Chinese online insurer ZhongAn forms offshore arm with Sinolink to up bets on fintech, insurtech globally
China’s biggest online-only insurer says the establishment of its new offshore arm is a response to China’s Belt and Road Initiative
ZhongAn Online Property & Casualty Insurance, China’s first and largest online-only insurer, has teamed up with Hong Kong-listed Sinolink Worldwide Holdings to create an offshore arm to facilitate overseas expansion.
Through the new joint venture, ZhongAn said it aims to increase its investments in financial and insurance technology internationally in response to China’s “Belt and Road Initiative” that encourages Chinese firms to go global.
ZhongAn Tech, the insurer’s technology unit, has signed an agreement with Sinolink to create the joint venture, ZhongAn Online said on Sunday evening. Sinolink is an investment holding company mainly involved in the property sector.
“It will be ZhongAn Technology’s platform for international development for the purpose of exploring international business development, collaboration and investment opportunities in the areas of fintech and insurtech in overseas market,” the statement said.
“It’s in response to the One Belt One Road policy initiated by the PRC government.”
The Belt and Road strategy was first proposed by Chinese President Xi Jinping in 2013 to rekindle the historic Silk Road trading routes and create a blueprint for future global economic development.