Ping An-Affiliated Fintech Firm OneConnect Narrows Net Losses

U.S.-listed OneConnect Financial Technology, a fintech firm controlled by Chinese insurance group Ping An Insurance, trimmed its net loss in the third …
Ping An-Affiliated Fintech Firm OneConnect Narrows Net Losses

By Ding Yi / Nov 05, 2020 05:41 PM / Business & Tech

Photo: IC

Photo: IC

U.S.-listed OneConnect Financial Technology, a fintech firm controlled by Chinese insurance group Ping An Insurance, trimmed its net loss in the third quarter of 2020, as the firm explores overseas markets.

During the period between July and September, OneConnect narrowed its net loss to 243 million yuan ($37 million) from 286 million yuan a year ago, according to its quarterly earnings report.

The company’s revenue amounted to 881 million yuan, representing a year-on-year increase of 50.7%, primarily driven by increased demand for its solutions in operation support and its cloud services, the financial report said.

In December 2019, OneConnect established a joint venture in Japan to provide Japanese financial institutions with its cloud- and artificial intelligence-driven services. The joint venture is OneConnect’s first attempt to tap into a foreign market weeks after its U.S. initial public offering (IPO).

Contact reporter Ding Yi (yiding@caixin.com)

Related: Ping An-Affiliated Fintech Firm OneConnect Raises Capital from New Share Sale As It Eyes Global Expansion