Ping An Group
09 May 2019

Ping An OneConnect Bank Receives Virtual Banking Licence in Hong Kong

(Hong Kong, 9 May 2019) OneConnect is proud to announce that its wholly owned subsidiary, Ping An OneConnect Company Ltd. (hereafter “Ping An OneConnect Bank”), has been granted a virtual banking licence to operate in Hong Kong by the Hong Kong Monetary Authority (hereafter “HKMA”).

OneConnect is a leading financial services unicorn in China with a growing international network in Southeast Asia. The company is a member of Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An Group” HKEX: 2318; SSE: 601318).

Ms. Rong Chen, Vice Chairman and Co-General Manager of OneConnect and Vice Chairman and Executive Director of Ping An OneConnect Bank, said: We thank the Hong Kong Monetary Authority for granting OneConnect a virtual banking licence. This is an important milestone for OneConnect, as it expands into the global market with Hong Kong, the region’s leading international financial services hub, as its springboard.”

Ping An OneConnect Bank expects to launch operations in 6 to 9 months. With its leading technologies in artificial intelligence (AI) and blockchain, Ping An OneConnect Bank strives to promote the development and progression of the financial sector in Hong Kong.

Ms. Chen said, “We aim to provide more convenient, professional financial services for Hong Kong citizens and small and medium-sized enterprises, to enhance customer experience and promote a financial inclusion system.”

“With the experience of serving more than 3,000 financial institutions in Mainland China and a deep understanding of the Hong Kong market, Ping An OneConnect Bank is exceptionally well positioned to serve the Hong Kong market. We hope to contribute to the development of Hong Kong as an international financial centre with our financial technology.”

Mr. Ryan Fung Yuk-lung, Chief Executive Officer of Ping An OneConnect Bank, said: “We believe virtual banking has real potential in Hong Kong. Ping An OneConnect Bank will bring the optimized benefits of convenience and innovation in its financial services. In order to better assist the development of the financial service sector and benefit the real economy of Hong Kong, Ping An OneConnect Bank has established a team mainly consisting of local financial professionals, which will focus on the local market here in Hong Kong.”

In 2018, OneConnect built the eTradeConnect platform in Hong Kong. OneConnect took charge of designing, developing and deploying the platform. Currently, eTradeConnect serves 13 domestic and international banks in the territory.

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