"ABCD" Will Reshape the Financial Industry - Qiu Han, Deputy General Manager and Chief Innovation Officer of OneConnect

On June 28, the “New Trend, New Era and New Rules of RMB” forum hosted by Bloomberg was held in Shanghai. Qiu Han, the Deputy General Manager and Chief Innovation Officer of OneConnect, attended the forum and shared with the participants on how OneConnect helps China become a global leader in the field of fintech through continuous technological innovation.

Which technologies will bring most profound changes to the financial industry in the next few years? Ms. Qiu Han said in her speech that from the perspective of Ping An Group, “ABCD” will be the decisive technologies for reshaping the entire financial industry - A refers to AI; B means blockchain; C is cloud computing; and D represents big data. Based on the world's top professional financial technology team and the rich financial technology practical experience in the financial industry, OneConnect has transformed the leading scientific and technological achievements in these fields into market-oriented products, which are applied to more financial scenarios to help financial institutions complete technological transformation and better serve the real economy. For example, in order to solve financing difficulties for SMEs, a global problem, and improve financing efficiency, Gamma Lab under OneConnect launched the Gamma Smart Loaning Solution in 2017, which is the first AI solution in the financial industry covering the whole process of smart application, review and approval, etc. The solution introduces the independently developed micro expression recognition fraud identification technology in the credit review link, and integrates tens of cutting-edge technologies such as AI and big data. From the perspective of practice, the application effect of this solution is obvious, as the application process can be simplified by more than 60%, and the processing time needed for petty loan is greatly reduced to 3-5 minutes from a few hours or even days in the past. The accuracy of micro-expression fraud recognition exceeds 80%, and the average development cost is reduced by over 30%, thus helping small- and medium-sized banks reduce risks, optimize experience, reduce costs and improve efficiency. As the largest domestic fintech company empowering financial institutions, as of the end of 2017, OneConnect has provided advanced financial technology solutions for more than 400 banks and over 2,000 non-bank financial institutions. In 2017, OneConnect won 21 industry awards and five authorized certifications. The unique strategic positioning and business model of OneConnect are also recognized by investors at home and abroad. OneConnect has successfully completed its Round A financing in early 2018, with post-investment valuation of 7.5 billion dollars. With business leaders and fund managers who have insights into the Chinese market trend gathered, the forum focused on and solved the most complex problems and helped senior investors discover new trends and opportunities in the Chinese market.

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