OneConnect sees operating revenue surge 41% in Q1

OneConnect, the financial technology arm of Chinese insurance giant Ping An, posted 41.1 year-on-year growth in operating revenue in the first quarter, as it ramped up push to help financial institutions make digital transformation.

The US-listed company generated about 820 million yuan ($127 million) in operating revenue in the first three months, according to its unaudited financial results released on Wednesday. Gross profit rose 38 percent on a yearly basis to 279 million yuan in the first quarter.

"Despite the challenge of COVID-19 pandemic last year, we made a thorough study on digital transformation demand among financial institutions, based on which we launched 16 solutions," said Ye Wangchun, chairman and CEO of OneConnect.

"The cloud services products, which we promoted in the second half of 2020, offset the value gap caused by the exit of low-value products, laying a solid ground for driving the company's growth in its second five-year plan."

The company said it took active moves to drive digital transformation among commercial banks and insurers in the first quarter. For example, it signed agreements with the Bank of Beijing and China Resources Bank on carrying out cooperation in the aspects of retail business, corporate finance, smart customer services, investment business and construction of fintech infrastructure. It also estalished partnership with Ancheng Property and Casualty Insurance.

Meanwhile, it also moved to promote the application of digital technologies in capital markets by cooperating with Shenzhen Stock Exchange and Singapore Exchange Ltd.