OneConnect has developed a smart legal contracting system. The company was founded as the fintech offshoot of Ping An, one of China’s largest insurers and is preparing for an IPO. The ALFA smart contract cloud solution is being rolled out across divisions of Ping An. It covers seven financial sectors including banks, funds, securities, trusts, leasing, futures and insurance.
The fintech gave an example of Asset-Backed Securities (ABS). To put together the contracts for managing an ABS plan often takes two people two to three weeks of work. Now it takes just half an hour.
“The current value of ABS assets traded with smart contracts is as much as 100 billion yuan ($13 billion), and the time for writing contracts is 85% less,” said Pan Ling, deputy general manager of OneConnect (via Google Translate) talking to the
Securities Times.
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Image Copyright: oneconnect
