Yesterday, China’s Ping An Insurance announced it has set up Ping An Consumer Finance in Shanghai with a registered capital of RMB 5 billion ($700 million). The new company has been established under Ping Ans’ ‘finance+technology’ strategy and incorporates the Group’s expertise in AI, blockchain and cloud computing.
PingAn said its technology system would underpin the entire consumerfinance business, including customer acquisition, product innovation,credit review, risk management, post-lending management and customerservice. The goal is to create synergy between other group companiesand form a closed-loop financial system.
“AsChina’s first consumer finance company with a ‘technology +finance’ positioning, we will realize digital development bydriving our business with advanced technologies such as AI and cloudcomputing to enhance user experience, and bring more convenience toconsumers whose consumption habits are rapidly upgrading,” saidChen Dongqi, Chairman of Ping An Consumer Finance.
PingAn Consumer Finance has been approved bythe China Banking and Insurance Regulatory Commission. Ping Ancontributed 30% of the company’s registered capital as its largestshareholder. Othershareholders includeHarmonious Splendor, which has a stake in Ping An Puhui EnterpriseManagement, and two technology companies that are linked to LufaxHolding, a peer-to-peer (P2P) lending company associated with Ping AnInsurance.
PingAn has a significant presence in the blockchain space, with 68blockchain patents. It also has 679 AI patents and 48 in cloudcomputing. OneConnect Financial,anAI and blockchain offshootfrom the group,went public on the New York stock exchange last year.
WhileOneConnect is leading the blockchain development for the Group, PingAn is also involved in other projects. A few months ago, Ping Anpartnered with ShenzhenTaxation Bureau todevelop a ‘smart tax’ model using AI, blockchain, and othertechnologies. The Chinese insurance firm is in a partnership with AIservice provider SingularityNET,which uses decentralized LEDGER technology (DLT) for creating,sharing, and monetizing AI services.
