In recent years, Shenzhen and Hong Kong have accelerated their efforts to explore mechanisms for the cross-border flow of financial data, promoting pilot projects for credit information to move "north and south." As policy tailwinds for cross-border data flow sweep across the Guangdong-Hong Kong-Macao Greater Bay Area, OneConnect Financial Technology Co., Ltd. (OCFT), under the Ping An Group, has already made a strategic move on the shores of Victoria Harbour. These include securing landmark agreements with Hong Kong's three note-issuing banks, signing digital government service cooperation deals with Hong Kong government agencies, and establishing channels for the cross-border movement of data. Transitioning from "refined products" to "companionship-style services," OneConnect is leveraging AI and data as its dual engines, aiming to convert its forward-looking strategy into greater commercial potential and sketching a grand technological blueprint of "deepening roots in Hong Kong, integrating with the Bay Area, and radiating influence globally."
Securing Deals with Hong Kong's Three Note-Issuing Banks, Strengthening the Credit Data Moat
The three note-issuing banks, as the designated institutions legally authorized for Hong Kong dollar issuance, are considered the "cornerstone" of the Special Administrative Region's financial system, with extremely high supplier entry barriers. As one of only two licensed personal credit reference agencies in Hong Kong, Ping An OneConnect Credit Reference Agency (Hong Kong) Limited (PAOCCRA, referred to as "CRA"), a subsidiary of OneConnect, not only established its first membership cooperation with a note-issuing bank in 2023 but also successively signed business agreements with all three note-issuing banks in the first half of this year, successfully integrating into Hong Kong's core financial institution client network. Under these agreements, CRA will provide multi-dimensional data, credit products, and customized services tailored to different client needs and risk management scenarios, offering banks precise, efficient, and compliant credit data and product solutions.
The successful implementation of these partnerships not only demonstrates the high recognition from the Hong Kong financial market for CRA's data governance and risk control modeling capabilities but also further solidifies its leading position in Hong Kong's credit reference sector, laying a solid foundation for expansion into the Greater Bay Area and international markets.
Providing Technical Services to the Hong Kong Police Force, Embedding Deeply into Public Security
Since commencing formal operations in 2024, the company has successively reached cooperation agreements or advanced in-depth discussions with multiple Hong Kong government agencies.
Recently, OneConnect formally signed an agreement with the Hong Kong Police Force to participate as a partner in the development of an "AI Multi-modal Identity Verification and Deepfake Detection System." This project, coordinated by the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force, has been selected for the Digital Policy Office's "Artificial Intelligence Funding Scheme." The project's development will rely on OneConnect's self-developed AI visual product matrix as its foundation, collaborating with CSTCB to build a comprehensive defense architecture centered around an "AI Agent Coordinator." CRA is primarily responsible for the "Trusted Data Verification" and "Behavioral Pattern Analysis" modules, providing data support through a "Features as a Service (FaaS)" model using non-personally identifiable information (Non-PII) and derived risk indicators. This solution significantly enhances the system's capability to identify suspicious identities and potential fraud patterns, improving risk control accuracy while fully addressing data security and compliance requirements.
Establishing Cross-Border Data Arteries, Building a New Engine for Greater Bay Area Connectivity
As the Guangdong-Hong Kong-Macao Greater Bay Area accelerates its integration, cross-border business is poised for broader market opportunities, with cross-border data flow becoming a core regulatory focus for both sides. OneConnect actively responds to policy initiatives, seeking breakthroughs in client scenarios and product innovation while adhering to compliance, aiming to make cross-border business a new engine for future development.
On the corporate data front, CRA outcompeted established international credit reference firms to secure a deal with a major Hong Kong note-issuing bank, successfully establishing a channel for the "north-south" flow of corporate data. On the personal data front, OneConnect began exploring cross-border operations as early as the end of 2024. Its collaboration with another Hong Kong note-issuing bank on the "Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong) Personal Information Cross-border Flow Standard Contract" completed filing, marking the first official approval for personal information outbound transfer. This filing provides compliant support for the online information collection and real-person verification for mainland residents opening Hong Kong bank accounts, significantly reducing manual verification time, optimizing user experience, and effectively lowering fraud risk.
Given the growing service demand for cross-border data from banks and governments within the Greater Bay Area, OneConnect is focusing on developing its cross-border data services into a flagship product. This not only meets the essential compliance needs of financial institutions for business operations but also provides a compliance reference and model innovation for the safe and orderly cross-border flow of data within the Greater Bay Area.
From Financial Scenarios to Digital Government, Fully Integrating into Hong Kong's Digital Transformation
In recent years, OneConnect has deeply integrated into Hong Kong's financial and public service ecosystem, with multiple business implementations demonstrating its technical prowess. In banking, it provides remote identity verification services via "electronic Know Your Customer (eKYC)" technology to over half of Hong Kong's retail banking end-customers. In insurance, it continues to empower insurance clients, creating fully online insurance technology services. Regarding regulatory innovation, its "Anti-Fraud Strategy Platform" was selected for the Hong Kong Monetary Authority's "Generative AI Sandbox," becoming one of the pioneering projects exploring "Deepfake Detection." In capital markets, it partnered with Hong Kong Exchanges and Clearing to jointly develop the new-generation electronic IPO platform FINI, reducing the IPO settlement cycle from T+5 to T+2, supporting over 200 companies in issuing new shares and raising over HK$500 billion. In the digital government domain, it recently won a bid for a core Hong Kong SAR government system cloud migration project, becoming one of the first technology firms in Hong Kong to successfully implement a government cloud migration.
As an international financial center and the core engine of the Greater Bay Area, Hong Kong serves as both a "super hub" connecting mainland China with the world and a "touchstone" for testing the global adaptability of technology products. Establishing a foothold in the highly demanding Hong Kong market, OneConnect has gradually built a portfolio of technology service solutions covering credit reference data (CRA), intelligent vision (AI anti-fraud), digital banking, digital insurance, and digital office, among other fields. Its service scope has expanded from finance to city governance, reflecting the continuous enhancement of service capabilities and the outward expansion of business boundaries for Chinese technology firms. Currently, OneConnect's overseas business covers over 20 countries and regions, cumulatively serving more than 200 overseas financial institutions.
Looking ahead, OneConnect will use Hong Kong as a strategic pivot to actively participate in the digital construction of the Guangdong-Hong Kong-Macao Greater Bay Area and continuously explore the global layout for its financial technology offerings. With finance as its origin and technology as its sail, it is committed to becoming an international technology benchmark that grows alongside its clients and progresses with society.
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