Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 2318; SSE: 601318) and Hong Kong Exchanges and Clearing Limited (hereafter “HKEX”, HKEX: 0388) have entered into a Memorandum of Understanding (MOU) to develop cooperation and collaboration in fintech and data analytics. The purpose of the MOU is to enhance the financial market ecosystem of the region.
Ping An Group Chairman and CEO, Peter Ma, joined HKEX Chief Executive, Charles Li, at a signing ceremony, in Shenzhen at the Ping An Finance Center, Futian.
The signing of the fintech MOU marks the beginning of a collaborative journey between Ping An Group and HKEX which seek to explore opportunities to collaborate in initiatives covering the Great Bay Area that aim to serve global financial institutions, to promote mutual access and strong coordination between the Chinese and international markets and the building of Hong Kong capital market ecosystems.
HKEX Head of market development, Li Gang, and OneConnect vice-chairwoman and Co-General Manager, Carol Chen, were the signatories to the MOU.
Peter Ma, Ping An Chairman and CEO, said, “The strategic cooperation with HKEX is an important milestone in our implementation of our “finance + technology” strategy and external cooperation. Ping An Group and HKEX will seek cooperation to facilitate HKEX in realizing its new vision of connecting China with the rest of the word. We look forward to the implementation and deepening of our cooperation.”
At Ping An, this initiative will be led by affiliate OneConnect Financial Technology Co., Ltd. (hereafter the “OneConnect” or the “Company”). Leveraging Ping An’s rich experience in the financial services industry over the past three decades, OneConnect provides end-to-end services across multiple financial verticals including banking, insurance and investment with its unique model of “technology + business”. It has provided fintech solutions to institutions in Southeast Asia, Europe and the Middle East. The strategic cooperation between Ping An and HKEX constitutes an important strategic initiative of OneConnect’s fintech globalization.
Over the past year, Ping An Group has successfully entered into multiple cooperative projects in Hong Kong. In July 2018, Ping An worked with HKMA to build a trade finance platform to facilitate cross-border trade finance and support the real economy. In April 2019, Ping An was granted Hong Kong virtual banking licenses and Ping An OneConnect Bank will actively promote fintech innovation and the sustainable development of Puhui finance.
In China, Ping An was the only financial services company awarded to develop the National Open Innovation Platform for Next Generation Artificial Intelligence (consumer, Puhui finance) in the recent 2019 World Artificial Intelligence Conference in Shanghai. This initiative will be led by Ping An OneConnect.