PAObank and OneConnect Enhance Fraud Detection with AI in Hong Kong

PAObank and OneConnect Team Up to Combat Deepfake Fraud in Hong Kong

In a significant move towards enhancing fraud protection, PAObank Limited, part of Ping An Insurance's expansive group, and OneConnect Financial Technology Co., Ltd., an associate of the same group, have been chosen for the second round of the Hong Kong Monetary Authority's (HKMA) Generative Artificial Intelligence (GenA.I.) Sandbox. This collaboration aims to amplify the detection of deepfake fraud using the latest advancements in artificial intelligence, thereby fortifying traditional banking security practices.

Pioneering Anti-Fraud Strategies

The partnership focuses on developing an "Anti-Fraud Strategy Platform," which seeks to leverage advanced AI tools for the identification and prevention of fraudulent activities. By operating within a controlled environment provided by the HKMA, the two firms will enhance the platform's capabilities to pinpoint deepfake technology effectively.

This innovative platform is powered by sophisticated AI-driven facial recognition technology, enabling real-time verification of user selfies. Its ability to discern forged or artificially created faces is crucial in safeguarding against fraudulent transactions, significantly boosting the bank's overall defenses and risk management protocols.

Mr. Haibin Lin, the Chief Technology Officer of PAObank, expressed pride in their selection for the HKMA's GenA.I. Sandbox cohort. He emphasized the collaborative effort with industry peers and regulators to explore the vast potential of AI responsibly. Through the technological innovations provided by the Ping An Group and OneConnect, PAObank aims to improve its operational efficiency while simultaneously enhancing its capacity to combat deepfake fraud.

Ping An's AI Prowess and Its Impact

Ping An Group has a long-standing commitment to innovation in the field of AI. With a remarkable customer base of approximately 247 million personal clients and over 4 million corporate clients, it possesses extensive data resources that form the backbone of its AI endeavors. As of June 2025, the organization accumulated over 3.2 trillion data points, 310,000 hours of audio recordings, and more than 7.5 billion images, thereby pushing the envelope in the realm of AI capabilities.

In just the first half of 2025, Ping An employed large-scale AI models across over 650 business scenarios, which resulted in 818 million applications, yielding considerable advances in service efficiency and risk mitigation. Noteworthy outcomes include underwriting 94% of life insurance applications in mere seconds and utilizing AI-powered services to address 80% of customer inquiries. Additionally, significant financial savings in property insurance through enhanced fraud prevention mechanisms totaled RMB 6.44 billion.

OneConnect's Frontline Anti-Fraud Solutions

As the exclusive FinTech partner of Ping An, OneConnect plays a pivotal role in the provision of cutting-edge anti-fraud solutions. Their platform, which consists of more than 25 digital components, encompasses facial recognition and deepfake detection functionalities, thereby positioning it to counter sophisticated fraud threats.

OneConnect's technology aligns perfectly with HKMA's e-banking security framework, boasting a remarkable success rate of 99% in combating deepfake-related cases. Having served 214 enterprises across 21 countries by mid-2025, OneConnect has emerged as a trusted partner for numerous traditional retail banks in Hong Kong seeking eKYC and anti-fraud services.

Future Insights and Dedication

Looking ahead, Ping An is steadfast in its mission to further deepen its technological approach to integrated finance and health services. PAObank intends to fully utilize the strengths born from the partnership with the Ping An Group, focusing on improved AI applications in all operational arenas.

Meanwhile, OneConnect is set to enhance its expertise at the intersection of business and technology, solidifying its role as an essential ally for financial institutions navigating digital transformation.

In summary, the alliance between PAObank and OneConnect not only positions them at the forefront of AI applications in the banking sector but also underscores a collective commitment to eradicating financial fraud through innovative technology solutions.