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Cornelius Jones 2018-08-16

One of China’s most significant personal financial services groups will preview its “Smart City” project, which will focus on technology and finance in the insurance-providing space.

HONG KONG–(BUSINESS WIRE)–August 17, 2018–

One of China’s largest personal financial service groups, Ping An, is debuting its innovative new Smart City and AI initiatives at next week’s China Smart City Expo in Shenzhen, China.

Through their Smart City initiative, the Ping An will cement its status as a global technology and financial services powerhouse.

Ping An’s Smart City “1+N” platform is based on four core technologies: intelligent cognition, AI, blockchain and cloud technology.

This platform, namely a set of the Smart City Cloud, integrates Ping An’s globally leading innovation technologies, and strongly supports 10 core smart city sectors including: smart administration, insurance, security, transportation, port, financial trade, finance, education, healthcare, real estate, environmental protection, and elderly care.

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0
Thomas Park 2018-08-21
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Ping An Good Doctor to expand medical services platform in Southeast Asia this year -SCMP

What happened: Chinese online healthcare platform Ping An Good Doctor aims to expand its business in Southeast Asia as demand from the region and mainlanders’ medical tourism grow.

The company announced last Tuesday that they will form a venture with the ride-hailing platform Grab, allowing Ping An to provide medical services in the region.

Why it’s important: According to Ctrip, China’s online tourism agency, more than 500,000 outbound medical trips happened in 2016, five times the number in 2015 and the average spending was RMB 50,000, 10 times the cost for the usual individual overseas trips.

Wang Tao, chairman of Ping An Good Doctor, said they expected to start providing services in at least one country and Thailand will be their first choice due to low casts and high-quality medical services of private medical centers.

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0
Joseph Averitt 2018-08-17

One of China’s most significant personal financial services groups will preview its “Smart City” project, which will focus on smart solutions to city operations.

HONG KONG–(BUSINESS WIRE)–August 17, 2018–

Please replace the release dated August 16, 2018 with the following corrected version due to multiple revisions.

PING AN SET TO REVEAL SMART CITY PROJECT

One of China’s most significant personal financial services groups will preview its “Smart City” project, which will focus on smart solutions to city operations.

One of China’s largest personal financial service groups, Ping An, is debuting its innovative new Smart City and AI initiatives at next week’s China Smart City Expo in Shenzhen, China.

collect
0
Carlos Edelstein 2017-06-09
img

HONG KONG—Ping An Insurance (Group) Co. of China Ltd. is using a newly-launched fund to hunt for financial technology and health care-technology investments in the $10 million to $30 million range, a top executive said Friday.

The largest insurer in the world by market capitalization, Ping An will focus on strategic investments in “people we can learn from” with the potential for joint-venture and distribution agreements, Chief...

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0
Ronald Gibson 2019-03-13
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Online Lender Lufax Valued at $39.4 Billion After New Fundraising – Caixin Global

What happened: Ping An Insurance-backed peer-to-peer (P2P) lender Lufax has raised a $1.3 billion Series C, bringing its valuation to $39.4 billion.

Ping An confirmed the funding in its 2018 earnings report on Tuesday.

The funding will go into operations, international expansion, and technological innovation—specifically in areas such as big data, AI, and blockchain, according to a market participant.

Why it’s important: In December, unconfirmed reports suggested that Lufax closed the $1.3 billion funding round at a valuation below expectations.

The fintech company was originally targeting a $40 billion valuation.

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0
Rosalie Lee 2018-08-16
img

Grab is continuing its relentless march towards becoming Southeast Asia’s “superapp.” The region’s leading ride-hailing firm has announced a joint venture with Ping An Good Doctor – a major online healthcare player in China – to provide a number of online healthcare services, including online medical appointments, medicine delivery, and appointment bookings.

The platform will launch in a few countries in the first quarter of 2019, and will use GrabPay to complete transactions.

The new service is developed using GrabPlatform, which is a set of technologies for partners to leverage Grab’s user base, drivers, and technology.

The joint venture aims to solve what it terms “a lack of adequate medical infrastructure in some countries, a rural-urban divide when it comes to the accessibility of doctors, and inefficiencies on the consumer end when needing to see the doctor.”

The press release states that Indonesia has only one physician for nearly 5,000 people, whereas high-income countries have up to three to four doctors for every thousand people.

Grab has rapidly expanded its offerings ever since Uber’s exit from Southeast Asia.

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0
Donald Mansour 2016-05-20

Chinese O2O healthcare services startup, Ping An Health Cloud Co. Ltd., announced a hefty round of Series A funding on Friday.The Ping An Insurance subsidiary raised $500 million USD, putting the company at a valuation of around $3 billion USD.

The development of China s online healthcare industry is still in its early stages, said Tao Wang, the Chairman of Ping An Health Cloud, in an article by NetEase Finance  link in Chinese .

This round of funding will help Ping An Doctor 平安好医生 open the era of internet healthcare 2.0′.

Users can make doctor appointments through the app, pay for private online consulting, purchase medicine, find nearby pharmacies and hospitals, track how many steps they ve taken, post pictures of their gym workouts, and more.According to Ping An Insurance s annual financial report for 2015, Ping An Doctor has partnered with 40,000 external doctors and has about 30 million users.

Last September, WeDoctor announced a $394 million USD round of Series C funding, following a $100 million USD round of funding from Tencent in 2014.Launched in June 2015, Ping An Doctor is just one piece of Ping An Insurance s internet finance ecosystem, which includes Ping An Haoche Ping An Good Car, our translation , an automobile e-commerce services platform, and Ping An Haofang Ping An Good House, our translation , a platform for crowdfunding, trading, renting, and obtaining loans for real estate property.These internet finance businesses are a way to boost Ping An Insurance s customer base and encourage customer migration across the company s various businesses, such as insurance, banking, and asset management.

Ping An Insurance also has a venture capital arm called Ping An Ventures, whose investments include Chinese e-commerce app Mogujie in 2015 and U.S biotech startup 20/20 GeneSystems in January.A spokesperson from Ping An Health Cloud did not respond immediately for a comment.Image credit: Shutterstock.

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0
Emmett Noble 2019-01-09
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China’s ABC Technology has secured a US$30 million series B round of financing from investors including Hong Kong-based Mindworks Venture.

The startup serves clients in the asset management industry with a range of “AI plus finance” products.

The fintech firm has close to 50 corporate clients for its AI-powered cloud service, including Singapore sovereign wealth fund GIC, China’s top insurer Ping An, and the Stock Exchange of Hong Kong.

ABC’s products include financial search service Analyst.ai, class sentiment analysis engine Bond.ai, plus investment and research management platform Modeling.ai.

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0
Danny Knackstedt 2018-12-13
img

Grab has announced an expansion plan to capture millions of smartphone users by offering food delivery and travel services that will take Go-Food and Traveloka head on.

Grab co-founder Hooi Tai Ling said the company will focus its efforts in Indonesia next year.

Its plan includes introducing Booking.com for flight ticket and accommodation booking, and China’s Ping-An Good Doctor for medicine delivery and consultation booking.

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0
Charles Rodriguez 2017-07-16
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Ping An Insurance (Group) plans to accelerate adoption of artificial intelligence technologies across mainland China by bringing its latest advances to other financial services providers, even ahead of the company’s own subsidiaries.

Jessica Tan, chief operating officer at Ping An, said in a press conference on Friday that the strategy would help “level the playing field”, enabling smaller financial services companies to stay competitive in an industry where the country’s internet giants are rapidly expanding.

After pilot testing at Ping An-backed Lufax, the mainland’s biggest peer-to-peer lender, and at subsidiary Ping An Property and Casualty Insurance Company, the group wants to make its so-called voiceprint recognition system available simultaneously to its call centre operation and to other financial institutions.

“We are going to offer it to others even before the rest of the group’s companies,” Tan said.

That would differ from the initial strategy employed by Ping An, operator of the second-largest life insurance business on the mainland, for its facial recognition system that was first deployed at 17 of its 28 subsidiaries.

The group expects voiceprint recognition to enhance how facial recognition has improved the speed and accuracy of identifying financial services customers.

collect
0
Gladys Wiggins 2020-07-18
img
While Samsung’s nifty OneConnect box was initially intended as a standard feature across its QLED range, you’ll now find it on a far smaller fraction of new TVs than in 2019.
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0
Stephen Martinez 2017-07-13
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“Our chairman, Peter Ma Mingzhe, wants to transform the entire group ... into a technology company within 10 years,” Ericson Chan, the chief executive at subsidiary Ping An Technology, told the South China Morning Post.

“Things are happening quite fast, as we’re investing a lot on financial technologies and [other] information technology.”

Ping An Group was founded in Shenzhen in 1988 as the first joint-stock insurance company on the mainland.

It has 138 million customers and operates 28 subsidiaries, including China Ping An Life Insurance – the country’s second-largest life insurer by premium size.

In 2008, the group established Ping An Technology as an in-house provider of information technology services for all its operations.

That role has quickly evolved over the past few years, according to Chan.

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0
Gladys Wiggins 2018-01-25
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Ping An Technology, a Ping An Group subsidiary, has launched its first fintech accelerator in partnership with SparkLabs Group, a leading accelerator network in Asia, according to the company’s press release.

The fintech accelerator will be jointly operated by SparkLabs and Ping An Technology.

According to the company statement, the accelerator program will soon begin accepting applications from all around the world and will select ten fintech companies to join its first batch.

The program will provide seminars, hands-on mentorship, and the selected companies will have access to corporate networks, resources, and perks such as Ping An Technology Cloud credits.

“Ping An Technology is the incubator of new technologies for Ping An Group.

This accelerator forms a critical part of our incubation ecosystem,” said Ericson Chan, CEO of Ping An Technology.

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0
Kristie Hernandez 2019-10-25
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Profits for China’s largest insurer Ping An Insurance Group increased 63.2% during the first three quarters of the year compared with the same period in 2018, according to its earnings released on Thursday.

However, share prices fell as investors reacted to slowing growth in its core insurance business.

Why it matters: In addition to its main insurance business, Ping An has been eager to rebrand itself as a tech-driven financial service provider.

The development of technology-based services has been a key focus over the past few years, yet the payoff has been slow in coming.

“Under the ‘finance + technology’ and ‘finance + ecosystem’ strategies, Ping An will proactively develop its five ecosystems, increase [research and development] R & D investment, promote data-driven smart management, and offer excellent products and services to customers… Ping An will strive to become a world-leading technology-powered retail financial services group.”

—Peter Ma, chairman and CEO of Ping An Insurance Group

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0
Michael Hurlock 2019-03-14
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Chinese peer-to-peer (P2P) lender Lufax is not in a hurry to list on the stock markets, said an executive of its biggest shareholder, Ping An Insurance, during its earnings call, Chinese media reported (in Chinese) on Wednesday.

Ping An Insurance Group deputy CEO Jessica Tan said after Lufax’s latest round of funding, Ping An still holds approximately 41% of its shares.

Lufax has access to enough capital and so it has the flexibility to choose the time and place of its initial public offering (IPO).

Tan said the online lending platform is not “under urgent pressure to announce its IPO plans” (our translation).

Ping An confirmed rumors of Lufax’s $1.3 billion Series C in its annual financial report on Tuesday, an investment which bumped the company’s valuation to more than $39.4 billion—just short of its original $40 billion target.

Lufax has 40.35 million registered users as of December, a 19.3% increase from the beginning of the year, according to the report.

collect
0
Corey Matthew 2016-08-10

SYDNEY— Telstra Corp. TLSYY -0.28 % said it will invest 3 billion Australian dollars US$2.31 billion to upgrade its networks over the next three years, as it tries to woo customers following a series of network outages.

Australia s biggest telecommunications company also outlined plans to buy back A$1.5 billion of its shares, after net profit surged on its sale of a minority stake in Chinese online business Autohome.

The Melbourne-based company on Thursday reported net profit rose 37% to A$5.78 billion in the last fiscal year ended June 30, from A$4.23 billion a year earlier.

Telstra Chief Executive Andrew Penn said he expects Telstra s capital spending to sales ratio in each of the next three financial years to increase to about 18%, the highest since the fiscal year ended June 2009 when Telstra was building up its 3G network.

Our customers and our networks are our biggest assets.

Telstra, which sold a 47% stake in Autohome to China s Ping An Insurance 601318 0.71 % for US$1.6 billion in June, earlier said it planned to use most of the proceeds to fund a capital management program.

collect
0
Cornelius Jones 2018-08-16

One of China’s most significant personal financial services groups will preview its “Smart City” project, which will focus on technology and finance in the insurance-providing space.

HONG KONG–(BUSINESS WIRE)–August 17, 2018–

One of China’s largest personal financial service groups, Ping An, is debuting its innovative new Smart City and AI initiatives at next week’s China Smart City Expo in Shenzhen, China.

Through their Smart City initiative, the Ping An will cement its status as a global technology and financial services powerhouse.

Ping An’s Smart City “1+N” platform is based on four core technologies: intelligent cognition, AI, blockchain and cloud technology.

This platform, namely a set of the Smart City Cloud, integrates Ping An’s globally leading innovation technologies, and strongly supports 10 core smart city sectors including: smart administration, insurance, security, transportation, port, financial trade, finance, education, healthcare, real estate, environmental protection, and elderly care.

Joseph Averitt 2018-08-17

One of China’s most significant personal financial services groups will preview its “Smart City” project, which will focus on smart solutions to city operations.

HONG KONG–(BUSINESS WIRE)–August 17, 2018–

Please replace the release dated August 16, 2018 with the following corrected version due to multiple revisions.

PING AN SET TO REVEAL SMART CITY PROJECT

One of China’s most significant personal financial services groups will preview its “Smart City” project, which will focus on smart solutions to city operations.

One of China’s largest personal financial service groups, Ping An, is debuting its innovative new Smart City and AI initiatives at next week’s China Smart City Expo in Shenzhen, China.

Ronald Gibson 2019-03-13
img

Online Lender Lufax Valued at $39.4 Billion After New Fundraising – Caixin Global

What happened: Ping An Insurance-backed peer-to-peer (P2P) lender Lufax has raised a $1.3 billion Series C, bringing its valuation to $39.4 billion.

Ping An confirmed the funding in its 2018 earnings report on Tuesday.

The funding will go into operations, international expansion, and technological innovation—specifically in areas such as big data, AI, and blockchain, according to a market participant.

Why it’s important: In December, unconfirmed reports suggested that Lufax closed the $1.3 billion funding round at a valuation below expectations.

The fintech company was originally targeting a $40 billion valuation.

Donald Mansour 2016-05-20

Chinese O2O healthcare services startup, Ping An Health Cloud Co. Ltd., announced a hefty round of Series A funding on Friday.The Ping An Insurance subsidiary raised $500 million USD, putting the company at a valuation of around $3 billion USD.

The development of China s online healthcare industry is still in its early stages, said Tao Wang, the Chairman of Ping An Health Cloud, in an article by NetEase Finance  link in Chinese .

This round of funding will help Ping An Doctor 平安好医生 open the era of internet healthcare 2.0′.

Users can make doctor appointments through the app, pay for private online consulting, purchase medicine, find nearby pharmacies and hospitals, track how many steps they ve taken, post pictures of their gym workouts, and more.According to Ping An Insurance s annual financial report for 2015, Ping An Doctor has partnered with 40,000 external doctors and has about 30 million users.

Last September, WeDoctor announced a $394 million USD round of Series C funding, following a $100 million USD round of funding from Tencent in 2014.Launched in June 2015, Ping An Doctor is just one piece of Ping An Insurance s internet finance ecosystem, which includes Ping An Haoche Ping An Good Car, our translation , an automobile e-commerce services platform, and Ping An Haofang Ping An Good House, our translation , a platform for crowdfunding, trading, renting, and obtaining loans for real estate property.These internet finance businesses are a way to boost Ping An Insurance s customer base and encourage customer migration across the company s various businesses, such as insurance, banking, and asset management.

Ping An Insurance also has a venture capital arm called Ping An Ventures, whose investments include Chinese e-commerce app Mogujie in 2015 and U.S biotech startup 20/20 GeneSystems in January.A spokesperson from Ping An Health Cloud did not respond immediately for a comment.Image credit: Shutterstock.

Danny Knackstedt 2018-12-13
img

Grab has announced an expansion plan to capture millions of smartphone users by offering food delivery and travel services that will take Go-Food and Traveloka head on.

Grab co-founder Hooi Tai Ling said the company will focus its efforts in Indonesia next year.

Its plan includes introducing Booking.com for flight ticket and accommodation booking, and China’s Ping-An Good Doctor for medicine delivery and consultation booking.

Gladys Wiggins 2020-07-18
img
While Samsung’s nifty OneConnect box was initially intended as a standard feature across its QLED range, you’ll now find it on a far smaller fraction of new TVs than in 2019.
Gladys Wiggins 2018-01-25
img

Ping An Technology, a Ping An Group subsidiary, has launched its first fintech accelerator in partnership with SparkLabs Group, a leading accelerator network in Asia, according to the company’s press release.

The fintech accelerator will be jointly operated by SparkLabs and Ping An Technology.

According to the company statement, the accelerator program will soon begin accepting applications from all around the world and will select ten fintech companies to join its first batch.

The program will provide seminars, hands-on mentorship, and the selected companies will have access to corporate networks, resources, and perks such as Ping An Technology Cloud credits.

“Ping An Technology is the incubator of new technologies for Ping An Group.

This accelerator forms a critical part of our incubation ecosystem,” said Ericson Chan, CEO of Ping An Technology.

Michael Hurlock 2019-03-14
img

Chinese peer-to-peer (P2P) lender Lufax is not in a hurry to list on the stock markets, said an executive of its biggest shareholder, Ping An Insurance, during its earnings call, Chinese media reported (in Chinese) on Wednesday.

Ping An Insurance Group deputy CEO Jessica Tan said after Lufax’s latest round of funding, Ping An still holds approximately 41% of its shares.

Lufax has access to enough capital and so it has the flexibility to choose the time and place of its initial public offering (IPO).

Tan said the online lending platform is not “under urgent pressure to announce its IPO plans” (our translation).

Ping An confirmed rumors of Lufax’s $1.3 billion Series C in its annual financial report on Tuesday, an investment which bumped the company’s valuation to more than $39.4 billion—just short of its original $40 billion target.

Lufax has 40.35 million registered users as of December, a 19.3% increase from the beginning of the year, according to the report.

Thomas Park 2018-08-21
img

Ping An Good Doctor to expand medical services platform in Southeast Asia this year -SCMP

What happened: Chinese online healthcare platform Ping An Good Doctor aims to expand its business in Southeast Asia as demand from the region and mainlanders’ medical tourism grow.

The company announced last Tuesday that they will form a venture with the ride-hailing platform Grab, allowing Ping An to provide medical services in the region.

Why it’s important: According to Ctrip, China’s online tourism agency, more than 500,000 outbound medical trips happened in 2016, five times the number in 2015 and the average spending was RMB 50,000, 10 times the cost for the usual individual overseas trips.

Wang Tao, chairman of Ping An Good Doctor, said they expected to start providing services in at least one country and Thailand will be their first choice due to low casts and high-quality medical services of private medical centers.

Carlos Edelstein 2017-06-09
img

HONG KONG—Ping An Insurance (Group) Co. of China Ltd. is using a newly-launched fund to hunt for financial technology and health care-technology investments in the $10 million to $30 million range, a top executive said Friday.

The largest insurer in the world by market capitalization, Ping An will focus on strategic investments in “people we can learn from” with the potential for joint-venture and distribution agreements, Chief...

Rosalie Lee 2018-08-16
img

Grab is continuing its relentless march towards becoming Southeast Asia’s “superapp.” The region’s leading ride-hailing firm has announced a joint venture with Ping An Good Doctor – a major online healthcare player in China – to provide a number of online healthcare services, including online medical appointments, medicine delivery, and appointment bookings.

The platform will launch in a few countries in the first quarter of 2019, and will use GrabPay to complete transactions.

The new service is developed using GrabPlatform, which is a set of technologies for partners to leverage Grab’s user base, drivers, and technology.

The joint venture aims to solve what it terms “a lack of adequate medical infrastructure in some countries, a rural-urban divide when it comes to the accessibility of doctors, and inefficiencies on the consumer end when needing to see the doctor.”

The press release states that Indonesia has only one physician for nearly 5,000 people, whereas high-income countries have up to three to four doctors for every thousand people.

Grab has rapidly expanded its offerings ever since Uber’s exit from Southeast Asia.

Emmett Noble 2019-01-09
img

China’s ABC Technology has secured a US$30 million series B round of financing from investors including Hong Kong-based Mindworks Venture.

The startup serves clients in the asset management industry with a range of “AI plus finance” products.

The fintech firm has close to 50 corporate clients for its AI-powered cloud service, including Singapore sovereign wealth fund GIC, China’s top insurer Ping An, and the Stock Exchange of Hong Kong.

ABC’s products include financial search service Analyst.ai, class sentiment analysis engine Bond.ai, plus investment and research management platform Modeling.ai.

Charles Rodriguez 2017-07-16
img

Ping An Insurance (Group) plans to accelerate adoption of artificial intelligence technologies across mainland China by bringing its latest advances to other financial services providers, even ahead of the company’s own subsidiaries.

Jessica Tan, chief operating officer at Ping An, said in a press conference on Friday that the strategy would help “level the playing field”, enabling smaller financial services companies to stay competitive in an industry where the country’s internet giants are rapidly expanding.

After pilot testing at Ping An-backed Lufax, the mainland’s biggest peer-to-peer lender, and at subsidiary Ping An Property and Casualty Insurance Company, the group wants to make its so-called voiceprint recognition system available simultaneously to its call centre operation and to other financial institutions.

“We are going to offer it to others even before the rest of the group’s companies,” Tan said.

That would differ from the initial strategy employed by Ping An, operator of the second-largest life insurance business on the mainland, for its facial recognition system that was first deployed at 17 of its 28 subsidiaries.

The group expects voiceprint recognition to enhance how facial recognition has improved the speed and accuracy of identifying financial services customers.

Stephen Martinez 2017-07-13
img

“Our chairman, Peter Ma Mingzhe, wants to transform the entire group ... into a technology company within 10 years,” Ericson Chan, the chief executive at subsidiary Ping An Technology, told the South China Morning Post.

“Things are happening quite fast, as we’re investing a lot on financial technologies and [other] information technology.”

Ping An Group was founded in Shenzhen in 1988 as the first joint-stock insurance company on the mainland.

It has 138 million customers and operates 28 subsidiaries, including China Ping An Life Insurance – the country’s second-largest life insurer by premium size.

In 2008, the group established Ping An Technology as an in-house provider of information technology services for all its operations.

That role has quickly evolved over the past few years, according to Chan.

Kristie Hernandez 2019-10-25
img

Profits for China’s largest insurer Ping An Insurance Group increased 63.2% during the first three quarters of the year compared with the same period in 2018, according to its earnings released on Thursday.

However, share prices fell as investors reacted to slowing growth in its core insurance business.

Why it matters: In addition to its main insurance business, Ping An has been eager to rebrand itself as a tech-driven financial service provider.

The development of technology-based services has been a key focus over the past few years, yet the payoff has been slow in coming.

“Under the ‘finance + technology’ and ‘finance + ecosystem’ strategies, Ping An will proactively develop its five ecosystems, increase [research and development] R & D investment, promote data-driven smart management, and offer excellent products and services to customers… Ping An will strive to become a world-leading technology-powered retail financial services group.”

—Peter Ma, chairman and CEO of Ping An Insurance Group

Corey Matthew 2016-08-10

SYDNEY— Telstra Corp. TLSYY -0.28 % said it will invest 3 billion Australian dollars US$2.31 billion to upgrade its networks over the next three years, as it tries to woo customers following a series of network outages.

Australia s biggest telecommunications company also outlined plans to buy back A$1.5 billion of its shares, after net profit surged on its sale of a minority stake in Chinese online business Autohome.

The Melbourne-based company on Thursday reported net profit rose 37% to A$5.78 billion in the last fiscal year ended June 30, from A$4.23 billion a year earlier.

Telstra Chief Executive Andrew Penn said he expects Telstra s capital spending to sales ratio in each of the next three financial years to increase to about 18%, the highest since the fiscal year ended June 2009 when Telstra was building up its 3G network.

Our customers and our networks are our biggest assets.

Telstra, which sold a 47% stake in Autohome to China s Ping An Insurance 601318 0.71 % for US$1.6 billion in June, earlier said it planned to use most of the proceeds to fund a capital management program.