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Ping An Insurance to Invest $15B in Blockchain, Healthtech And Fintech

November 08, 2018 01:06:47

Ping An Insurance is cementing its leadership in financial and health technology services by investing $15 billion in technology research and development on blockchain and AI.

Chinese holding conglomerate Ping An Insurance (Group) Company of China, Ltd. announced a plan to invest $15 billion (RMB 100 billion) in technology research and development, including blockchain and AI (artificial intelligence) in the next ten years to solidify its technology leadership in the financial services space.

Jessica Tan, Deputy CEO, COO and CIO of Ping An Group said at the Group’s Investor Day on technology held in Hong Kong on Wednesday:

"Our consistent focus and investment in technology R&D are paying off. We have already established global leadership in the cutting-edge technologies of AI, blockchain and cloud computing, which will be driving innovations in the financial industry for years to come."

Ping An also highlighted its achievements in blockchain during its Investor Day, including its claim of having the most extensive commercial distributed ledger technology (DLT) network in the world. It said blockchain's future is premised on the creation of a single connected system.

To cement its lead in the DLT technology, Ping An said it has the most comprehensive Zero-Knowledge Proof (ZKP) solution capable of delivering <0.05 second response time, with its DLT throughput able to complete nearly 50,000 Transactions Per Second (TPS).

It also has the most significant commercial blockchain platform with 40,000 nodes spread in over 200 banks, 200,000 corporates, and 500 entities.

More importantly, Ping An blockchain platform has been used in numerous real-life scenarios such as China’s OneConnect supply chain finance platform and HK eTradeConnect as well as maintaining a strong team with a group of finance, technology, and IT experts with substantial expertise on the space.

Tan added, "Ping An's strategy is guided by a vision to become a world-leading technology-powered financial services group. In the last decade, the Group has transformed its financial service offerings by using technology to pursue innovation, boost efficiency, cut costs, improve the experience and manage risks. We have deployed our technology commercially in the group, and we are now exporting our technology by offering our solutions to other market players to use."

Ping An also played an essential role in the launch by the Hong Kong Monetary Authority's blockchain-powered trade finance platform that linked 21 banks, including giants Standard Chartered and HSBC, to streamline the $9 tln global trade finance industry.

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Category: News

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