OneCosmo suite allows financial Institutions and fintechs in the region to build a wide range of digital banking capabilities, gaining flexibility and scalability
ABU DHABI, UAE, Oct. 18, 2022 /PRNewswire/ -- OneConnect Smart Technology (ME) Ltd (OneConnect), the leading technology-as-a-service provider and an associate of Ping An Group, has announced the launch of OneCosmo, a one-stop omni platform for all-in-one digital banking solutions, in the United Arab Emirates (UAE). It was jointly developed with Brazil-based tech company Pismo, one of the fastest-growing banking Software-as-a-Service (SaaS) firms.
OneCosmo allows customers to launch financial products in a matter of weeks due to pre-integrated and pre-configured features. It also enables real-time data streaming for greater insight into consumer behaviour through data analysis. OneCosmo is a flexible and microservices-led API driven platform— offering financial institutions the freedom to customise the solutions suite to meet their individual needs. To date, Pismo's technology used in OneCosmo's solutions has been utilised by more than 60 million banking customers growing rapidly on a month-on-month basis.
The launch of OneCosmo is the result of a strategic partnership established in April 2022 by OneConnect and Pismo. Leveraging the Pismo next-generation cloud native SaaS platform, OneCosmo's suite of solutions offers a highly scalable and easily integrable option for banks and financial institutions to build digital banking capabilities. It includes a wide range of services, from digital identity verification and core banking to card issuance, digital wallets, and digital lending. The platform also allows integration across different third-party service providers using highly flexible APIs (Application Programming Interfaces) and microservices.
"The digital banking and digital payment market in the UAE will be growing faster than the global average, within the next five years. Customers have very high expectations of their banks and show a strong appetite for digital banks," said Vishal Dalal, CEO (North America, EMEA and APAC) at Pismo. "With the partnership between Pismo and OneConnect, we are taking to the market the right technology for helping banks and fintechs offer the digital products their customers want."
"Following the success of OneCosmo launch in Asia, we are exhilarated that the solution had garnered tremendous interest from the local financial institutions. Now, together with OneConnect's strategic partner Pismo, we are excited to bring our leading edge technological solutions and professional expertise to the UAE. As the leading Fintech market in the MENA region, along with strong support from the local regulators, the UAE will be a significant market to us." says Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology.
