Fintech Arm OneConnect Of Chinese Insurance Giant Files For $500M IPO In US

OneConnect, fintech arm of Chinese insurance giant- Ping An, has updated its filing for an initial public offering (IPO) with the United States Securities and Exchange Commission (SEC).

A Dec. 2 F-1 filing stated that the firm is looking to sell $500 million worth of shares in its IPO. The recent filing states:

“We expect that we will receive net proceeds of approximately US$438.2 million from this offering, or approximately US$504.6 million if the underwriters exercise their over-allotment option in full.”

OneConnect services allow customers to increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

In the filing, the company explains that its platform provides:

“Cloud-native technology solutions” and its “solutions provide technology applications and technology-enabled business services to financial institutions.” 

OneConnect Can Manage Up To 50,000 Transactions Per Second

The firm claims at the end of September it had over 3,700 customers, including “all of China’s major banks, 99% of its city commercial banks, and 46% of its insurance companies, collectively reaching hundreds of millions of end-customers.”

OneConnect’s blockchain technology can manage up to 50,000 transactions per second with a latency under 0.5 seconds while implementing privacy through zero-knowledge proofs.

OneConnect’s technology has been used to develop the major blockchain-based trade finance platform eTradeConnect in partnership with the Hong Kong Monetary Authority. 

OneConnect’s parent firm- Ping An Group, is China’s second-largest financial institution and the sixth-largest in the world by market capitalization.

OneConnect has received $650 million in funding so far in a single round led by Japanese telecommunications giant SoftBank.

Source: Cointelegraph | SEC Image Credits: Business Wire | BigStockPhoto | Sales Tech Star

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