Indonesia

OneConnect invests US$10 million for its Indonesian operation

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Ping An’s fintech arm OneConnect launches subsidiary in Indonesia

OneConnect Financial Technology, a subsidiary of the Ping An Insurance Group, is opening an Indonesian office. As one of the largest insurance companies in China, Ping An plans to allocate IDR140 billion (US$10 million) for its Indonesia expansion.

According to CEO Tan Bin Ru, the presence of OneConnect in Indonesia is one of the company’s biggest investments. “We have invested US$10 million in Singapore and of course we’ll prepare the same amount for Indonesia,” said Tan at a press launching.

Tan said her team has learned about various challenges in the Indonesian fintech industry which she believes that OneConnect is able to help solve. As a software as a service (SaaS) provider, OneConnect offers technology to a variety of institutions. Services offered through the platform include components for artificial intelligence, blockchain, and biometric identification.

Tan hopes that Indonesian MSMEs can utilise OneConnect’s platform to help spur consumer adoption of digital services.

The company claims that one of its best features is a facial recognition system which has an accuracy rate of 99.8%. The technology is used to verify customer identity during registration. In addition, OneConnect also provides a range of biometric technology solutions, including “Liveness Detection”, which helps prevent facial recognition fraud if someone tries to trick it, for example using the photo of a face.

In order to reach out into the Indonesian market, OneConnect needs local partners. One of them is Indonesia’s Traditional Market Association. Its chairman Y. Joko Setiyanto said at the press event that what small and micro enterprises need to develop their business is access to microfinance. He said the association is “pleased to take part in a joint effort to transform the traditional market by utilising technology that is efficient, strong and cost-effective.”

OneConnect plans to conduct a series of training and workshop to help micro, small and medium enterprises take advantage of OneConnect technology that helps with their daily work like recording transactions and payments and collecting data to reduce the risk of losses.

Editor: Nadine Freischlad