China insurance giant Ping An plans tech R&D investment at $15bn

Ping An Insurance said it expects to more than double technology R&D investment over the next decade to consolidate its technology leadership in the financial services industry at the Group’s Investor Day in Hong Kong.

Each year the Group invests 1% of its revenue in the R&D of fintech and healthtech. Ping An has invested USD$7 billion in R&D in the past decade and expects to invest a total of RMB100 billion (USD$15 billion) in the coming ten years.

Jessica Tan, Deputy CEO, COO and CIO of Ping An Group, said, according to a statement: “Our consistent focus and investment in technology R&D is paying off. We have already established global leadership in the cutting-edge technologies of AI, blockchain and cloud computing, which will be driving innovations in the financial industry for years to come.”

Ping An’s technology development is fundamental to the execution of its “Finance + Ecosystem” strategy, which is driving Group business growth. The core technologies of AI, blockchain and cloud computing has and will continue to empower the Group’s five ecosystems — financial services, healthcare, auto services, real estate services and smart city services.

In financial services, the insurer’s massive OneConnect SaaS platform serves 483 banks (including 93% of city commercial banks), 42 insurers and 2,400 other financial institutions. The platform represents one of the largest commercial blockchain platforms in commercial deployment in the world, with 40,000 nodes involving 200 banks, 200,000 corporates, and 500 other commercial and government entities. TPS (Transactions per Second) of the blockchain is at 50,000.

Read the full release

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