OneConnect Financial Technology Co., Ltd (OneConnect), the leading Technology-as-a-Service (TaaS) provider and an associate of Ping An Group, today announced a 10-year exclusive strategic partnership with Pismo, one of the world’s fastest-growing banking Software-as-a-Service (SaaS) firm with a momentum in the Americas and Europe.
This partnership sees OneConnect’s current suite of cutting-edge technological solutions being complemented with Pismo’s highly scalable, nimble, and multi-tenant SaaS platform in order to better serve a broader range of financial institutions within the Southeast Asia region and the Middle East.
OneConnect chose Pismo as the firm’s latest strategic partner due to Pismo’s deep experience developing and implementing banking SaaS solutions for financial institutions including digital banks, such as Banco Itau, Latin America’s largest bank, BTG Pactual, the largest investment bank in Latin America, and the renowned digital bank N26. Together with Pismo, who currently serves over 40 million accounts, OneConnect will soon be able to offer proven SaaS-based core banking solutions suitable for mid-to small-sized banks. It will also potentially allow for integration within OneConnect’s existing TaaS proprietary products, such as its anti-fraud engines and mobile banking applications, which previously targeted top incumbent and large banks looking to digitalise within the region.
According to research conducted by market research and consultancy firm Fortune Business Insights, the global core banking software market is set to reach a $34.48 billion valuation in 2028, with a compound annual growth rate of 18 per cent between 2021 and 2028. The partnership will allow OneConnect and Pismo to tap into the rapidly growing core banking software market in Southeast Asia and the Middle East, thus extending their reach to a greater range of financial institutions.
In addition, the comprehensiveness and quick deployment time of Pismo’s SaaS solution will also serve to drive OneConnect’s growth ambitions in the region by tapping on new segments of financial institutions, playing no small role in OneConnect’s goal to provide cutting-edge solutions to a wide range of banks and financial institutions across the region.
Commenting on the partnership, Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, said, “We are excited by the potential that this partnership brings to both OneConnect and Pismo. 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 now include SaaS, which we envision to be more accessible and implementable for mid-to-small-sized 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.”
"Southeast Asia is a key market for Pismo, as one of the highest growing economies in the world. Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing,” said Vishal Dalal, CEO (North America, Europe and Asia) at Pismo. “Our presence in Singapore and our partnership with a high-accomplished institution as OneConnect underlines our deep commitment to this region.”