China's Ping An to Invest USD14.4 Billion in Financial and Medical Tech Research
Tang Shihua
/SOURCE : Yicai
China's Ping An to Invest USD14.4 Billion in Financial and Medical Tech Research

(Yicai Global) Nov. 8 — Ping An Insurance, a major Chinese integrated financial services provider, plans to increase its investment in financial and medical technology research to CNY100 billion (USD14.4 billion) over the next ten years to cement its leading position in the financial services industry.

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

"Our consistent input in research is gaining results," Chen Xinying, the company's deputy chief executive, said. "Ping An has secured a world-leading position in cutting-edge technologies that guide the future innovation and development of the financial industry, such as artificial intelligence, blockchain and cloud computing."

Ping An has invested USD7 billion in scientific research over the past ten years, the company revealed. And its investment in the next decade will reach USD14.4 billion, 1 percent of the company's annual operating income, it added.

The 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, added Chen, who is also the company's chief operating officer and chief information officer.

Ping An currently has more than 1,000 AI experts, five AI research institutions, and more than 10 world-class joint research institutions, Chen revealed. Ping An Cloud is currently the largest and most widely used financial cloud platform in China. It has obtained nine authoritative certifications and applied for more than 400 patents.

Editor: Bivash

 

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Keywords: R&D , Fintech , Medical Research , Ping An Group