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OneConnect Financial Technology Co. Ltd. (“OneConnect”, NYSE: OCFT), a leading TaaS company for financial institutions in China, has been appointed by Abu Dhabi Global Market (“ADGM”), the award winning International Financial Centre in Abu Dhabi, to support the development of the ADGM Digital Lab.

The ADGM Digital Lab is a digital platform where financial institutions (“FIs”) and FinTech firms can collaborate, test and develop innovative solutions for the financial services sector, with direct participation from ADGM’s Financial Services Regulatory Authority (“FSRA”).In recent years, digital innovation has become a focal point in Abu Dhabi’s plans and initiatives in building a knowledge-based economy to support economic growth and diversification.

Since its establishment in October 2015, ADGM has led significant efforts in accelerating the digital transformation of the financial services sector in the Middle East.

The Digital Lab is one such initiative to address the key challenges FIs and FinTechs encounter in their ability to deploy and scale innovation.

In particular:– FIs lack access to platforms to test and experiment with prospective FinTech solutions prior to procurement approvals and commercial agreement;– FIs encounter major difficulties and costs to integrate their legacy banking systems with FinTech solutions; and– FinTechs are overburdened with procurement processes and costs incurred each time they interact with the banks.Leveraging the ADGM Digital Lab, FIs such as banks can enable rapid prototyping by:– Replicating their operating systems within the testing environment of the Lab;– Choosing from an ecosystem of FinTech solutions to test new product offerings or replace legacy infrastructure; and– Developing new business models and picking and choosing components from different FinTech providers.Through collaboration between industry and regulators, the Digital Lab aims to create a trusted marketplace for experimentation to build the enablers for the smart financial centre of the future.OneConnect’s collaboration with ADGM on the Digital Lab is its first landing project in the Middle East.

As early as July 22, 2019, OneConnect signed a memorandum of understanding (MoU) with ADGM to jointly promote and develop FinTech innovation, ecosystems and market opportunities that will support and connect the economies in both the Belt-and Road corridor and the Middle East and North Africa region.

Summary In the short term, the impact of COVID-19 on consumer financial services will be analogous to the global financial crisis of 2008-09, creating a period of economic paralysis and leaving a massive hole in banks’ balance sheets.

This report provides an early assessment of the impact of the COVID-19 outbreak on the retail banking, payments, wealth management, and the insurance sectors.

Scope- Banks are preparing for mass channel changes as customers are expected to shun branches- Coronavirus offers unique opportunities for digital teams to ramp up, refine, and prove digital across a much wider range of wealth brackets, age groups, geographies, and use cases.- Increased digital activity brought about by COVID-19 could spur greater adoption of fintech and personal financial management tools.- Consumers will shift from in-store payments to online payments in order to avoid exposing themselves to the virus.- Coronavirus highlights the intricacies of insurance policy wording and the gap in cyber insurance coverage.Reasons to Buy - This report identifies which retail banking markets will be hit hardest by the outbreak of COVID-19.- Details how banks are reacting to the outbreak across different markets.- Identifies which payment companies have the most exposure to POS terminals vs e-commerce.- Explores how consumer payment methods will change and the impact upon the industry.- Identifies which markets and investor types are most exposed to equities and funds.- Discusses strategic options for wealth managers, drawing lessons from the previous global financial crisis.- Highlights the impact of COVID-19 on insurance providers.Get the Complete Report & TOC @ https://www.primemarketreports.com/reports/2385/financial-servicesadaptingthe-coronavirus-outbreak-615Table of contentTable of ContentsRetail BankingPaymentsWealth ManagementInsuranceCONTACT US:North Main Road Koregaon Park, Pune, India - 411001.International: +1(646)-781-7170Asia: +91 9169162030Email: [email protected]

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OVO - Company financial technology or fintech payment OVO product launches financing Micro, Small, and Medium enterprises or SMES named DanaTara.

Based on BPS data, the contribution of SMES in GDP has already reached 60% and absorb 97,22% of the workforce nationally.

However, the penetration of financing in SMES is still low.

The low penetration of financing influenced by the limited access to financial services and financial literacy are not evenly distributed.

(Read: Grab Will Browse the Insurance Market to Finance in Indonesia in 2020)

DanaTara already available for the activists of the SMES that are incorporated in the e-commerce platform such as Tokopedia, Lazada, Shopee and BukaLapak.