China: Ping An to increase investment in FinTech and MedTech research

Ping An Insurance, a major Chinese integrated financial services provider, plans to increase its investment in financial and medical technology research to CNY100bn ($14.4bn) over the next 10 years.

The company’s senior manager made this announcement on Ping An’s Investor Day held in Hong Kong last week, Securities Times reported.

The planned investment would be more than double the $7bn spent on scientific research over the past 10 years, the company revealed.

Ms Chen Xinying, the company’s deputy chief executive, COO and chief information officer, said that Ping An’s company’s five ecosystems — financial services, healthcare services, automotive services, real estate services and smart urban services — will continue to benefit from core technologies like AI, blockchain and cloud computing.

Ping An currently has more than 1,000 AI experts, five AI research institutions, and more than 10 world-class joint research institutions, she said.