Ping An Insurance aims to take its financial, health-care technologies into new Asian markets

Ping An Insurance (Group), China’s second largest life insurer, plans to expand into overseas markets and export its financial and health-care technologies to Asian countries in the next year, according to deputy chief executive Jessica Tan Sin-yin.

“We will expand into overseas markets this year. Ping An has invested and developed a lot of fintech and healthtech projects over recent years. These technology businesses are now mature enough for us to export into overseas markets,” Tan said in an interview in Hong Kong.

The company said last week technology has for the first time become a key earnings contributor, representing 7 per cent of its operating profit in the first half of this year.

As part of the push, she said Ping An would expand its fintech company OneConnect to serve central banks and other financial institutions in Asian countries. The Hong Kong Monetary Authority (HKMA), the de facto central bank of the city, has become one of its first overseas client.

The HKMA and seven major lenders in Hong Kong including HSBC and Standard Chartered are launching fintech blockchain platforms operated by OneConnect.

OneConnect is one of four major start-ups set up by Ping An in recent years. It provides the technology to set up internet platforms for banks and other financial firms. In the mainland, it already serves 441 banks, 89 per cent of the total.