Ping An’s Blockchain Wing Eying for a New York IPO

OneConnect, the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term arm of Chinese insurance giant Ping An, is planning for an initial public offering (IPO) in New York in mid-November, Reuters reported.

Citing an anonymous source, the publication reported that the company is aiming to raise $1 billion from the stock market debut, which will put the valuation of the company at $8 billion.

Though not officially confirmed, Reuters also stated that the company hoped to list its shares by the end of this month.

Ping An Insurance Group Co of China is the largest insurance company in the country in terms of market value. Its fintech wing, OneConnect, offers several services including a blockchain infrastructure to its clients.

A reputable company providing blockchain solutions

Founded in 2015, the company is deep-pocketed and has attracted funding of around $650 million to date, according to CrunchBase. It also gained the attention of Japanese giant SoftBank and received funds from its vision fund.

According to Chinese local media 8BTC, OneConnect has provided services to over 200 banks, 200,000 enterprises, and 500 banks.

The company launched its blockchain platform last year to cope up with the changing trend in the technology market. Its blockchain solutions can be used in five ecospheres and 14 application scenarios, including finance, real estate, automobile, medical treatment, and smart city.

The company claims that its FiMAX blockchain technology can handle up to 50,000 transactions per second with a latency of fewer than 0.5 seconds. It also boasts about its zero-knowledge proof algorithm which guarantees the security of data stored on the blockchain.

It also partnered with the Hong Kong Monetary Authority (HKMA) to build a blockchain-based trade finance platform called eTradeConnect and also received a virtual banking license from HKMA for its operations in Hong Kong.