Smaller banks with little resources are about to get a growth boost with Ping An’s Gamma O open platform.
Gamma O fashions itself as a “technology app store for financial institutions.” OneConnect, a Ping An associate company, launched the “intelligent open platform.” It aims to connect fintechs with financial institutions.
The biggest benefactors will be the smaller banks. The open platform gives them access to new fintech advances to leapfrog their rivals. It also offers a platform to grow their presence as initiatives like the Greater Bay Area kick in.
The Gamma O open platform was built to bring together financial technology professionals of all backgrounds, who can provide innovative thinking, cutting-edge technologies and scene resources, with the goal of furnishing various financial institutions, including small and medium-sized banks, with one-click access to rich technology products and application scenarios, said Ye Wangchun, chairman and CEO of OneConnect.
The platform connects to a large number of cutting-edge financial technology capabilities, responds to constantly changing technical and product requirements, and provides continuous technical momentum for banks seeking transformation, he continued.
Three core values guided its design. First, the platform aims to be a one-stop shop for technology resources. Strict admission controls assure banks a safe and reliable technology service platform. Lastly, it provides a sandbox testing environment to experiment with new app designs.
Gamma O will select outperforming fintechs to incubate every year. Fintech and startup looking to participate can access the incubation program via Hong Kong Cyberport.
Currently, more than 500 technology developers and 300 banks are registered on Gamma O.