Jonathan Larsen, the former global head of retail banking and mortgages at Citi, will lead a new US$1 billion investment fund at Ping An Insurance, specialising in fintech.

Ping An chairman Peter Ma Mingzhe, in a statement, said Larsen will also become Ping An’s chief innovation officer and will look into opportunities in the development of the latest technologies, particularly in the financial sector.

Larsen, according to Ma, will lead Ping An’s campaign toward internationalisation and innovation in its business models.

Ping An, which is widely regarded as a financial conglomerate rather than just a mere insurer, earlier announced it will devote US$1 billion in funds yearly solely for Internet development.