OneConnect

What OneConnect does

OneConnect Financial Technology Co. Ltd. (金融壹账通, NYSE: OCFT; HKEX: 6638) is a publicly-listed technology-as-a-service (TaaS) provider for financial institutions and the sole external fintech export window of Ping An Group. The company delivers AI-driven digital transformation solutions to banks, insurance companies, financial holding groups, and government regulators across China and 20+ international markets, with 214 overseas financial institution clients as of mid-2025 and a domestic footprint covering all Chinese state-owned banks, 99% of city commercial banks, 65% of property insurers, and 48% of life insurers.

The company's product architecture is organized into three core lines: Digital Banking (retail digitalization, digital credit, and core banking modernization via the GAMMA CORE cloud-native core system supporting 10,000 TPS and 1 billion daily transactions), Digital Insurance (auto, non-auto, and life insurance transformation including the Universal Agent platform and smart claims processing), and the Gamma Platform (AI infrastructure spanning Gamma Voice, Gamma Vision, Gamma O open data, and Smart Brain modules). Underlying capabilities include proprietary financial LLMs, computer vision (180+ document types recognized), speech recognition (Voice Model 4.0), a BaaS blockchain platform supporting 80,000 TPS, and a privacy computing platform deployed across 50+ financial institutions with PBC endorsement. The company has filed 5,652 global patent applications and won the PBC FinTech Development Award for four consecutive years (2021-2024).

The business model combines subscription-based SaaS, software licensing, professional services, and virtual banking operations. Revenue streams include the TaaS core platform, overseas third-party revenue (22.8% of third-party revenue in Q1-Q3 2024, growing 23.4% YoY), and net interest income from PAOB (Ping An OneConnect Bank), a wholly-owned Hong Kong virtual bank serving SMEs with over HK$8 billion in customer deposits by Q3 2025. Distribution is enterprise field sales with regional offices in Hong Kong, Singapore, Malaysia, and Indonesia. Q3 2024 continuing operations revenue was 417M RMB with a 32.7% gross margin, and the company reported 1.1 billion RMB in net profit attributable to shareholders for the first three quarters of 2024 (up 138.9% YoY), positioning it as a mid-sized, globally-expanding fintech with mixed profitability signals.

Name

OneConnect

Legal name

OneConnect Financial Technology Co. Ltd. (壹账通金融科技有限公司)

Website

https://ocft.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

OneConnect is a Ping An Group-affiliated fintech providing AI-driven digital banking, insurance, and core banking systems to banks, insurers, and regulators across China and 20+ international markets.

Ownership category

akta.pro rank

Product category

Financial Technology / Enterprise Fintech Software

NAICS

Finance and Insurance (52)

SIC

Finance Services (6199), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Digital Asset Risk, Security & Audit Tooling (Smart Contract Audit, Threat Monitoring) (FSAGAMAJ)

akta.pro secondary industries

Smart Contract & Token Operations Infrastructure (Lifecycle, Corporate Actions) (FSAGAMAH), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH)

Keywords

• Digital banking platform
• Fintech-as-a-service
• Insurance technology solutions
• Cloud-native core banking
• AI credit risk management

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Technology-as-a-Service (TaaS) for Financial Institutions: OneConnect provides technology solutions and technology-enabled business solutions to financial institutions on a subscription and project-based model. Revenue is derived from software licensing (both one-time and recurring/subscription), SaaS subscription fees, and professional services for implementation and customization. The company has been transitioning toward higher-margin standardized SaaS products, as evidenced by multiple million-yuan-level SaaS contracts signed in Hong Kong.
2. Overseas / International Business Revenue: Third-party overseas customer revenue grew 23.4% YoY in the first three quarters of 2024, accounting for 22.8% of third-party revenue. International expansion includes core banking systems, AI credit platforms, eKYC, insurance technology, and vehicle ecosystem solutions sold to financial institutions across Southeast Asia, Hong Kong, the Middle East, and Africa.
3. Virtual Banking (PAOB): PAOB (Ping An OneConnect Bank), a wholly-owned subsidiary, is a virtual bank in Hong Kong serving SMEs and individual customers. Revenue comes from net interest income and fee income from banking services.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

OneConnect provides Technology-as-a-Service (TaaS) solutions to financial institutions, including digital banking, digital insurance, and a proprietary Gamma technology infrastructure platform. Its portfolio spans cloud-native core banking systems (GAMMA CORE), AI-powered credit, risk, anti-fraud and eKYC modules, insurance digitalization (claims, underwriting, agent enablement), and blockchain-as-a-service infrastructure. The company sells to banks, insurers, financial holding groups, and government regulators in China and 20+ overseas markets, while also operating the PAOB virtual bank in Hong Kong.

Product overview

OneConnect (金融壹账通) offers a comprehensive "Technology + Business" FinTech platform for financial institutions, comprising three core product lines: Digital Banking (数字化银行), Digital Insurance (数字化保险), and the Gamma Platform (加马平台). The Gamma Platform serves as the foundational technology infrastructure providing AI-powered capabilities including Gamma Voice (智能语音) for voice intelligence, Gamma Vision (智能视觉) for computer vision, Gamma O (开放数据平台) for data infrastructure, and Smart Brain (智慧大脑) for management solutions. Digital Banking covers retail banking, credit management, and marketing automation through modules like 营销E, 财富E, 行员E, and the GAMMA CORE bank core system. Digital Insurance provides end-to-end solutions for auto, non-auto, and life insurance including claims management, smart dual recording, and the Universal Agent product. Additional products include the Anti-Fraud Strategy Platform for deepfake detection, Smart Document Review solutions, and Vehicle Ecosystem Platform. The company also operates the Guangdong SME Financing Platform utilizing blockchain technology. All solutions are designed for financial institutions' digital transformation with AI as the core driver.

Differentiator

Problem solved

Functional benefit

Brands

• Gamma Platform (加马平台): Proprietary technology infrastructure platform for financial institutions providing AI voice, open platform, blockchain and financial cloud solutions.
• GAMMA CORE
• Gamma O (开放平台)
• Gamma Voice (智能语音)
• Gamma Vision (智能视觉)
• Smart Brain (智慧大脑)
• 小壹智能客服机器人 (Xiao Yi Smart Customer Service Robot)
• 全能代理人 (Universal Agent)

Products and services

• Digital Banking (数字化银行) End-to-end digital banking solution covering retail banking digitalization, credit digitalization, and smart management for banks, with modules including Marketing E, Wealth E, Banker E, smart due diligence, risk management, and credit systems.
• Digital Insurance (数字化保险) End-to-end digital insurance solution covering auto insurance, non-auto (health) insurance, and life insurance, including claims service platforms, owner service platforms, repair service platforms, product factories, smart dual recording, and the Universal Agent life insurance solution.
• Gamma Platform (加马平台) Integrated technology infrastructure platform for financial institutions providing AI-powered capabilities including Gamma Voice, Gamma Vision, Gamma O open data platform, and Smart Brain management solutions.
• GAMMA CORE Bank Core System (GAMMA CORE 银行核心系统) Next-generation cloud-native, microservices-based banking core system supporting 10,000+ TPS per system and 1 billion daily transactions, designed for full digital transformation of bank core infrastructure.
• Smart Credit System (智能信贷系统) End-to-end digital credit system providing automated loan processing, AI-powered risk assessment, and credit management for banks. Completes liveness detection and identity verification in 10 seconds.
• Xiao Yi Smart Customer Service Robot (小壹智能客服机器人) Large model-powered intelligent customer service robot with auto Q&A and agent-assist modules, supporting automated knowledge base generation, multi-turn conversations, and cross-channel deployment for financial institutions.
• Universal Agent Platform (全能代理人) Digital platform for life insurance agents covering recruitment, sales, performance management, and customer service, including unified service workbench and intelligent AI tools. First globally to integrate Ping An operational experience with AI and big data.
• Anti-Fraud Strategy Platform (反欺诈策略平台) AI-powered anti-fraud platform with 25+ modules including face recognition, multi-country ID NFC recognition, Deepfake detection, and device risk assessment. Achieves 99%+ comprehensive defense rate against AI-generated forgeries.
• Smart Document Review System (智能资料审核) AI document review solution supporting 180+ financial document types with 95%+ recognition accuracy, integrating OCR, NLP, large models, intelligent classification, and rule engine for full-process intelligent review.
• Vehicle Ecosystem Platform (车生态平台) Comprehensive automotive ecosystem platform covering vehicle transactions, auto loans, auto insurance, maintenance, car washing, and owner lifestyle services, connecting 260,000+ service providers and serving 120 million+ car owners.
• BaaS Blockchain-as-a-Service Platform Self-developed blockchain infrastructure supporting 80,000 TPS, 10,000+ alliance chain nodes, cross-chain interoperability across three protocols, and privacy computing features for supply chain finance, traceability, and carbon emission management.
• eKYC Platform (Electronic Know Your Customer) Electronic identity verification SaaS platform supporting Hong Kong ID authentication, liveness detection, criminal record screening, and AIGC Deepfake detection, covering 70%+ of Hong Kong retail banking users.
• PAOB (Ping An OneConnect Bank) Virtual Banking Hong Kong-based virtual bank serving SMEs and individual customers; wholly-owned subsidiary of OneConnect providing net interest income and fee income from banking services. Customer deposits exceeded HK$8 billion by Q3 2025.
• Guangdong SME Financing Platform (广东省中小企业融资平台) Blockchain-enabled SME financing platform connecting financial institutions with government data for SME lending. As of end-2021, served 1 million+ SMEs and facilitated 779 billion RMB in financing.
• SLP Smart Loan Platform (SLP 智能借贷平台) Smart loan platform product upgraded and expanded for overseas markets, enhancing overseas customer business development capabilities; new eKYC product line offered in Hong Kong under a SaaS subscription model.

Quantifiable outcome

• SME financing platform served 1 million+ SMEs with 779 billion RMB facilitated
• +14 more outcomes

Named customers18 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability15 records

Feature10 records

Partnerships

18 partnerships are on record, tiered key, core, strategic and minor.

• PAObank / Hong Kong Police ForcekeyStrategic or Co-development Partner · 15 October 2025PAObank and OneConnect's 'Anti-Fraud Strategy Platform' jointly selected for HKMA GenA.I. Sandbox Phase 2 in October 2025. Focuses on using AI facial recognition to detect deepfake attacks in identity verification. First 'AI vs AI' anti-fraud sandbox in Hong Kong.
• VPBank (Vietnam Prosperity Joint Stock Commercial Bank) / 越南兴旺股份商业银行coreStrategic or Co-development Partner · 5 September 2025Business cooperation signing ceremony held in Hanoi, Vietnam in September 2025. OneConnect will implement next-generation banking core system GAMMA CORE (covering CIF, deposit, loan, GL management, and integration with mobile banking, payments, AML, LOS, and collection systems). Single system capable of 10,000 TPS. First deployment at subsidiary GPBank, then parent bank rollout.
• Inspur Enterprise Cloud & Inspur Computer Technology / 浪潮企业云 & 浪潮计算机科技strategicTechnology or Integration · 1 July 2025Three-party strategic cooperation agreement signed July 2025 to build AI computing ecosystem. Combining OneConnect's AI and fintech expertise, Inspur Enterprise Cloud's cloud computing capabilities, and Inspur Computer Technology's hardware (servers with 14% market share, ranked No. 1 in China in 2024). Aiming to serve global financial, government, and enterprise customers with secure AI solutions, particularly supporting Belt and Road digital infrastructure projects.
• Vietnam Transportation and Infrastructure Group / 越南某交通运营集团keyStrategic or Co-development Partner · 30 June 2025Formal strategic cooperation signed June 2025. OneConnect to build a 'one-stop' digital vehicle ecosystem platform covering vehicle transactions, auto loans, auto insurance, maintenance, car washing, and owner lifestyle services. First phase through field interviews and gap analysis to build Vietnam-adapted digital vehicle ecosystem system.
• Hong Kong Banks / 香港本地银行coreStrategic or Co-development Partner · 30 June 2025OneConnect signed eKYC anti-fraud project cooperation with a Hong Kong-headquartered bank (total project value in the hundred-million-yuan range). Also signed eKYC and AIGC Deepfake project with another Hong Kong bank, covering remote account opening, identity authentication, and anti-deepfake detection. eKYC products expected to serve 70%+ of Hong Kong retail banking users. Also signed government information system project with Hong Kong government department.
• Generali Group / 忠利集团keyStrategic or Co-development Partner · 1 June 2025Hosted strategic meeting with Generali Group's 18-member executive delegation in Singapore in November 2025. Discussions covered Ping An's integrated financial model, customer engagement system, life insurance channel reform, and auto ecosystem development. Generali is Europe's leading comprehensive insurance group (194-year history, 2024 annual premiums exceeding 700 billion RMB).
• Hong Kong Government / 香港特区政府keyStrategic or Co-development Partner · 1 June 2025Won Hong Kong government digital transformation contract for information system deployment. Successfully bid for public sector digital projects supporting 'iAM Smart' initiative. Government project contract signed June 2025 with total value exceeding 100 million yuan.
• Great Eastern Life Assurance / 大东方人寿保险 (Singapore)keyStrategic or Co-development Partner · 1 June 2025Exchange meetings held with Great Eastern Life Assurance on insurance digital transformation. Great Eastern is Singapore's largest and most market-share-leading insurance company (established 1908). Discussed smart face interview solutions and comprehensive intelligent wealth management. Mutual interest in cooperation in intelligent risk control and customer service optimization.
• China Insurance Auto Service (中保车服)keyStrategic or Co-development Partner · 23 April 2025Strategic cooperation framework agreement signed April 2025. Focus on comprehensive insurance technology cooperation to help the insurance industry achieve high-quality development.
• SBF Philippines / 菲律宾中小企业银行keyStrategic or Co-development Partner · 4 June 2024Three-year partnership renewal signed in 2024 (originally signed in 2021). Continued cooperation on smart lending solutions for the Philippines market.
• CIMB (联昌国际银行, Philippines) / 菲律宾联昌国际银行coreStrategic or Co-development Partner · 4 June 2024Multi-year strategic cooperation covering system operations, upgrades, cybersecurity, and data management analysis. Philippines subsidiary core system renewal agreement signed in 2024. Cooperation expands digital financial services across the ASEAN region over the next four years.
• SAPminorChannel Partner/ Reseller/ Distributor · 4 June 2024SAP co-exhibited with OneConnect at InsureTech Connect Asia 2024, sharing a joint booth. SAP is OneConnect's technology partner for enterprise software deployment.
• ABeam ConsultingminorImplementation/ SI/ Consulting Partner · 4 June 2024Official sponsor of InsureTech Connect Asia 2024 for the second consecutive year, hosting a joint booth with SAP and moderating panel discussions on digital strategy.
• Old Mutual (耆卫保险集团, South Africa) / 南非耆卫保险coreStrategic or Co-development Partner · 1 January 2024Strategic cooperation began in 2022 with Universal Agent platform. In 2024, expanded to include customer service platform and life insurance core system for underwriting and claims automation. Multiple visits by Old Mutual executives to Ping An facilities in 2025 to study operational excellence. Cooperation reflects Ping An's 'technology ecosystem transforms business ecosystem' model.
• Ping An Group / 中国平安集团coreOthers · 1 January 2024OneConnect is the sole external fintech output window of Ping An Group. As Ping An Group's associate company, OneConnect leverages Ping An's 30+ years of financial industry experience, technology capabilities, data assets (30+ trillion bytes, 3.2 trillion text tokens, 310,000 hours of annotated speech, 7.5 billion images), and customer relationships for its fintech solutions.
• PAObank (Ping An OneConnect Bank) / 平安壹账通银行coreOEM/ Whitelabel/ Licensing Partner · 4 July 2022Wholly-owned subsidiary of OneConnect and member of Ping An Group. PAOB is Hong Kong's first virtual bank focused on serving SMEs. OneConnect provides AI anti-fraud technology to PAOB, with the Anti-Fraud Strategy Platform selected for HKMA GenA.I. Sandbox Phase 2. PAOB customer deposits exceeded HK$8 billion by Q3 2025.
• Guoren Property & Casualty Insurance / 国任保险coreStrategic or Co-development Partner · 1 August 2020Strategic cooperation agreement signed in August 2020. OneConnect provides smart car damage assessment, intelligent anti-fraud, and smart office solutions. Guoren achieved premium scale exceeding 10 billion RMB and turned loss into profit after digital transformation.
• Abu Dhabi Global Market (ADGM) / 阿布扎比国际金融中心coreStrategic or Co-development Partner · 22 July 2019Signed 'Financial Technology Development and Innovation' MoU in Beijing in July 2019. In April 2020, signed Digital Lab project cooperation agreement. The ADGM Digital Lab, launched in May 2021, was built on OneConnect's Gamma O platform as a virtual sandbox for financial innovation and regulation, serving UAE Central Bank, First Abu Dhabi Bank, and Anglo-Gulf Trade Bank. More than 330 institutional users registered as of the launch. In November 2021, OneConnect and ADGM presented the Digital Lab at Fintech Abu Dhabi Festival.

Scale indicators14 records

Recent moves13 records

Expansion highlights7 records

Market position

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/oneconnectft

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OneConnect