SHANGHAI--(BUSINESS WIRE)--Fifteen years ago shortly after Yiming Fei (Michael Fei) entered McKinsey, he was involved in a project of Ping An Group, which would one day unexpectedly develop into a financial technology empire.
He has spent half of his career in the banking sector. In 2001, during the prime of his youth, he joined HSBC. After leaving McKinsey as its Global Associate Director, he served in a series of roles including the Chief Operating Officer (COO) and Risk Management Manager of UBS Securities Wealth Management, the Assistant President of CFLD, and the Strategic Director and Financial Market Director of Langfang Bank. In December 2017, he joined OneConnect and now serves as Board Secretary and CEO of Enterprise Financial Service Division.
Joining Langfang Bank was the most surprising choice he made in his career. He believed that with years of valuable experience, he could lead the team in proposing effective measures for Langfang Bank. Under his leadership, Langfang Bank’s assets surged from 30 billion yuan to more than 200 billion yuan within three years. The bank’s credit rating was also upgraded, thanks to the bold exploration and innovation for digital business and marketing transformation that Michael brought.
Return to hometown
He chose to leave Langfang Bank in November 2017 as it was rapidly growing. McKinsey, his former employer, once again sought him out but he chose to join OneConnect. At that time, though financial technology was on the rise, there was stiff competition in the industry.
Michael smiles as he explains that his choice was very reasonable since he was born in Shanghai. More importantly, he still wanted to do something practical. When he was first exposed to Ping An’s project while at McKinsey, it had already piqued his interest. He wants to solve the pain points of not only Langfang Bank, but also millions of small and medium banks.
Technology + business--"two hands" of OneConnect
Hannah Qiu, the co-general manager of OneConnect, recently stressed: "OneConnect is a technology company born out of the financial group." According to Michael Fei, research personnel accounts for half of its total workforce. Technology makes up a part of OneConnect, the other is a process of gradual exploration. In 2016, they tested whether the model of providing financial solutions for small and medium-sized financial institutions was feasible. In 2017, based on their experiences and lessons, they gradually developed the 'technical + business' model, which charges fees by transaction volume. New and innovative，however，this model was best suited for their customers in the financial field.
Michael Fei: “Based on the observation of small and medium-sized banks and the development of the whole industry chain, OneConnect will start from the front end of the scene to help customers specify the entry points and the risks, then embed end-to-end technology solutions such as AI-based auditors and blockchain-based technologies to break through supply chain finance when customers want to enter an unfamiliar scene."
To better serve small and medium-sized banks, OneConnect has established the IFAB (Internet Finance Association of Small and Medium-sized Banks) in which small and medium-sized banks can participate in capital chains. IFAB gets through all logistical, business, and transactional links，and guarantee information authenticity and reliability through multi-party authentication.
OneConnect is a leading Fintech SaaS provider of advanced technology-enabled business solutions to small and medium-sized financial institutions. Solutions are based on the world-class technologies including AI, Blockchain, Cloud platform, and Biometrics Identification. Currently, OneConnect has 101 products in four business disciplines including Digital Banking Solutions, Digital Insurance Solutions, Digital Investment Solutions, and SaaS Cloud Platform, covering sales, product development, risk management, operations and technology. OneConnect is a comprehensive Fintech solution provider that has coverage of all major financial industries as well as front, middle and back office functions.