How Does OneConnect Financial Technology Co Company Work?

OneConnect focuses on developing and deploying advanced technology applications and services. This involves continuous innovation in areas like AI for eKYC and fraud detection, alongside building robust cloud-native platforms.

The company's unique value lies in merging deep financial industry knowledge with technological capabilities. This allows for the creation of tailored solutions that deliver tangible benefits such as improved efficiency and reduced costs for clients.

Advanced technologies such as artificial intelligence, blockchain, and big data analytics are fundamental to OneConnect's solutions. These technologies are leveraged to address critical needs in areas like anti-fraud and deepfake detection.

OneConnect's distribution network is built on long-term partnerships with financial institutions. The company is actively expanding its global footprint, with a significant focus on markets in Southeast Asia, the Middle East, and Africa.

In a move to streamline operations, the company began phasing out its underperforming cloud services platform in July 2024. This was followed by the disposal of its virtual bank business to Lufax Holding Ltd in April 2024 for HK$933 million, which resulted in an estimated gain of RMB262 million. These actions allowed for a reallocation of resources towards more promising technology offerings.

Despite a decrease in full-year 2024 revenue from continuing operations to RMB2,248 million from RMB3,522 million in 2023, OneConnect is emphasizing international growth. The company's 'One Body and Two Wings' strategy guides its efforts in product standardization and global market penetration.

The company has seen recent success in securing international projects, with over RMB200 million (USD 28 million) in overseas fintech project contracts signed in June 2025. These include eKYC anti-fraud solutions in Hong Kong, a core banking system deal in Vietnam, and expanded partnerships for life insurance systems in South Africa.

OneConnect's competitive edge stems from its fusion of deep financial services expertise with advanced technologies like AI and blockchain. Its affiliation with Ping An Group provides a robust foundation and access to an integrated financial ecosystem, supporting its digital transformation initiatives for financial institutions.

OneConnect Financial Technology is a leading technology-as-a-service provider for financial institutions, particularly in China, and is expanding its global reach. As of April 2025, the company serves 197 overseas financial institutions, underscoring its international engagement.

Significant revenue contraction, with a 49.2% year-over-year decrease in Q1 2025 continuing operations revenue, presents a key risk. The company also faces challenges with negative profitability and substantial negative free cash flow, exceeding $2.17 billion as of May 2025.

The company's 'One Body and Two Wings' strategy focuses on international expansion, product standardization, and high-value customer engagement. OneConnect aims to deliver intelligent, scenario-based, and SaaS-driven solutions globally, leveraging Ping An's integrated financial resources.

OneConnect is committed to sustainable finance, targeting operational carbon neutrality by 2030. The company continues to invest in AI-driven solutions to enhance its offerings and maintain a competitive edge in the evolving fintech landscape.