China-based insurance giant Ping An is reportedly looking to launch an initial public offering for its OneConnect solution at a potential valuation of $8bn.
OneConnect is expected to be listed on the Hong Kong exchange in the second half of the year, according to an article from Bloomberg which cites people familiar with the matter. This sale could raise around $1bn, the people claimed.
There was a fundraising goal of $3bn, last year, but a hostile market held it off; in response the insurer may offer a smaller stake in OneConnect after a weaker year than anticipated, the report states.
OneConnect is a SaaS provider of financial technology solutions for small and medium sized financial institutions. The platform offers a range of technology-powered services, including AI, blockchain, cloud, and biometric identification-powered tools.
The company’s solutions span the digital banking, insurance and investing spaces. Some of these offerings include robo-advisors, mobile banking, online loans, smart risk prevention, auto insurance support, and claim management, among others.
Late last year, the company launched eTradeConnect, an internationally trade finance platform, in Hong Kong. Its technology was built by OneConnect and aims to offer financial institutions with real-time access to trade information for better risk assessments within the loan space.
According to a recent study from Accenture, half of consumers in Hong Kong are happy to let third-parties access their financial data so they can access more personalised banking services and higher returns.
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