The consumer finance division of Ping An Insurance Group has commenced operation in Shanghai with a registered capital of RMB5bn ($700m).
Based in the Lujiazui financial area of Shanghai, Ping An Consumer Finance is established under the Chinese insurer’s ‘finance+technology’ strategy.
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Ping An is the largest shareholder of the new company contributing 30% of the registered capital.
Leveraging the group’s expertise in AI, blockchain and cloud computing, the venture will personal consumer loans; accept deposits from shareholders and its domestic subsidiaries; and borrow from domestic financial institutions.
It will also issue financial bonds; conduct consulting and agency business related to consumer finance, and also sell insurance products related to consumer loans.
Ping An Consumer Finance will leverage Ping An’s expertise in artificial intelligence (AI), blockchain and cloud computing.
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By GlobalDataThe unit will rely on technology for the most aspects of business, including customer acquisition, product innovation, credit review, risk management, post-lending management and customer service.
Ping An Consumer Finance chairman Chen Dongqi said: “As China’s first consumer finance company with a ‘technology + finance’ positioning, we will realize digital development by driving our business with advanced technologies such as AI and cloud computing to enhance the user experience, and bring more convenience to consumers whose consumption habits are rapidly upgrading.”
The company’s other shareholders include Harmonious Splendor, two technology companies that are linked to Lufax Holding, and a peer-to-peer (P2P) lending company associated with Ping An Insurance.
