Financial services

Ping An is committed to developing financial services and technologies to improve financial inclusion, sustainability and integration in the Greater Bay Area

HONG KONG and SHANGHAI, November 2, 2022 /PRNewswire/ — During Hong Kong FinTech Week, Jessica TanCo-CEO of Ping An Insurance (Group) Company of China, ltd. (HKEx: 2318; SSE: 601318), reiterated the Group’s commitment to expanding its business in the Greater Bay Area (GBA). Speaking in a moderated panel with Nicolas AguzinManaging Director of Hong Kong Exchanges and Clearing, Ms. Tan explained how the group has invested in financial technology development, e-healthcare and developed financial products in collaboration with institutional and government partners to improve efficiency and harmonize financial operations for individuals, small and medium-sized enterprises (SMEs) and local and regional authorities.

Conceptualized in 2017, the GBA comprises the two special administrative regions of hong kong and Macauand the nine municipalities of Canton, ShenzhenZhuhai, Foshan, Huizhou, DongguanZhongshan, Jiangmen and Zhaoqing in Guangdong Province. Highlighting the tremendous population and economic growth in the area, Ms. Tan said the project was still in its infancy, but held great promise.

“As the vast majority of cross-border e-commerce businesses in mainland China are based in southern china and nearly 16 million migrants in the region in five years, there is certainly a lot of dynamism and opportunity in the Greater Bay Area,” she said. “People from all over mainland China and many other countries have been drawn to the area in recent years. , with the spirit of enterprise and the development of innovative technologies in Shenzhenespecially with highly sought-after data scientists in the market, complementing the financial know-how and international outlook of hong kongas it serves as an international financial hub.”

Over five years, Pingan strengthened its presence in healthcare and technology development through the rapid growth of Ping An Health, an online and offline healthcare services platform, and OneConnect Financial Technology (“OneConnect”), a provider technology as a service for financial institutions. during this time at hong kongPing An OneConnect Bank (“PAOB”), a virtual bank, has also helped improve financial inclusion for SMEs.

Ms. Tan also explained how Ping An’s the technology subsidiaries have helped improve access to banking services for SMEs, helping them obtain unsecured loans by leveraging alternative data and they have also improved links between GBA ports. To date, 23 of the region’s 41 ports have been connected by OneConnect using blockchain technology, which has significantly improved the transport efficiency of cross-border trade by more than 70% and reduced logistics costs by about 30 %. In addition, OneConnect has also been involved in financial infrastructure development projects across South East Asia and the Middle East.

Ms. Tan stated her aspiration for better harmonization of banking and financial processes within the GBA, increased financial education to familiarize stakeholders with financial products in the region, and increased involvement of government agencies to foster the adoption of cutting-edge financial technology solutions. Ms. Tan pointed out how the Guangdong provincial government has played a key role as a major client, to facilitate the development of an SME financing platform with OneConnect, which has benefited 1.3 million SMEs in southern china. In hong kongPAOB worked with Commercial Data Exchange to secure authorized access to financial data, which facilitated quick and easy account opening for SME clients.

“Building a Greater Bay Area is a long-term project and it will be important to develop good financial, technological and physical infrastructure at this early stage,” she said. “In order to increase the adoption of new technologies and solutions, proactive governments have led the way and we see opportunities for further integration in the region and we will work to develop technologies to improve wealth management, care health and sustainability.”

Ms. Tan believes that Cross-boundary Wealth Management Connect (WMC) will continue to grow in three directions: seamless online connectivity, investor education (particularly important in the current environment of rising interest rates) and a strengthening the integration of online and offline financial services. Advisory services. Being one of the first to participate in the pilot phase, Ping An Bank provided convenient online access to wealth management products, mutual funds and fixed income securities for the Northbound Scheme and helped investors in mainland China open a cross-border investment account so they could invest in eligible wealth management products available in the Southbound Scheme, without traveling to hong kong Where Macau. Thanks to its technology and banking solutions, Pingan will continue to work on the integration of financial ecosystems in Grande Baie Asheave.

About Ping a group

Ping An Insurance Company (Group) Chinaltd. (“Ping An“) aims to become a world leader in retail financial services. With nearly 228 million retail customers, Ping An is one of the largest financial services companies in the world. Ping An advances intelligent digital transformation and uses technology to improve the quality and efficiency of its financial operations and improve risk management. The company believes that “expertise creates value” and “expertise makes life simple”. Ping An develops the “integrated finance + health” service system and builds the “finance + elderly care” and “finance + health” industrial ecosystems to provide professional services of “financial consulting, family doctor and concierge services to the elderly”. As China first stock insurance company, Ping An is committed to the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchange in hong kong and Shanghai. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.

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SOURCE Ping An Insurance Company (Group) of Chinaltd.