China’s OneConnect Closes Partnership Deal With PBOC’s Chengfang

Technology-as-a-service platform OneConnect closed a partnership deal with Chengfang Financial Technology, a FinTech established by the People’s Bank of China (PBOC), according to a press release on Monday (Jan. 10).

The two companies will collaborate to tackle typical pain points experienced in the financial industry, deliver technological innovations and strengthen data processing and governance.

Under the agreement, OneConnect and Chengfang Financial Technology will tap artificial intelligence (AI), cloud computing and big data to find new applications that cover the gamut of needs in financial services.

According to the release, some of the areas being explored for new applications include data privacy technology in bank surveillance systems, new data standards and financial data collaboration and circulation models for cloud computing.

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Both companies will carry out research and development in secure computing technology, blockchain and graph data. They will also foster and develop new FinTech talent with an eye on the future.

“This partnership with Chengfang Financial Technology is a significant step forward for OneConnect,” Wangchun Ye, chairman of OneConnect, said in the release. “China’s digital banking sector has continuously remained at the forefront of digital transformation, and technology is at the core of its integrity and innovation. As a FinTech B2B business, OneConnect upholds its responsibility to promote the development of the financial services sector.

“Together with Chengfang Financial Technology, we will continue to adhere to our ongoing mission: 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.”

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As a subsidiary of PBOC, the release notes that Chengfang Financial Technology is charged with the “construction, operation, and maintenance of the digital banking system for China’s central bank.” It is also in charge of resource scheduling and operation management, data transfer management, network communications, infrastructure, systems maintenance and data transfers.

Its OneConnect partnership aims to escalate China’s bank digitalization and cement the company’s position as a digital financial development leader.