Chinese insurance giant Ping An has flagged plans to dramatically increase its spending on fintech and medical research.
Chen Xinying (陈心颖), COO, CIO and executive vice president of Ping An Insurance Group, said that the group would in future use 1% of annual revenues for investment into fintech and medical science R&D.
While Ping An has invested approximately $7 billion in scientific research over the past ten years, this sum is expected to lift to around 100 billion yuan, or approximately $15 billion, for the upcoming decade.
Chen Xinying made the remarks at the at the 2018 China Pingan Science and Technology Openness Day on 7 November.
Ping An indicated that it would continue to pursue a “finance + ecosystems” strategy, encompassing the five “ecosystems” of financial services, healthcare, automotive services, real estate services and smart city services.
Ping An’s One Connect (金融壹账通) fintech vehicle has already provided its services to 483 banks (including 93% of municipal commercial banks), 42 insurers and 2400 financial institutions.