Financial

Why OneConnect Financial Technology Rocketed 103.6% Higher in 2020

What happened

Shares of OneConnect Financial Technology (NYSE:OCFT) rocketed 103.6% higher in 2020, according to data provided by S&P Global Market Intelligence. The Chinese fintech player actually had its IPO back in December of 2019, so 2020 marked its first year as a public company. Like many software stocks, OneConnect rocketed higher beginning in April, as investors anticipated the acceleration of the digital economy, which was soon borne out by strong financial results.

Middle-aged Asian man smiles while looking at his laptop.

Image source: Getty Images.

So what

Although the COVID-19 pandemic caused the world economy to plunge into a recession, with financial companies pulling back on lending and other activity, OneConnect still put up impressive numbers, with revenue accelerating throughout the year to last quarter’s impressive 50.7% growth.

OneConnect offers software specifically tailored to Asian financial institutions, across originations, risk management, operations, and cloud back-end services. Chinese financial institutions are relatively under-penetrated in terms of

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Financial technology will play an important role in the country’s economic recovery

Revolut is one of many fintech firms that contribute billions to the UK economy
Revolut is one of many fintech firms that contribute billions to the UK economy

Fintech is a true UK success story, providing 76,500 jobs, 1,600 firms, and £7bn for our economy. There was £4.1bn of venture capital investment in UK fintech firms last year. It is now up to all of us to ensure it remains so.

The importance of fintech is about more than just the hard numbers. Small innovative firms bring energy, ideas and growth to hubs across the UK, contributing to our society in many ways. People will of course understand that new tech-enabled services are transforming the way we buy, sell and manage our money. Indeed, many of these proved crucial as we adapted to the pandemic. But fintech firms are regularly first to embrace new approaches, like the flexible virtual working that businesses of all sizes are now considering well beyond Covid-19. Their dynamism

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