15 November 2019

Ping An FinTech arm chooses US over Hong Kong for IPO

Written By FinTech Alliance in Machine Learning

Ping An FinTech arm chooses US over Hong Kong for IPO

The SoftBank-backed OneConnect sells tech platforms to smaller banks 

In Brief:

  • OneConnect is the the financial technology arm of China’s largest insurance company.
  • Bankers had initially estimated the company could raise up to $2bn in a potential Hong Kong listing
  • OneConnect's customer base includes all of China’s big banks and nearly half of the country’s insurance groups, with 3,700 customers in total.

What this means

In switching its IPO to the US OneConnect seems to be banking on its blockchain expertise to attract investors. Ping An has filed for the second-most blockchain patents in China, with 274 at the end of the first half of 2019.

Read more here

Up Next ...
04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

04 November 2024

Barclays acquires Tesco Bank

Barclays Bank UK PLC has completed the acquisition of Tesco ...

04 November 2024

fundcraft Increases Series A to €11 Million Demonstrating Strong Product-Market Fit

fundcraft has increased its Series A funding to €11 million, ...

01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

More in Machine Learning

The FCA and Bank of England joint Discussion Paper on AI

17 January 2023

The FCA and Bank of England published a joint Discussion ...

Posted By The Community

The State of Machine Learning in Finance, Banking and FinTech

23 July 2021

Consumers of digital services expect quality service, security, and convenience. Machine learning (M...

Written By: Code & Pepper

Posted By The Community

How machine learning is changing pricing optimization

25 May 2021

FinTech apps heavily rely on connecting with customers. They thrive by offering custom services to u...

Written By: Code & Pepper

Posted By The Community

AI vs. Financial Crime – Fight Against Money Laundering (AML) and Bad Actors

20 April 2021

Anti-money laundering (AML) AI is used to fight financial crime and secure apps’ reputation. After all, financial technology is all about trust. How is it done and what...

Written By: Code & Pepper

Articles Machine Learning

Machine learning in UK financial services

16 October 2019

In the financial services industry, the application of machine learning (ML) methods has the potenti...

Thought Leadership Machine Learning

Machine learning explainability in finance: an application to default risk analysis

12 August 2019

We propose a framework for addressing the ‘black box’ problem present in some Machine Le...

Thought Leadership Machine Learning

Voice assistants in Financial Services: If you want voice assistants to engage, teach them the art of conversation

01 March 2019

Developing a voice assistant for use within retail banking and what would enable it to succeed as a....

White Papers Machine Learning

Sustainable Financial Services in the Digital Age

30 April 2018

This paper looks at key digital changes in the industry and the effects of these. Specifically,...

There are no Events in this category