BEYOND partners with OneConnect to create digital banking services in Singapore

OneConnect is an associate of Ping An Insurance, which has a virtual bank license in Hong Kong.

Singapore digital banking license bid contender BEYOND consortium has inked a memorandum of understanding with OneConnect Financial Technology (Singapore) to jointly develop digital banking products and services for small and medium enterprises (SMEs), an announcement revealed.

This came two months after the BEYOND consortium was formed, led by V3 Group through its fintech arm V3 Fintech and contactless payment pioneer EZ-Link.

The consortium also comprises ofSingapore Business Federation, Far East Organization, Mitsui Sumitomo Insurance and Heliconia Capital Management.

OneConnect Financial Technology is an associate of China-based Ping An Insurance, which was also granted a virtual bank license in Hong Kong. OneConnect is a technology-as-a-service platform using AI, big data analytics and blockchain. It has served over 600 banks in China and has expanded to 14 countries in Southeast Asia.