Chinese insurance giant Ping An Insurance has reported a surge in the number of patents it applied for 2018, with fintech-related areas accounting for the king’s share.
Ping An’s 2018 annual report indicates that the company filed 12,051 patent applications in 2017, for an increase of 400% compared to the 3030 applications made in 2017.
Over 60% of its patents were in fintech-related areas including artificial intelligence, the blockchain, cloud computing, big data and information security.
Ping An previously topped IPR Daily’s 2018 Global Fintech Patent List, as well as flagged plans to invest at least USD$15 billion in fintech and medical science over the upcoming decade.
Towards the end of last year Ping An announced that it had created an online fintech ecosystem with a user base of nearly half a billion.