The latest tech news in wealth management across the world.

Ping An
Hong Kong-listed Ping An Insurance (Group) Company of China announced yesterday that one of its subsidiaries, fintech group OneConnect, has started operations in Indonesia. The operation enables Indonesian banks and financial institutions to speed up efforts to digitalise services.

OneConnect offers solutions ranging from Artificial Intelligence, blockchain, biometrics Identification and other technologies already used by Ping An. 

One of the company’s highlighted technologies in biometric authentication is facial recognition technology. Another potentially popular solution, Ping An said, would be OneConnect’s blockchain-based trade finance and supply chain solutions

Ping An aims to tap into Indonesia’s market – the country’s economy is now worth $27 billion.

“Despite the huge potential, the country’s fintech industry continues to face various challenges. Large financial institutions are looking for ways to scale up their technological capabilities quickly, while small financial institutions struggle with lack of funds, hampering them in reaching potential customers and in growing their business,” the firm said.  

“We understand the challenges Indonesia’s fintech industry is facing, and this is where OneConnect is able to support. Just as OneConnect leveraged the mobile-first environment in China to gain massive consumer adoption and provide financial access to the underbanked and unbanked, we look to work with local banks and other financial institutions to replicate the success with tailored solutions to help them through their challenges,” Tan Bin Ru, CEO of OneConnect Financial Technology (Singapore), said.