Ping An Teams up with Japan’s SBI Holdings to Launch Fintech Joint Venture

55

Chinese financial conglomerate Ping An Insurance (Group) has entered an agreement with Japanese financial services giant SBI Holdings to launch a fintech joint-venture in Tokyo.

SBI announced on 19 December that it was teaming up with Ping An to establish SBI OneConnect Japan, with the goal of helping Japanese banks to raise their operational efficiency by means of fintech solutions.

SBI OneConnect Japan is headquartered in Tokyo and is capitalised at 210 million yen. SBI Holdings has a 60% stake in the fintech joint-venture.

Ping An’s fintech subsidiary OneConnect Financial Technology listed in the US last week to raise around USD$312 million, for a dramatic decline compared to previous fund-raising targets.

SBI Group as well as Japan’s SoftBank are also key investors in OneConnect.

Related stories

Ping An Group En­ters Strate­gic Fin­tech Part­ner­ship with In­ter­net of Things Firm

Ping An Fin­tech Ve­hi­cle OneCon­nect Halves State­side IPO Tar­get to $500 Mil­lion

Ping An’s Fin­tech Unit Mulls Foray into Sin­ga­pore’s Dig­i­tal Bank­ing Sec­tor

LEAVE A REPLY

Please enter your comment!
Please enter your name here