OneConnect Financial Technology, which sells fintech and blockchain solutions as part of Chinese insurance giant Ping An, is filing for an independent public offering in the US.
According to filing documents, the firm has generated $218 million of revenue so far this year and plans to list under the acronym OCFT.
Looking to build a convincing case for an IPO, the firm told officials that it offers investors a strong value proposition, leading technology, an innovative business model and outstanding growth.
“We started our operation as the financial technology solution arm of Ping An Group. As of September 30, 2019, Ping An Group was China's second-largest financial institution and the sixth-largest globally by market capitalization,” it wrote in the filing.
“Over the past five years, Ping An Group invested over US$15 billion in research and technology development. It employs approximately 101,000 staff in technology-focused businesses.”
Headquartered in Singapore, the firm is backed by SoftBank’s Vision Fund and has developed a range of artificial intelligence, blockchain, cloud and biometrics identification solutions aimed at small and medium-sized financial institutions.
OneConnect’s products cover areas such as sales, product development, risk management, operations and technology within the financial services industry. And over the past year, it’s worked with over 450 banks and 2100 financial institutions.