On December 25, Ping An’s blockchain and AI arm OneConnect announced a joint venture with Japan’s SBI Holdings. The new company, SBI OneConnect Japan, will provide cloud-based and AI services to regional banks in Japan.
OneConnect filed for a $500 million
U.S. IPO late last year. The joint venture with SBI Holdings is the first deal to launch since the listing on the NYSE. OneConnect markets itself as an AI company but has several other technologies it offers to the financial services industry, including blockchain. The company has a strong customer base, with the majority of China’s big banks and nearly 99% of its city commercial banks, and 46% of insurance companies.
“OneConnect has proven its influence in the Chinese market. We help banks to improve their income, efficiency and quality of services, and reduce their risks and costs, we can help Japanese financial institutions to achieve the same goal,” said Ye Wangchun, Chairman and CEO of OneConnect.
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Image Copyright: SBI OneConnect
