OneConnect Financial Technology, a fintech firm controlled by Chinese insurance group Ping An Insurance, has announced the launch of a joint venture in Japan, in the company’s first attempt to tap into a foreign market after launching an initial public offering (IPO) in the U.S. earlier this month.

The joint venture, named SBI OneConnect Japan and established with Japanese financial service group SBI Holdings, aims to provide Japanese financial institutions with OneConnect’s cloud- and artificial intelligence-driven services to help them navigate the digitization of the banking sector, according to a press release published on the BusinessWire website on Wednesday.

Apart from Japan, OneConnect is also cultivating a presence in South Korea, where it has joined with local companies to build a blockchain-based trade finance platform.

OneConnect, which listed shares on the New York Stock Exchange on Dec. 13, sees major local banks and insurance companies as its top clients in overseas markets, the company’s chairman and CEO Ye Wangchun said in the press release.

OneConnect has expanded globally since 2018, when it opened its Southeast Asia headquarters and research and development center in Singapore. The company also has a presence in Europe and the Middle East.

Also in 2018, OneConnect completed a series A funding round that raised $7.5 billion, bringing in 12 investors including SBI Holdings.

Contact reporter Ding Yi (yiding@caixin.com)

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