Ping An pushes into Indonesia’s fintech space
China’s Ping An is powering on well as its fintech subsidiary OneConnect has started operations in Indonesia.
The plan is to work with local banks and financial institutions (FIs), and digitise their financial services.
According to Pin An, Indonesia is the largest and fastest growing internet economy in Southeast Asia with a $27 billion economy in 2018.
The firm reckons large FIs are looking for ways to scale up their technological capabilities quickly, while small financial institutions “struggle with lack of funds”.
Tan Bin Ru, CEO of OneConnect Financial Technology (Singapore) says: “We understand the challenges Indonesia’s fintech industry is facing, and this is where OneConnect is able to support.
“Just as OneConnect leveraged the mobile-first environment in China to gain massive consumer adoption and provide financial access to the underbanked and unbanked, we look to work with local banks and other financial institutions to replicate the success with tailored solutions to help them through their challenges.”
OneConnect will offer technology solutions in artificial intelligence (AI), blockchain and biometrics identification.
As part of this first step, OneConnect is forming a partnership with Indonesia’s market trading association Asparindo.
The collaboration will see OneConnect conducting training workshops and performing site visits at the markets to “help the traders and kiosks digitise themselves”.