OneConnect Financial Technology Co Ltd (HK:6638) has released an update.
OneConnect Financial Technology Co., Ltd. announces a strategic shift away from Cloud Services starting July 2024 due to reduced economies of scale and a focus on high-value products and overseas expansion. The decision follows a drop in revenue from Cloud Services, which accounted for a significant portion of the company’s income, and is expected to substantially decrease revenue for the second half of 2024. The company, however, maintains its commitment to providing technology solutions to the financial industry, including its solid partnership with Ping An Group, and has experienced growth in overseas third-party customer revenue.
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