OneConnect launches blockchain-based SME financing platform in China

The financing platform for SMEs, supported by OneConnect, was formally launched in China’s Guangdong province. Presently, the platform has access to data from government resources in 213 categories and is generating a corporate profile together with a risk evaluation for over 11 million companies. OneConnect has leveraged its own FinTech in blockchain, artificial intelligence and big data as well as the government’s digital data resources to resolve information asymmetry and provide financing to SMEs. The SME financing platform enables financial institutions to acquire company information in accordance with laws and regulations. The blockchain technology utilised by the platform and the features of information sharing, privacy protection and mutual trust mechanism is beneficial in terms of accuracy and security of the corporate profile.