ZhongAn teams with Sinolink to expand overseas

December 12 2017 by InsuranceAsia News Staff

In its bid to make an offshore arm that will facilitate its expansion abroad, China’s first and biggest internet-only insurer, ZhongAn Online Property & Casualty Insurance, has partnered with Hong Kong-listed Sinolink Worldwide Holdings.

With the new joint venture, ZhongAn hopes to prop up its investments in financial and insurance technology globally as part of response to the “Belt and Road Initiative” that encourages Chinese firms to go global.

ZhongAn Online’s ZhongAn Tech, the insurer’s technology unit, forged the agreement with Sinolink to create the joint venture.

Sinolink is an investment holding company mainly involved in the property sector.

In a statement, the insurer said the holding firm will serve as ZhongAn Tech’s avenue for exploring international business development, collaboration, and investment opportunities in the areas of fintech and insurtech in overseas markets.

The joint venture will raise a total of Rmb110 million (US$16.6 million), the statement said.

MORE FROM: Technology