ZhongAn Online P&C Insurance the first internet-based insurer in China, 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.”
Featured Image via Pixabay
