OneConnect, the fintech arm of Ping An Group, recently won the Best Blockchain or Distributed Ledger Technology Award for outstanding technical prowess and rich application scenarios of its blockchain technology at the Future of Finance Summit 2019 in Bangkok, Thailand.
As reported by PR Newswire, the event was hosted by The Asian Banker and ran from May 29-31.
Awarding Financial Services in the Asia-Pacific Region
The Asian Banker’s Industry Achievement Awards are prestigious and influential honors for financial services in the Asia-Pacific region, covering fields such as transaction banking, technological innovation, risk management, and financial markets. The awards are widely recognized and cover 200 financial institutions and organizations in the Asia-Pacific, the Middle East, and Africa.
The three-month selection process was carried out by The Asian Banker’s international research team and jury on a rigorous and impartial basis, including interviews with industry professionals and feedback from authorities in the field.
Successfully Implementing Blockchain Technology
OneConnect, which is also the unit designated to carry out Ping An Group’s “finance+technology” strategy, has unique blockchain advantages, such as with authorized encryption and hidden query and search techniques.
In 2018, Ping An’s blockchain business recorded more than US$2.9 trillion in annual trading turnover.
OneConnect also has 161 patent applications in the blockchain field, six of which have been approved so far. In terms of practical application, the firm has successfully implemented blockchain in five major ecosystems, including finance, real estate, automotive, healthcare, and smart city, covering 14 application scenarios with over 44,000 nodes deployed.
Additionally, the company has published three white papers to the industry based on its blockchain technology and experience in project implementation.
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