Pismo is extremely happy to announce our new strategic partnership with OneConnect Financial Technology, an associate of the Ping An Group. The agreement, which is making headlines today in the international press, accelerates our expansion in Southeast Asia and the Middle East.
OneConnect provides technology-as-a-service solutions to financial institutions and will add Pismo’s innovative cloud-native platform to its growing portfolio of leading solutions. It serves all of China’s major banks, as well as a majority of its commercial financial institutions.
The deal sees Pismo’s next-generation platform offered to a range of financial institutions in the South-East Asia region, as well as the United Arab Emirates.
In South-East Asia, the partnership between Pismo and OneConnect will allow both companies to tap into a rapidly growing core banking software market. Banks in the region are already embracing emerging digital trends which see as many as 77% of users open to banking without branches.
Pismo impressed OneConnect with our experience developing and implementing SaaS-based banking solutions at major institutions, including Banco Itau (Latin America’s largest bank), BTG Pactual (Latin America’s largest investment bank), and digital banking leader N26.
“The South-East Asia region and the Middle East are key markets for Pismo, as one of the highest growing economies in the world,” says Vishal Dalal, Pismo CEO for North America, Europe, and Asia.
“Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing. Our presence in Singapore and our partnership with a highly-accomplished institution like OneConnect underlines our deep commitment to this region.”
The deal could also allow Pismo to integrate with OneConnect’s existing TaaS proprietary products, including anti-fraud engines and mobile banking applications.
“We are excited by the potential that this partnership brings to both OneConnect and Pismo,” says Ms Tan Bin Ru, CEO for South-East Asia at OneConnect. “As a financial technology solutions provider, we are constantly looking out for new technologies and ways for us to bring better value to financial institutions.
“With this partnership with Pismo, we are glad to be able to extend our range of services to include SaaS, which we envision to be more accessible and implementable for mid-to-small banks.
“This is also where we believe we can bring together the best of the East – best-in-class AI innovations and technology – and the West – a flair in product engineering.”
Read the news:
New office in Singapore
The signing of the deal follows the opening of Pismo’s new Singapore office. South-East Asia has always been a key part of the Pismo strategy and is an area in which local banks and institutions have a keen interest in innovative and modern platforms.
In 2021, the total investments into fintech across the Asia-Pacific region amounted to $27.5 billion. There are around 1,400 fintechs in Singapore alone, accounting for more than 10,000 employees.