Oneconnect Financial Technology Co Ltd - OCFT STOCK NEWS

OneConnect Financial Technology announced a partnership with Indonesia's Bank Mayapada to enhance digital banking services. This collaboration aims to improve the customer onboarding process using eKYC and AI technologies, which will help reduce costs and increase efficiency. The partnership addresses the significant unbanked population in Indonesia, as 51% lack access to formal financial services. The initiative is expected to drive financial inclusion while ensuring compliance with local regulations.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), a leading tech-as-a-service platform for financial institutions in China, will announce its third-quarter 2021 financial results after U.S. markets close on November 18, 2021. A conference call will follow at 8:00 PM ET. Interested parties can register online for access to the call. OneConnect aims to enhance its digital offerings and has served over 100 customers in 20 countries, showcasing its technology capabilities in AI, Big Data, Blockchain, and Financial Cloud.

On September 10, OneConnect Financial Technology unveiled its five-year growth strategy focusing on enhancing customer relationships, optimizing products, and expanding its ecosystem. The strategy, termed "One Body and Two Wings," aims to transform financial services in China and Southeast Asia, where markets are projected to exceed RMB 400 billion and RMB 180 billion, respectively, by 2024. OneConnect has seen significant growth, with a 64% increase in high-quality customers since 2018 and a 53% CAGR in operating income. The company remains dedicated to R&D, holding over 5,000 patents to support its strategic vision.

OneConnect Financial Technology Co. (NYSE: OCFT) has strongly denied recent unsubstantiated allegations regarding material misstatements in its audited financial statements, first raised by a whistleblower on August 20, 2021. The company promptly initiated an investigation led by its independent Audit Committee and reported the matter to Shenzhen police on August 25, 2021. OneConnect emphasizes its commitment to corporate governance and transparency, while also stating its intention to pursue legal action against false claims.

OneConnect Financial Technology Co. has signed a Memorandum of Understanding to acquire at least a 50% stake in Shenzhen VZOOM Credit Technology. This strategic move aims to enhance OneConnect's offerings for small and medium-sized enterprises (SMEs) in China by improving credit product automation and competitiveness. The acquisition, financed through cash and shares, is subject to due diligence and approval processes. The transaction's details will be finalized in a definitive agreement within three months.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) announced its management's intent to purchase up to $10 million worth of the company's American Depositary Shares (ADSs) over the next three months. This move underscores management's confidence in the company's long-term growth and aims to align their interests more closely with shareholders. The purchases will adhere to legal and regulatory guidelines, with a minimum six-month lock-up period for the acquired shares.

OneConnect Financial Technology Co. (NYSE: OCFT) reported a 25% year-over-year revenue increase for Q2 2021, totaling RMB968 million. However, the gross margin dropped to 34.1% from 38.4% in Q2 2020, with a net loss of RMB349 million, slightly higher than last year's RMB331 million. Despite challenges from regulatory changes, cloud services and risk management solutions drove revenue growth. The operating loss widened to RMB395 million. Management aims to enhance product management and maintain stability moving forward.

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) will release its financial results for the second quarter of 2021 on August 3, 2021, after U.S. market close. A conference call is scheduled for the same day at 9:00 p.m. Eastern Time. OneConnect is recognized as a leading technology-as-a-service platform in China, providing cloud-native solutions that enhance digital transformations for financial institutions. Their services aim to improve revenue, risk management, and efficiency across banking, insurance, and asset management sectors.