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SoftBank-backed OneConnect seeks to boost business outside Southeast Asia

The firm’s share prices surged 115 percent

OneConnect, a SoftBank backed fintech firm and a subsidiary of Ping An Insurance, a Shenzhen -based company, expects boost in its business outside Southeast Asia, media reports said. The firm’s expectation comes at a time when the outbreak of Covid-19 has seen demands for digital banking among banks and regulators in China.

Michael Fei, board secretary of OneConnect, told the media, “Our new expansion pace in the region would be faster. The outbreak OneConnect had secured nearly 50 clients in 10 Southeast Asian nations within a year. “We have quite a few orders from the clients there in the pipeline. Given the rising mobile phone penetration in Southeast Asia, we believe that the market, five to 10 years behind the mainland, has strong demand for financial technologies (fintech) and gives us great opportunities to tap.”

It is reported that the firm which is a part of the New York stock exchange has raised funds worth $356.4 million from a follow-on sale of 20.7 million shares. According to the company, the money will be used to expand the company’s presence outside Southeast Asia to boost strategic development and product development. Currently, the firm’s major markets are Hong Kong and Japan.

OneConnect provides technology solutions for firms and financial watchdogs that help manage and boost revenue. The China-based company considers itself a SaaS company because it also provides software and digital resources to firms through its cloud computing.

The firm’s share prices surged 115 percent despite of global economic crisis.

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