On Wednesday OneConnect announced a blockchain partnership with the subsidiary of Philippines Union Bank’s fintech subsidiary UBX. The aim is to leverage blockchain to provide financial services to micro businesses and SMEs (MSME).
The platform will provide a broad range of solutions, leading with supply chain finance. Others include multi-channel loan applications, credit assessments, loan disbursement and anti-fraud checks. Apart from blockchain skills, OneConnect has the technology for facial recognition, assessing micro-expressions during interviews as well as big data and AI.
The solution is expected to soft launch later in the year with a broader roll out in 2020.
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