- Chinese insurance giant Ping An is launching a US$1 billion global fund to invest in financial and healthcare tech, reports the Financial Times.
The fintech and healthcare interest is because Ping An runs Lufax, China’s biggest peer-to-peer lending platform, and has an interest in Good Doctor, a popular medical app.
Jonathan Larsen, a veteran of Citigroup, will head the fund – dubbed Global Voyager – and becomes Ping An’s chief innovation officer.
Why it matters:
Ping An is the world’s largest insurer in terms of valuation – and the fourth in terms of assets. It’s part of an escalating series of overseas moves by huge Chinese companies, from Jack Ma’s Alibaba to search engine firm Baidu.
“Ping An is predominantly Chinese but they are at the point where they are interested in looking at expansion opportunities and this fund potentially provides a way of accessing these,” Larsen told the paper. “We think there’s a very substantial opportunity here.”
The sizeable fund will have an impact on startups working in two of the hottest tech niches.
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