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OneConnect Co-Founds Dual Carbon Innovation Laboratory Initiating Development of ESG-Focused Blockchain Applications

Published: 2022-03-31 07:51:00 ET

SHENZHEN, China, March 31, 2022 /PRNewswire/ -- OneConnect Financial Technology Co. Ltd. ("OneConnect" or the "Company") (NYSE: OCFT), a leading Technology-as-a-Service provider for financial institutions announces the launch of the Innovation Laboratory of Carbon Emission Governance Blockchain and Energy Technology (the "Dual Carbon Innovation Laboratory"). Founding members include OneConnect, China Mobile Research Institute, China Quality Certification Centre and Sinochem Environment holding Co. Ltd. At the same time, the White Paper on Blockchain Empowering "Carbon Peaking and Carbon Neutrality" co-edited by OneConnect, has been officially released discussing Blockchain as a Service across various scenarios such as carbon emission reduction, carbon trading and carbon supervision.

Dual Carbon was first written in the Report on the Work of the Chinese Government in 2021 which marks the strategic development direction for the country.

The Dual Carbon Laboratory aims to explore how to deeply integrate blockchain technology and the Dual Carbon economy. As a Technology-as-a-Service provider for financial institutions, OneConnect has world-leading technology capabilities for financial services in AI, Big Data Analytics, Blockchain and Financial Cloud. With expertise in blockchain technology and substantial experience accumulated in Dual Carbon development, the Company is cooperating with members to create standardized products in "Blockchain and Energy/ Dual Carbon" to help meet Dual Carbon Goals and contribute to ESG development.

Blockchain Technology will play a key role in promoting Dual Carbon. For example, the industry has to live up to carbon emission inspections. It is necessary to ensure the authenticity, credibility and effectiveness of basic data. The distributed ledger made possible by blockchain technology is incorruptible and can provide a technical basis for reporting, evaluation, verification and auditing among different institutions.

On the other hand, a carbon trading platform based on a blockchain will support point-to-point and business-to-business trading services and will promote fast, credible and automatic transactions. Such technologies can effectively improve the reliability and credibility of data processing of business flow and settlement. The consensus mechanism based on intelligent contracts can further support flexible transaction rules

Looking to the future, OneConnect will continue to explore application scenarios for achieving "Dual Carbon" within the finance sector, including in the creation of a structural carbon-reduction monetary tool with the People's Bank of China and help banks collect and manage carbon emissions-related reduction data through the dual carbon management platform such that banks can accurately invest funds and effectively implement ESG targets.

Note to Editor: White Paper on Blockchain Empowers "Carbon Peaking and Carbon Neutrality" (Chinese Only) download link

About OneConnect Financial Technology Co. Ltd

OneConnect is an associate of Ping An Group (2318.HK; 601318.SS). The company is a Technology-as-a-Service provider for financial institutions, which listed at New York Stock Exchange (OCFT.US) in 2019. The Company is a Chinese national high-tech enterprise. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business solutions to financial institutions. The Company' solutions enable its customers' digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks. OneConnect is an associate of Ping An Group. By leveraging Ping An Group's over 30 years of extensive experience in financial services. The Company has established long-term cooperation with financial institutions to addresses their needs of digital transformation. The integrated solutions and platform the Company provide include Digital Banking, Digital Insurance and Gamma Platform, which is a technology infrastructure platform for financial institutions. OneConnect has also expanded its services to government, regulatory and enterprises to support the digital transformation of financial services eco-system. In addition, the Company has successfully exported "Made in China" technology solutions to overseas financial institutions.

OneConnect has world-leading technology capabilities for financial services in AI, Big Data Analytics, Blockchain and Financial Cloud. As of December 31, 2021, The Company has submitted 5,652 global patent applications, increased 816 applications year on year. It includes 1,525 overseas patent applications and 4127 domestic patent applications. The Company was ranked among IDC's list of Top 100 Global Fintech Companies (rising to No. 59 in 2021). The Company has won 59 international professional awards, including the BAI Global Innovation Award, 1st prize at the Stanford OMG Micro-Expression Competition and 1st prize in DROP leaderboard "Causal Reasoning in Machine Reading Comprehension" global list and one of KPMG'sChina Top 50 Fintech Companies in 2020, as well as one of Forbes' Top 50 Global Blockchain Companies in 2021. The Company has also been awarded the CMMI5 international certification.

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SOURCE OneConnect

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