Ping An Insurance to tap overseas markets

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Ping An Insurance (Group), China’s second largest life insurer, plans to expand into overseas markets and export its financial and health-care technologies to Asian countries in the next year, according to deputy chief executive Jessica Tan Sin-yin.

“We will expand into overseas markets this year. Ping An has invested and developed a lot of fintech and healthtech projects over recent years. These technology businesses are now mature enough for us to export into overseas markets,” Tan said in an interview in Hong Kong.

The company said last week technology has for the first time become a key earnings contributor, representing 7 percent of its operating profit in the first half of this year.

Ping An would expand its fintech company OneConnect to serve central banks and other financial institutions in Asian countries. As a platform, the Hong Kong Monetary Authority (HKMA), HSBC and Standard Chartered are among its early adopters.

Besides HKMA, the company is in talks with other central banks and commercial banks in southeast Asian countries. “We would need to work with regulators and banks as the overseas markets have different regulations from the mainland. We would need to make sure our fintech platform meets with all local regulations,” said Tan.

This article was first published on MoneyCompass.