China’s Ping An Insurance Eyes Blockchain and AI FinTech Healthcare Innovation with $15 Billion Investment
Ping An Insurance Is set to Invest about $15B In Fintech, Blockchain, And Health tech
The $15B (RMS 100 billion) will be invested by the Chinese holding multinational Ping An Insurance in several developments and research technologies. This includes segments like the AI and blockchains for the next ten years. Annually the company invests one percent of its incomes in Fintech and health tech R & D, with US $7 Billion spent over the past decade.
The objective of this financial strategy is to solidify the firm’s role in the financial services space. Jessica Tan, the CEO, CIO and COO of Ping An Insurance group reiterated that the company’s steady focus is to maintain its global leadership role in the blockchain, cloud computing and AI cutting-edge technologies, move that is bearing fruits.
According to Jessica, this will help drive advancements in the financial sector in the coming years in real estate services, auto services, healthcare, and smart city services He spoke this during the Group’s Investors Day on technology held on Wednesday in Hong Kong.
There is a lot to anticipate from the company
He stressed the achievements of Ping An Insurance during the Investor Day, which includes the most far-reaching commercial distributed ledger technology (DLT) on its network, globally. He said the future of blockchain is anchored on the innovations that run on a single connected system.
Besides, he also argued that the company has an all-inclusive Zero-Knowledge Proof (ZKP) solution able to deliver less than 0,005 responses per second while the DLT can complete approximately 50,000 Transactions per second (TPS). The objective of the progress is to again establish a substantial leading role in DLT technologies.
Ping An has a stable commercial blockchain platform with a capacity of 40,000 nodes spread across 200,000 corporates, 500 entities, and 200 banks.
There are so many scenarios in which Ping An blockchain platform is an application in real-life instances. These include HK eTradeConnect, and China’s OneConnect supply chain finance platform. Ping An Insurance maintains a robust team within the group in finance and IT departments endowed with the expertise in the space.
Improvements taking place
Over the last decade, the company has changed its financial services for the better providing technologies that inspire and improve efficiency, and encourage innovations. Such a move has seen Ping An cut costs and boost its risk management. Tan says the company has deployed its technologies on a commercial scale within the group and its now exporting some to other market players for the application.
Ping An played a significant role during the launch of the Hong Kong Monetary authority blockchain-driven trade finance platform. It was able to connect 21 banks like the giant HSBC and Standard Chartered helping restructure the $9Trillion global trade in the finance industry.
While staying innovative in the ecosystem, it aims to engage customers with simple, relevant professional financial services that improve the lives and growth of the business. Ping An has four technology strategies; realizing robust business scenarios, large real-life data, capturing competitive talent and long-term sustainable investments.
Having achieved a 182 million customer base by the end of September last year, its internet user base has also surpassed half a billion generating more than a third of the 33.4 million it's new customers acquired during the first nine months of 2018.