The fintech subsidiary of Chinese financial conglomerate Ping An Group is teaming up with the fintech arm of a leading Filipino lender to launch a blockchain-enabled financing platform.
Ping An’s OneConnect is working with UBX – the fintech subsidiary of Filipino lender Union Bank, to develop a financing platform that specifically caters to small and medium-sized enterprises in the Philippines.
The platform will use blockchain technology to record data for supply chain financing purposes, as well as provide a range of other financial services for small businesses including multi-channel loan applications, credit assessments, loan disbursements and anti-fraud inspections.
In addition to the blockchain, the platform will also make use of other technologies developed by OneConnect in the areas of artificial intelligence, big data, biometrics, facial recognition and micro-expression assessment.
The platform is expected to come on line before the end of this year, before expanding its operating scope in 2020.