Oneconnect Financial Technology Co Ltd Stock Price, News & Analysis

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced the completion of an internal investigation by its audit committee, which found no evidence supporting allegations made in an anonymous complaint from August 2021. The investigation, initiated shortly after the allegations were disclosed, confirmed the integrity of the Company’s operations. Chairman Wangchun Ye emphasized the Company's commitment to corporate governance and transparency. OneConnect continues to provide a technology-as-a-service platform to financial institutions, supporting their digital transformation efforts.

BAI has announced the finalists for the 11th Annual 2021 BAI Global Innovation Awards, recognizing groundbreaking solutions in the financial services industry. Categories include Innovation in Compliance and Risk Management, Consumer Product and Services, and Digital Transformation, with notable finalists like OneConnect Smart Technology Co., LTD from China featuring their Global Markets Digital Lab. Winners will be revealed in December 2021.

Jessica Tan, co-CEO of Ping An Group, emphasized at Hong Kong FinTech Week the essential role of an integrated financial platform in developing the Greater Bay Area (GBA). OneConnect (NYSE: OCFT) is committed to enhancing GBA's digital economy with technology solutions. Tan highlighted three key challenges: governance, SME support, and talent development. OneConnect's initiatives include the first virtual bank in Hong Kong and a blockchain platform for trade facilitation. Overall, collaborative efforts are crucial for harnessing opportunities in the GBA.

OneConnect Financial Technology announced a partnership with Indonesia's Bank Mayapada to enhance digital banking services. This collaboration aims to improve the customer onboarding process using eKYC and AI technologies, which will help reduce costs and increase efficiency. The partnership addresses the significant unbanked population in Indonesia, as 51% lack access to formal financial services. The initiative is expected to drive financial inclusion while ensuring compliance with local regulations.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), a leading tech-as-a-service platform for financial institutions in China, will announce its third-quarter 2021 financial results after U.S. markets close on November 18, 2021. A conference call will follow at 8:00 PM ET. Interested parties can register online for access to the call. OneConnect aims to enhance its digital offerings and has served over 100 customers in 20 countries, showcasing its technology capabilities in AI, Big Data, Blockchain, and Financial Cloud.

On September 10, OneConnect Financial Technology unveiled its five-year growth strategy focusing on enhancing customer relationships, optimizing products, and expanding its ecosystem. The strategy, termed "One Body and Two Wings," aims to transform financial services in China and Southeast Asia, where markets are projected to exceed RMB 400 billion and RMB 180 billion, respectively, by 2024. OneConnect has seen significant growth, with a 64% increase in high-quality customers since 2018 and a 53% CAGR in operating income. The company remains dedicated to R&D, holding over 5,000 patents to support its strategic vision.

OneConnect Financial Technology Co. (NYSE: OCFT) has strongly denied recent unsubstantiated allegations regarding material misstatements in its audited financial statements, first raised by a whistleblower on August 20, 2021. The company promptly initiated an investigation led by its independent Audit Committee and reported the matter to Shenzhen police on August 25, 2021. OneConnect emphasizes its commitment to corporate governance and transparency, while also stating its intention to pursue legal action against false claims.

OneConnect Financial Technology Co. has signed a Memorandum of Understanding to acquire at least a 50% stake in Shenzhen VZOOM Credit Technology. This strategic move aims to enhance OneConnect's offerings for small and medium-sized enterprises (SMEs) in China by improving credit product automation and competitiveness. The acquisition, financed through cash and shares, is subject to due diligence and approval processes. The transaction's details will be finalized in a definitive agreement within three months.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced its management's intent to purchase up to $10 million worth of the company's American Depositary Shares (ADSs) over the next three months. This move underscores management's confidence in the company's long-term growth and aims to align their interests more closely with shareholders. The purchases will adhere to legal and regulatory guidelines, with a minimum six-month lock-up period for the acquired shares.