More than 70% of Ping An Group’s core business systems have been “deployed on the cloud”, a feat that places the financial institution ahead of its Chinese rivals, the firm said in a presentation on fintech in Hong Kong today.
Ping An Technology acts as a technology provider for the group and also caters to external clients in the insurance and banking industries, with its Ping An FinCloud platform being a core offering. Ericson Chan, head of Ping An Technology, said that nearly 90% of all “product and system refresh” processes on the firm’s FinCloud platform can be completed within 30 days.
“As for speed, we don’t benchmark against Chinese financial institutions, we benchmark against international start-ups,” Chan said. “But in terms of security, we benchmark ourselves as financial institutions instead of tech companies.”
More than 200 small- and mid-sized banks store data with Ping An FinCloud, with compliance “guaranteed”, according to Ricky Ou, chief product officer at Ping An Technology. “No other China cloud provider can remotely claim that,” Ou said.
According to Chan, technology developments underpin the bank’s new financial services offerings. For instance, Ping An’s Bank OneConnect network facilitates direct sales of banking services and allows banks to share clients’ “main account data”, including data related to funds and securities ownership.
“It’s like putting a 7-Eleven besides you, always following you and providing everything you need. This will significantly increase transactions,” Ou said.
Bank OneConnect is a financial technology intelligence services open-architecture platform.