To Grow ZhongAn's Insuretech and Fintech Solutions Business in Overseas Markets
SHANGHAI and HONG KONG, Aug. 21, 2018 /PRNewswire/ -- ZhongAn Online P&C Insurance Co., Ltd. ("ZhongAn" or "ZhongAn Online" or the "Company", stock code: 6060 HK), the first internet-based insurer in China, today announced that its subsidiary 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 Insuretech, Fintech and other technology solutions businesses in overseas markets with an initial focus on Asia.
As part of this 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. This investment is subject to satisfaction of certain closing conditions including obtaining necessary regulatory approvals.
ZhongAn International was founded in December 2017 for the purpose of exploring international business development, collaboration and investment opportunities in Fintech and Insuretech. Through this partnership, ZhongAn International will combine ZhongAn's leading-edge technology and expertise with SoftBank's extensive ecosystem. The shared platform will enable ZhongAn International to further commercialize its business across multiple markets in Asia.
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."
Jeffrey Chen, Chief Executive Officer 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, said, "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."
About ZhongAn Online P & C Insurance Co., Ltd.
ZhongAn Online P & C Insurance Co., Ltd. is an online-only InsureTech company in China. It started operations in October 2013 and has developed ecosystem-oriented insurance products and solutions through scenario-based settings to serve its customers. The Company primarily offers products and solutions in the context of five major ecosystems, namely lifestyle consumption, consumer finance, health, auto and travel. ZA Online was the largest insurer in China as measured by the number of insurance policies sold and policyholders and the insured served since its inception in October 2013 to 31 December 2016. In November 2016, ZA Online set up ZhongAn Technology, a wholly-owned subsidiary which focuses on the research and development of cutting-edge financial technologies to export technological capabilities to the industry. On 28 September 2017, ZA Online became the first Fintech company to be listed on the HKEX. ZA Online established ZhongAn International in Hong Kong in December 2018 to explore international business development, collaboration and investment opportunities in the areas of Fintech and Insuretech in overseas market.
About SoftBank Investment Advisers
At SoftBank Investment Advisers, we seek to catalyze technological progress for the benefit of humanity. Through the SoftBank Vision Fund, we are investing more than $93 billion in the businesses and technologies that we believe will enable the next stage of the information revolution. We offer the operational expertise, global network and patient, long-term capital required to help innovators build transformative companies.
