OneConnect Wins "Financial Technology Development Award" by the People's Bank of China
Recently, the People's Bank of China officially announced the winners of the "2022 Financial Technology Development Award" (hereinafter referred to as the "FinTech Award"). The "Financial Data Privacy Computing Platform" project, jointly submitted by Ping An Group and OneConnect, won the second prize.
As the digital economy era progresses, data has become a core production element, making its compliance, security, and usability more crucial. Against this backdrop, the "Financial Data Privacy Computing Platform" emerged, becoming a new engine for secure data sharing in the data element market. This platform not only meets the needs for data security protection and multi-party data sharing but also leverages privacy computing technology to build a compliant and secure data sharing platform.
The platform utilizes core technologies such as anonymous queries, joint statistics, and federated learning within privacy computing to effectively create multiple data application scenarios, including information querying, joint statistical calculations, and joint modeling. It effectively addresses the critical challenge of data silos among institutions, providing financial institutions with more feasible pathways and significantly enhancing the value of data usage.
Currently, the "Financial Data Privacy Computing Platform" has been widely applied in financial supervision, risk control, and marketing scenarios. Particularly in financial supervision, it has successfully implemented applications such as blacklist sharing, credit risk prevention, associated loan analysis, and green finance management services. With the promotion led by various branches of the People's Bank of China, over 50 financial institutions have participated in the pilot. During the project's construction, more than 150 patents related to privacy computing technology were applied for, with 6 patents authorized, 3 software copyrights formed, and over 20 papers published in top domestic and international conferences and journals.
Moreover, the successful implementation of the platform has provided financial institutions with more stable, efficient, and autonomously controllable privacy computing services and industry-level solutions. This has reduced human resource investment in financial risk control and improved marketing efficiency, supporting the digital transformation of financial institutions in multiple ways and achieving the strategic goal of cost reduction and efficiency improvement.
The FinTech Award is the only ministerial-level technology award in China's financial industry, established by the People's Bank of China in 1992 to recognize outstanding domestic technological innovation achievements. Previously, the "Intelligent Bank One-Stop System Platform," led by Ping An Group and developed by OneConnect, won the second prize of the 2021 FinTech Award. This second-time recognition is not only an affirmation of the project team but also a high recognition of OneConnect's innovative practices in the field of data security sharing.
The successful practice of the "Financial Data Privacy Computing Platform" highlights its significant role in the data element market. In the future, OneConnect will further explore the practical business scenarios of privacy computing in financial supervision and enterprise operations, leveraging data and technology to cultivate new productivity in finance, support the innovation and development of financial technology, and contribute to the high-quality development of the financial industry.
