Ping An’s blockchain, AI-based consumer finance firm launches in China with $700m funding | Ledger Insights

“Yesterday, China’s Ping An Insurance announced it has set up Ping An Consumer Finance in Shanghai with a registered capital of RMB 5 billion ($700 million). The new company has been established under Ping An’s ‘finance+technology’ strategy and incorporates the Group’s expertise in AI, blockchain and cloud computing.

Ping An said its technology system would underpin the entire consumer finance business, including customer acquisition, product innovation, credit review, risk management, post-lending management and customer service. The goal is to create synergy between other group companies and form a closed-loop financial system.

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Ping An has a significant presence in the blockchain space, with 68 blockchain patents. It also has 679 AI patents and 48 in cloud computing. OneConnect Financial, an AI and blockchain offshoot from the group, went public on the New York stock exchange last year.”

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