Chinese insurance firm Ping An Insurance’s fintech arm OneConnect Financial Technology has launched a JV with Japan’s SBI Holdings called SBI OneConnect Japan.

Commenting on the deal Chairman and CEO of OneConnect Ye Wangchun said,

OneConnect has proven its influence in the Chinese market. We help banks to improve their income, efficiency, and quality of services, and reduce their risks and costs; we can help Japanese financial institutions to achieve the same goal.

This deal comes just a month after OneConnect launched an IPO in the US.

OneConnect is also building a blockchain-based trade finance platform in association with South Korean firms.

The JV will allow Japanese financial institutions and customers access to OneConnect’s cloud-based and AI-driven financial services. This will be helpful in the digitalization of banking services in Japan.

OneConnect currently operates in 10 nations, including Hong Kong, Singapore, Thailand, Indonesia, Cambodia, and South Korea.

SBI Holding plans to establish a technology-driven bank that will be the fourth-largest bank in Japan.

SBI Group President Yoshitaka Kitao said that the JV would be “Key to regional revitalization in Japan.”

OneConnect combines financial expertise of its parent Ping An Insurance group with cloud technology and AI to provide solutions for the digitalization of financial services. The company provides solutions for sales, marketing, risk management, customer services, and operations.

OneConnect’s solutions help their clients generate more revenue, improve efficiency, and reduce costs.