OneConnect Financial Technology Indonesia (OTCMKTS:OCFT) Stock Slumps 25% in a Week; Here is Why

OneConnect Financial Technology Indonesia (OTCMKTS: OCFT) is down 25% in a week. The company has partnered with PT. Bank Mayapad International, Tbk to digitize banking services via a comprehensive tech solutions suite from OneConnect.

Market Reaction

On Tuesday, OCFT stock  decreased 2.70% at $2.90 with more than 1.49 million shares, compared to its average volume of 1.45 million shares. The stock has moved within a range of $2.8500 – 2.9799 after opening the trade at $2.95.

Partnership with Indonesia-based Bank Mayapada

Bank Mayapada is a leading private bank in Indonesia with over 216 offices across the country. Through the partnership, the banks seek to digitize the client onboarding process to reduce manual intervention and cut costs while ensuring fast time to revenue by expediting the onboarding process.

The bank chose OneConnect alongside other providers because of its wide domain expertise and standing in providing and implementing digital solutions across Southeast Asia. OneConnect’s solutions will help the bank digitize the processes and comply with the 2018 digital banking rules while ensuring a seamless and secure banking experience for customers. In addition, through the partnership, ONeConnect will offer electronic KYC tech augmented with AI for customer identities validation to the bank. With this partnership, OCFT is worth watching.

Key Quote

Mr Yao Jing, CEO and President Director, PT OneConnect Financial Technology Indonesia, said, “We are honored and excited to be able to bring our strong domain expertise and cutting-edge technological solutions to empower Bank Mayapada in their efforts to digitize their services. It has been apparent that digitalization of bank processes is imperative for financial institutions to thrive, made even more apparent with the ongoing Covid-19 pandemic, and we are glad to be able to play our part in assisting Bank Mayapada in their digital transformation.”

Traders Review

OCFT stock is trading below the 20-Day and 50-Day Moving averages of $3.33 and $3.89 respectively. Moreover, the stock is trading below the 200-Day moving average of $11.11. The stock is down 45% over the past 3-month.

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