Financial One Account focuses on the innovation and development of global financial technology, and in recent years, overseas business has achieved rapid growth, successfully turning overseas business into a new business growth point. So far, the business of Financial One Account has covered 20 countries and regions including South Africa, Singapore, Thailand, Malaysia, Indonesia, the United Arab Emirates, the Philippines, Vietnam, and has served a total of 186 overseas financial institutions.
From financial data, the overseas expansion of fintech companies has also contributed to new business growth points for the company. Financial One Account's overseas customer revenue in the first quarter of this year increased by 14.8% year-on-year, and its proportion in third-party revenue increased to 20%.
In the past year of 2023, Financial One Account has successfully conducted multiple international businesses in different regions. Taking Southeast Asia as an example, Financial One Stop has made significant progress. In 2023, Financial One Account reached an employee expansion cooperation agreement with SB Finance in the Philippines and successfully signed a letter of intent for the smart credit platform upgrade project with Union Bank of the Philippines (UBX).
What are the advantages of Financial One Account in the competition of financial technology going global? On the one hand, relying on Ping An Group's customer resources and technological strength, Ping An Financial One Account fully leverages Ping An Group's more than 30 years of experience in the financial field. As a leading enterprise in the fintech industry, Ping An of China focuses on its domestic market and has established a global patent strategy in multiple countries such as the United States, Singapore, and Japan. The 2023 Patent Analysis White Paper on the Financial Technology Industry points out that Ping An Insurance of China ranks first in the world in terms of the total number of patent applications in the financial technology industry.
On the other hand, it is the technological and service advantages that Financial One Account itself possesses. The overseas layout of Financial One Account not only includes cooperation with local financial institutions, but also involves multiple aspects such as technology output and customized product services. Through cooperation with local financial institutions, Financial One Account will introduce its advanced financial technology products and solutions to overseas markets, helping local financial institutions improve their technological level and service capabilities. At the same time, Financial One Account also launches customized products and services according to the needs of the local market, ensuring its competitiveness and adaptability in overseas markets.
In addition, Financial One Account also goes deep into the local area and integrates local development. At present, Financial One Account has subsidiaries in Singapore, Indonesia, and Hong Kong, China.