The SoftBank-backed OneConnect sells tech platforms to smaller banks
- 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.