Hoping to capitalise on new technology to grow its business, China’s largest insurer by market value, Ping An, is on the hunt for possible fintech and healthcare assets in the US, Israel and Singapore to use its US$1 billion investment fund.
The ultimate goal of the plan to buy more assets is to make use of acquired technology and expertise in advancing its business in China, according to Jonathan Larsen, Ping An Group’s chief technology officer and chairman of the fund.
Larsen explained that the objective of the fund is strategic in that it will be used to search for capabilities, ideas, business models, and technologies that will prove valuable to Ping An.
The Shenzhen-based insurer launched the Hong Kong-based Global Voyager Fund in early May as the sole investor.
The insurer, however, did not disclose the nature of companies it wanted to buy.