Ping An’s Fintech Subsidiary OneConnect Narrows Net Loss in 2020

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Ding Yi / Feb 04, 2021 06:31 PM / Business & Tech

U.S.-listed OneConnect Financial Technology, a fintech firm controlled by Chinese insurance group Ping An Insurance, slightly trimmed its net loss in 2020, as revenue surged.

Last year, OneConnect narrowed its net loss to 1.4 billion yuan ($217 million) from 1.7 billion yuan in 2019, according to its latest earnings report.

The company’s revenue totaled 3.3 billion yuan last year, representing a year-on-year increase of 42.3%, largely driven by increased demand for its solutions in operation support and its cloud services, the financial report said.

At the end of last year, the Chinese government tightened its grip on domestic fintech firms after an October public speech in which Alibaba founder Jack Ma blasted the country’s financial system for stifling innovation. The speech was widely considered a fuse to a chain of events including the delay of Ant Group’s IPO in Shanghai.

Contact reporter Ding Yi (yiding@caixin.com)

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