First-mover edge for banks venturing into digitalisation early, says Ping An associate OneConnect
KUALA LUMPUR: There will be a first-mover advantage for banks who venture first to invest in digitalisation as any digital transformation has a fairly long lead time to complete, OneConnect Financial Technology Co Ltd country manager for Malaysia Geh Yang Chia said.
In an interview with the New Straits Times recently, Geh said some banks had decided to invest to digitally transform themselves before digital banks were ready to compete (most of them are still building their banking systems).
On the other hand, there are also banks who are more careful, despite their alert on this new competition and are still taking incremental steps to see how best to respond.
“Based on what we have observed, many banks are rethinking how to expedite their own digital transformation. However, this rethinking is not leading to consistent responses to these new competitors.
“Banks that have inculcated the transformation mentality into their business operations, and who have embarked earlier on this journey, will be more ready to meet the challenges and potential to change the competition landscape drastically by themselves,” he said.
OneConnect is a technology-as-a-service platform for financial institutions listed on the New York Stock Exchange.
The company is an associate of China-based Ping An Group, a conglomerate whose subsidiaries provide insurance, banking, asset management, financial and healthcare services.
Geh said within the last two years, OneConnect had secured a permanent location for the OneConnect team at KL Sentral.
Occupying a whole floor at 10,000 sq ft, it has now a permanent home base to continue its expansion in this country.
“We have since hired more than 80 talents in this country, comprising of technology and business development talents, and we are still growing,” he added.
Geh said OceConnect had also established a Regional Digital Banking Operations team here in Kuala Lumpur, to better provide after-delivery services and support to clients within the Asean region.
“This enables OneConnect to provide end-to-end tech solutions and services to our clients,” he said.
OneConnect also offers insurtech solutions.
Geh said with an industry that was heavily reliant on insurance agents and majority of the insurtech that was currently in Malaysia tackles sales and distribution, Geh said general insurance was more susceptible to digital disruptions than lief insurance.
That is because it is a need-based product which everyone would purchase (e.g. a motor insurance).
“It’s fairly standardised and almost everyone has a good understanding on how it works. To offer this through a digital journey has a lot less obstacles and as long as the pricing is competitive and the claim process is easy, many consumers will switch from current traditional channel.
“Our parent company, Ping An Group, is a top player in general insurance field in China. Many digital insurance capabilities have been built which can be of value to insurance companies here including lifestyle-based insurance, smart motor insurance claims and more,” he added.
OneConnect is currently working to improve the capabilities and functionalities of its current suite of solutions.
“The Smart Collateral management solution is one of the enhancements that OneConnect is focusing on. Instead of being limited to a standard set of collateral types and rules, the enhancements give clients the freedom to create their own,” Geh said.
© New Straits Times Press (M) Bhd
Govt urged to investigate ownership transfer of KL Tower concession KUALA LUMPUR: The government has been urged to carry out a probe into the transfer of ownership of the Kuala … Read more »
Volvo’s XC40 B5 Ultimate gets new features VOLVO Car Malaysia has announced new upgrades for the XC40 B5 Ultimate Mild Hybrid to keep it competitive. These new features include the … Read more »
Prison inmate gets 5 minutes to bid final farewell to her son, a victim of abuse JOHOR BARU: A sombre mood enveloped the Forensics Department of the Sultan Ismail Hospital … Read more »
Water theme park operating without licence shut down KEPALA BATAS: A water theme park in Bertam here, which opened its doors to the public in the middle of this month, … Read more »
#Showbiz: Siti buys RM20mil Dubai property? KUALA LUMPUR: It is believed that Malaysia’s No. 1 singer Datuk Seri Siti Nurhaliza Tarudin is a proud owner of a luxury property located … Read more »
Masks are to be made compulsory for F&B workers in Selangor to ensure cleanliness during food preparation. (Bernama pic) PETALING JAYA: It will become compulsory for workers at food and … Read more »
#Showbiz: Ungu plays to packed hall for two nights in a row [NSTTV] KUALA LUMPUR: After a five year hiatus from performing in Malaysia, Indonesian rock band Ungu performed to … Read more »
Infected doctors battle Covid surge in China TIANJIN: Doctors working despite being infected, beds filled with dozens of elderly straining to breathe – on the front lines of China’s worst-ever … Read more »
All The Best Muhammad Soleh Ahmad Shukri” event located at KPJ Damansara Specialist Hospital, today. Pix by NURUL ATIKAH SARJI KUALA LUMPUR – KPJ Damansara Specialist Hospital is committed to … Read more »
Malay Mail JOHOR BARU, Dec 28 — The Permaisuri of Johor, Raja Zarith Sofiah Sultan Idris Shah expressed her sadness today over the death of a four-year-old boy suspected to … Read more »
Muhamad Arafat (tiga dari kanan) menyerahkan pek makanan yang disumbangkan Muafakat kepada penduduk yang memerlukan. TAMBUN – Pejabat Ahli Dewan Undangan Negeri (ADUN) Hulu Kinta bersama Pejabat Ahli Parlimen Tambun … Read more »
Sejumlah 11 rumah dihanyutkan arus banjir di Kampung La, Besut, Terengganu, dengan penduduk memohon kerajaan menyediakan kawasan penempatan baharu. (Gambar Bernama) PETALING JAYA: Hampir semua 53 mangsa banjir daripada 12 … Read more »
Kerajaan Selangor menetapkan peraturan baharu pemakaian pelitup muka itu sebagai salah satu kaedah untuk menjaga kebersihan dan kesihatan. PETALING JAYA: Majlis Perbandaran Selayang (MPS) mengingatkan semua penyedia dan pengendali makanan … Read more »
Bantuan itu turut dipanjangkan kepada semua perkhidmatan awam negeri, pihak berkuasa berkanun dan pihak berkuasa tempatan. (Gambar Bernama) PETALING JAYA: Jabatan Perkhidmatan Awam (JPA) mengumumkan bantuan khas kewangan RM700 untuk … Read more »
Soh Chee Wen was sentenced to 36 years in jail while Quah Su-Ling was sentence to 20 years for her role in the scheme. SINGAPORE: The 36-year sentence handed down … Read more »
F-150 Lightning NJ to VT Road Trip We take a cold Christmas day trek from New Jersey to Vermont to find out if the F-150 Lightning can make it on … Read more »
The incentive is also extended to all state public service departments, statutory bodies and local councils. (Bernama pic) PETALING JAYA: The Public Services Department (JPA) has announced special financial aid … Read more »
Muda suspends its Perak chief Mutalib for disobeying party rules PETALING JAYA: Muda has removed its Perak chief Mutalib Uthman (pic) from his position and suspended his party membership for … Read more »
Millions of Chinese travellers are expected to fly out during next month’s Lunar New Year holiday. (AP pic) BEIJING: Searches for international flights on Chinese online travel platforms surged by … Read more »
Floods: Six relief centres in Pitas closed, one active in Sandakan KOTA KINABALU: Only one temporary relief centre located in Sandakan housing 688 victims remains active, as six shelters in … Read more »
Muhammad Syakawie kini ditemani kucing peliharaannya. Muhammad Syakawie melihat gambar arwah bapa angkatnya bersama Faridah. Setiap hari Muhammad Syakawie akan menziarah kubur bapa angkatnya. SEREMBAN – Sejak kecil menumpang kasih … Read more »
The body of a four-year-old boy believed to have been abused was taken out by his granduncle Ruslan Ahmad (left), 47, from the Sultan Ismail Hospital Forensic Medicine Department room … Read more »
Saarani selesai menggulung perbahasan Belanjawan Perak 2023 sempena Persidangan Dewan Undangan Negeri Perak pada Rabu. – Foto: Korporat SUK Perak IPOH – Persidangan Dewan Undangan Negeri (DUN) Perak pada Rabu … Read more »
Saarani. – Foto Bernama IPOH – Kerajaan negeri Perak tidak meneruskan penyediaan peruntukan di bawah Pakej Rangsangan Ekonomi (PRE) seperti sebelum ini bagi membantu peniaga dalam tempoh pasca Covid-19. Menteri … Read more »
Tong lost both his wife and son in the landslide which claimed 31 lives. KUALA LUMPUR: A man who lost his only son and wife to the Batang Kali landslide … Read more »
RM From BTS Becomes The 1st Korean Solo Artist To Grab The No. 3 Spot On Billboard 200 For ‘Indigo’ RM, the leader of the South Korean supergroup BTS, became … Read more »
Mohd Effendy when he was a panelist on the Sinar Live Program titled ‘Akta pekerja: Majikan pening, staf bersorak’ which took place at Karangkraf Complex, Shah Alam on Wednesday. SHAH … Read more »
SEGi announces two sen dividend, purchase of two K-12 education companies from MD Hii KUALA LUMPUR (Dec 28): SEG International Bhd (SEGi), which operates the SEGi Group of Colleges, is … Read more »
MOH steps up Covid-19 awareness KUALA LUMPUR: Preparation to face a possible hike in the number of daily Covid-19 cases following the surge in infections in China will be stepped … Read more »
Mahkamah Sesyen Temerloh memutuskan kemalangan itu berkemungkinan berpunca daripada pemanduan isteri plaintif ketika hujan. (Gambar Twitter) PETALING JAYA: Mahkamah Seyen Temerloh menolak saman sivil difailkan seorang lelaki terhadap syarikat konsesi … Read more »
Gucci Is Celebrating ‘Year Of The Rabbit’ With A New Capsule Collection Gucci is celebrating the Year of the Rabbit with a unique capsule collection. The Italian fashion house has … Read more »
APM Kota Bharu mengambil masa selama 10 minit untuk menangkap ular sawa batik ini. Anggota APM memotong dahan yang dililit ular sawa batik seberat 70 kg di Jalan Pengkalan Chepa, … Read more »
SHAH ALAM – Kamal Abd Aziz is appointed as the Federal Territories Parti Pejuang Tanah Air (Pejuang) acting chief with immediate effect. SHAH ALAM – Kamal Abd Aziz is appointed … Read more »
Armizan Mohd Ali visiting Tong Chee Kong, who lost his wife and his son in the Batang Kali landslide. At right is Batu lawmaker P Prabakaran. (Bernama pic) KUALA LUMPUR: … Read more »
Gambar Ivan Beerkus dan Angela Nikolau di puncak Menara Merdeka 118 yang dimuatnaik di laman sesawang SkyscraperCity.com. (Gambar Bernama) PETALING JAYA: Polis menyiasat pasangan dari Rusia selepas mereka merakam dan … Read more »
Kesan hakisan yang berlaku di laluan prjalan kaki berhampiran jambatan angkat. KUALA TERENGGANU – Majlis Bandaraya Kuala Terengganu (MBKT) mengesahkan berlaku kerosakan akibat hakisan di sekitar laluan pejalan kaki berhampiran … Read more »
Ahmad Zahid Hamidi says Dr Mahathir Mohamad painted a negative picture of DAP for 22 years. (Bernama pic) PETALING JAYA: Umno president Ahmad Zahid Hamidi has accused Dr Mahathir Mohamad of … Read more »
Muda secretary-general Amir Abd Hadi (left) said Mutalib Uthman had used the party’s official channels despite not getting any approval. PETALING JAYA: Muda co-founder Mutalib Uthman had his membership suspended … Read more »
Academic Calendar Term 3 Session 2022-2023 will start on Jan 1 2023, for schools in Group A says Education Minister, Fadhlina Sidek. SHAH ALAM – The academic calendar for term … Read more »
Zahid. SHAH ALAM – Let Umno delegates decide whether the president and deputy president posts should be contested, said party president Datuk Seri Dr Ahmad Zahid Hamidi. He said this … Read more »