OneConnect partners Pismo on banking software-as-a-service

The new collaboration allows OneConnect to address opportunities in a market expected to reach $34.48 billion by 2028.

OneConnect partners Pismo on banking software-as-a-service

Ping An-associated technology-as-a-service (TaaS) provider, OneConnect, has announced a partnership with software-as-a-service (SaaS) firm, Pismo, allowing it to offer banking SaaS to clients in Southeast Asia and the Middle East.

The firm is currently discussing with Pismo the exact launch date of the new solution, a spokesperson for OneConnect told CorporateTreasurer.

According to a report cited in the release, the global core banking software market is set to reach a $34.48 billion valuation in 2028, with a compound annual growth rate (CAGR) of 18% between 2021 and 2028. Through the new partnership, OneConnect will be able to tap the fast-growing core banking software market in Southeast Asia and the Middle East, the spokesperson said.

“OneConnect continues to seek any business expansion opportunities and is open to partnership from all fields and in different forms,” the spokesperson added. “When there are further plans for expansion, we will announce [them] to the market.”

OneConnect is targetting mid- to small-sized banks with the new solution, the release suggested. Prism’s solution may also be able to integrate within other OneConnect TaaS proprietary products, such as its anti-fraud engines and mobile banking applications, which target large banks looking to digitalise within the region.     

"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,” Vishal Dalal, Pismo CEO for North America, Europe and Asia, said in the release.

Founded in December 2015, OneConnect span out of Chinese financial services group, Ping An Insurance, in 2017. It has been listed on the New York Stock Exchange since 2019.

Last month, OneConnect announced that Ping An Group had purchased 5,344,635 American depositary shares (ADSs) on the open market.