Oneconnect Financial Technology Co Ltd Stock Price, News & Analysis

OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) has launched Gamma Core, an advanced core banking system designed to support financial institutions in their digital transformation journeys. The innovative system emphasizes a customer-centric approach, enabling banks to tailor services for diverse client groups while reducing operating costs to RMB 1 per account. By leveraging intelligent technologies, Gamma Core minimizes human intervention in transactions to only 1 percent. The digital transformation market for Chinese financial institutions is projected to exceed RMB 400 billion by 2024, positioning OneConnect as a leader in FinTech.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 20.8% year-over-year revenue growth, reaching RMB 1,065 million for Q3 2021. Despite the growth, the gross margin declined to 35.5% from 42.7% in the prior year. The net loss attributable to shareholders increased to RMB 270 million, compared to RMB 243 million a year earlier, with a basic net loss per share of RMB 0.24. The company saw significant growth in its cloud services, now accounting for 28.5% of total revenue.

OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) will hold its annual general meeting on December 20, 2021, at Ping An Financial Center in Shenzhen, China. No proposals will be presented for shareholder approval; the meeting will instead serve as an open forum for discussions regarding the Company's affairs.

The record date for shareholders entitled to attend is November 19, 2021. Shareholders can access the notice of the meeting and the Company’s annual report on their website and the SEC’s site.

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.