The cloud services sector was forecasted to grow 18.4 percent in 2021 to reach a total valuation of $304.9 billion, up from $257.5 billion in 2020, according to research conducted by Gartner.
OneConnect Financial Technology, a provider and an associate of Ping An Group, has launched a one-stop omni platform for all-in-one digital banking solutions.
Jointly developed with Brazil-based technology company Pismo after embarking on a strategic partnership earlier in April 2022, the digital banking suite will go by the name of OneCosmo.
OneCosmo leverages artificial intelligence (AI), machine learning (ML), blockchain, and SaaS to offer a highly scalable solution for banks and financial institutions to build digital banking capabilities, the firm announced.
Solutions span a wide range of services, from digital identity verification and core banking to digital payments, and digital lending, and the platform also allows for integration across different third-party service providers using its highly flexible APIs (Application Processing Interfaces) and microservices.
Pre-integrated and pre-configured features on OneCosmos allows prospective users to fully onboard themselves onto the platform within a matter of weeks.
The fully customizable platform helps financial institutions obtain greater insight into consumer behavior through data analysis thanks to its real-time data streaming capabilities. OneCosmo also allows firms to work with legacy technology.
Tan Bin Ru, Chief Executive Officer (Southeast Asia), OneConnect Financial Technology said: “OneCosmo represents the fruits of our labour from our strategic partnership with Pismo. Here at OneConnect, driving the digitalisation of financial institutions and banks for a greater level of financial inclusion has been our vision, and OneCosmo allows us to further amplify our vision for more institutions at a larger scale. With the combination of SaaS and TaaS, OneCosmo is an omni-channel platform which enables us to better service financial institutions of all sizes.”
Vishal Dalal, CEO (North America, EMEA, and APAC) at Pismo, said: “Pismo’s mission is to help banks and FinTechs deploy the next-gen of innovative products on the cloud for their customers, and we’re excited to extend that mission with this new offering for Asia. The launch of OneCosmo showcases our joint commitment with OneConnect to provide institutions with the tools to perfect their digital strategy for the future of financial services.”
The cloud services sector was forecasted to grow 18.4 percent in 2021 to reach a total valuation of $304.9 billion, up from $257.5 billion in 2020, according to research conducted by Gartner. Pismo’s technology incorporated in OneCosmo’s solution has been utilized by more than 50 million customers.
OneCosmo is currently available in Southeast Asian countries including Thailand, Malaysia, Indonesia, The Philippines, and Singapore, with a view to extend its offerings to financial institutions within the Middle East.