Chinese insurtech ZhongAn gets SoftBank backing to go international
ZhongAn International, a subsidiary of China's first internet-based insurer ZhongAn Online P&C Insurance, has received a strategic investment from the Japanese investor SoftBank Vision Fund.
ZhongAn International and SoftBank Vision Fund have entered into a shareholder agreement to boost ZhongAn's technology solutions businesses outside China. The partnership will help ZhongAn expand its insurtech, fintech and other technology solutions businesses in overseas markets with an initial focus on Asia.
As part of the agreement, ZhongAn International will establish a new operating entity to partner with SoftBank in exploring international opportunities; SoftBank Vision Fund will participate as a strategic investor.
Kentaro Matsui, managing director for SoftBank Investment Advisers, said: "We are excited to collaborate with ZhongAn to build their capabilities in new and dynamic markets. I am confident that utilizing ZhongAn's existing technology and know-how alongside SoftBank's international networks will ensure it is well positioned to capitalize on the tremendous growth potential in both fintech and insuretech across Asia."
According to the company, ZhongAn International was founded in December 2017 for the purpose of exploring international business development, collaboration and investment opportunities in fintech and insurtech. Through this partnership, ZhongAn will combine its technology and expertise with SoftBank's extensive ecosystem. The shared platform is expected to enable ZhongAn International to further commercialize its business across multiple markets in Asia.
Jeffrey Chen, CEO of ZhongAn Online, said: "We are pleased to announce this partnership which will allow us to explore new and innovative ways to serve more companies and customers outside of China. SoftBank is an important business partner and we believe this collaboration will significantly boost our technology solutions businesses."
Wayne Xu, vice general manager of ZhongAn Online, in charge of international business, added: "Since inception, ZhongAn International has focused on building technology capacity and fostering platform cooperation to support overseas business development. Going forward, we hope the Asian markets will act as a bridgehead in expanding our business globally and SoftBank is the ideal partner."
If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.
More of today's news Chubb overtakes AIG in US cyber insurance ranking Western Japan floods trigger up to $4bn claims AFL replaces CFO with Towergate hire in growth move Cincinnati insurance chief to step down; prompts leadership reshuffle Cyber stress test reveals potential insured losses XL Catlin appoints North America global risk leader from AIG
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze