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    Chinese Insurance Titan PingAm's AI and Blockchain Arm, OneConnect, Files For $100M IPO In The US

    OneConnect Financial Technology has been seeking out use cases for their technology. However, with the launch of their IPO, the company will soon be able to get involved with real estate, healthcare, and other sectors beyond finance.

    • OneConnect chose to file their IPO in New York in an effort to secure higher valuation.
    • OneConnect is the blockchain and fintech unit of Pin An.

    OneConnect Financial Technology has been expanding on their fintech strategy with the development of Ai, big data, and blockchain technology. According to new reports from The Block, the Shenzhen-based company has recently filed for an initial public offering in the United States. OneConnect Financial Technology is the blockchain and fintech unit of Ping An, the latter of which has filed for the second-most blockchain patents in China.

    The filing revealed a $147 million net loss on revenue of $218 million through September 2019 this year. Once listed, the brand will be listed under OCFT. While the filing with the SEC called for a $100 million target raise, there’s a chance that the figure could be pushed higher.

    Previously, reports by Reuters revealed in September that OneConnect was considering New York for the IPO, hoping that their value would be higher than if the IPO was to be pursued in Hong Kong. At the time, the company was working to raise $1 billion through the IPO, valued at $8 billion. Morgan Stanley, Goldman Sachs, JPMorgan, HSBC, and others are included as underwriters of the IPO.

    Now, OneConnect is in charge of operating FiMAX, a proprietary blockchain that the Hong Kong Monetary Authority launched for the creation of the eTradeConnect blockchain trade finance platform. The company also has eight dedicated research institutes and 50 technology labs under them, working across multiple financial services industries.

    The white paper of OneConnect shows the current projects that the company has, along with the future products that they plan to launch across trade finance, asset securitization, and others. The whitepaper also includes 14 separate use cases that OneConnect can participate in with other sectors, like real estate and healthcare.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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