Tuesday, September 26, 2017

Ping An hunts for fintech, healthtech startups

Ping An Insurance is looking at joint ventures or distribution agreements with early-stage fintech and healthtech startups.

The plan, according to Jonathan Larsen, the chief innovation officer of Ping An’s US$1 billion fund, is to invest between US$10 million and US$30 million in startups.

Larsen told the Wall Street Journal that Ping An is also interested in investing in people it could learn from.

The Chinese insurer recently launched the US$1 billion Global Voyager Fund, its first overseas fund focused on fintech and healthcare.

Ping An has been interested in fintech for several years now. It invested in Lufax, a peer-to-peer lender that is the second-largest company of its kind in China.

Recently, its wholly owned Shanghai-based subsidiary Ping An Health Cloud raised US$500 million in a funding round backed by undisclosed investors.

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