Tuesday, August 14

Ping An’s OneConnect fintech platform raises $650mn

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Ping An Insurance’s OneConnect platform raised $650 million in a private placement, the company announced in a statement.

OneConnect is the user authentication system for the insurer, and also for clients from sectors such as banking, insurance, securities, funds, loans, wealth management, payment, among others.

Its institutional platform has recorded transactions of more than RMB12 trillion (almost USD$2 trillion), according to a company statement.

As part of its “finance+technology” strategy, the Chinese insurer uses artificial intelligence, big data, cloud platforms, blockchain, and biometrics.

OneConnect was one of three Ping An subsidiaries raising funds, with the other two being healthtech.  Good Doctor and Healthcare Technology raised $1.55 billion collectively, and attracted interest from the (almost) $100 billion SoftBank Vision fund. 

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