On November 14th, OneConnect Financial Technology Co., Ltd. (referred to as "OneConnect Financial", stock code: New York Stock Exchange OCFT, Hong Kong Stock Exchange 06638) announced its performance for the nine month period ending September 30, 2023.
Data shows that in the first three quarters, Financial One Account achieved a revenue of 2.74 billion yuan and a gross profit of 990 million yuan; The net profit margin attributable to the parent company increased from -21.6% to -10.3%, a significant optimization of 11.3 percentage points compared to the same period in 2022, and the gross profit margin increased by 0.9 percentage points year-on-year to 36.1%.
Shen Chongfeng, Chairman and CEO of Financial One Account, said, "In the first nine months of this year, the company experienced a year-on-year loss reduction of 410 million yuan, with a reduction of 60%. The quality of operations has steadily improved, and the company is steadily moving towards the mid-term goal of achieving a breakeven balance
Recently, the Central Financial Work Conference explicitly proposed to do a good job in five major articles: "technology finance, green finance, inclusive finance, pension finance, and digital finance". As an important component of the digital economy, digital finance provides important support for the development of the digital economy. China Securities News reporter learned that at present, Financial One Account is accelerating the iterative upgrade relying on Ping An Group and self-developed technology, and concentrating resources to create products and solutions that meet the digital transformation needs of financial institutions.
Shen Chongfeng further stated that in the next stage, the company will focus on the upgrading and growth of standardized products, and continue to deepen the "pay as you go" type of business. At the same time, adjustments will be made to the research and development cost structure, including tilting more resources towards the research and development of core flagship products, and steadily increasing the revenue share of new products.
It is worth mentioning that in 2023, the wave of artificial intelligence technology represented by ChatGPT opened up broader imagination space for the digital transformation of the financial industry. The innovation of financial technology has accelerated the digital process and the vigorous development of the digital economy in Southeast Asia. As of the end of September, Financial One Account has served 173 overseas financial institutions from 20 countries and regions, including Singapore, Thailand, Malaysia, Indonesia, the United Arab Emirates, the Philippines, and Vietnam.
On the same day as the financial report was released, Financial One Account also announced that it would sell 100% of its wholly-owned subsidiary "Ping An One Account Bank" to Lujin Holdings Limited for a consideration of HKD 933 million. In response, Shen Chongfeng stated that the sale of Ping An One Account Bank by Financial One Account is in line with the company's overall strategic layout and shareholder interests. The company will continue to focus on its technology positioning and the improvement of technology driven product services in the next stage, committed to steadily promoting deep cooperation with global financial institutions through digital solutions of "two improvements and two reductions". In the future, Financial One Account intends to use the obtained funds as general working capital, including but not limited to improving the company's main business operations, optimizing the allocation of resources for technology products and services, etc.