Chinese insurtech ZhongAn gets SoftBank backing to go international
ZhongAn International, a subsidiary of China's first internet-based insurer ZhongAn Online P&C Insurance, has received a strategic investment from the Japanese investor SoftBank Vision Fund.
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 insurtech, fintech and other technology solutions businesses in overseas markets with an initial focus on Asia.
As part of the 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.
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."
According to the company, ZhongAn International was founded in December 2017 for the purpose of exploring international business development, collaboration and investment opportunities in fintech and insurtech. Through this partnership, ZhongAn will combine its technology and expertise with SoftBank's extensive ecosystem. The shared platform is expected to enable ZhongAn International to further commercialize its business across multiple markets in Asia.
Jeffrey Chen, CEO 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, added: "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."
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