HONG KONG and SHANGHAI, November 2, 2022 /PRNewswire/ — At Hong Kong FinTech Week, Jessica TanCo-CEO of Ping An Insurance (Group) Company of China, ltd (HKEx:2318; SSE:601318), reiterated the Group’s commitment to expanding its operations in the Greater Bay Area (GBA). Take part in a moderated panel Nicholas AgusinHong Kong Exchanges and Clearing Chief Executive Officer Ms. Tan explained how the group has invested in financial technology development, online healthcare and financial product development to work with institutional and government partners to improve efficiency and financial operations for to harmonize small and small individuals – medium-sized enterprises (SMEs) and local and regional government departments.
The GBA, conceived in 2017, includes the two special administrative zones Hong Kong and Macaoand the nine parishes of Canton, ShenzhenZhuhai, Foshan, huizhou, DongguanZhongshan, Jiangmen and Zhaoqing in Guangdong province. Ms. Tan stressed the tremendous population and economic growth across the region, explaining that the project is still in its infancy but shows great promise.
“The vast majority of cross-border e-commerce companies in mainland China are based in China southern china and nearly 16 million people immigrating to the region in five years, there’s definitely a lot of vibrancy and opportunity in the Greater Bay Area,” she said. “People from all over mainland China and many other countries have been attracted to the region in recent years, with the entrepreneurship and innovative technology development in Shenzhenin particular with data scientists who are in high demand throughout the market, which complements the financial know-how and international orientation Hong Kongsince it serves as an international financial center.”
over five years, ping on has its presence in healthcare and technology development through the rapid growth of Ping An Health, an online-to-offline platform for healthcare services, and OneConnect Financial Technology (“OneConnect”), a technology-as-a-service provider for Financial institutions, expanded . meanwhile in Hong KongPing An OneConnect Bank (“PAOB”), a virtual bank, has also helped improve the financial inclusion of SMBs.
Ms. Tan also explained how ping answer Technology subsidiaries have helped improve access to banking for SMEs, helping them secure unsecured loans using alternative data, and they have also improved connectivity between GBA ports. To date, 23 out of 41 ports in the region have been connected through OneConnect using blockchain technology, which has improved the transportation efficiency of cross-border trade by more than 70% and reduced logistics costs by about 30%. In addition, OneConnect has also been involved in projects to develop an overarching financial infrastructure South East Asia and the Middle East.
Ms. Tan explained her desire for better harmonization of banking and finance processes within the GBA, enhanced financial education to familiarize stakeholders with financial products across the region, and increased engagement with government agencies to drive adoption of cutting-edge financial technology solutions. Ms. Tan highlighted how that Guangdong The provincial government, as a major customer, has played a key role in facilitating the development of an SME financing platform using OneConnect, which has benefited 1.3 million SMEs southern china. in the Hong KongPAOB has worked with Commercial Data Interchange to secure authorized access to financial data, which has enabled quick and easy account opening for SMB customers.
“Building a Greater Bay Area is a long-term project and it will be important to develop good financial, technological and physical infrastructure at this early stage,” she said. “To increase adoption of new technologies and solutions, proactive governments have paved the way and we see opportunities for further integration within the region and will work to develop technologies to improve wealth management, healthcare and sustainability. “
Ms. Tan believes Cross-Boundary Wealth Management Connect (WMC) will continue to evolve in three directions: seamless online connectivity, investor education (especially important in the current rate hike environment), and greater integration of online and offline financial advisory services. As one of the first participants in the pilot phase Ping a bank has ensured convenient online access to wealth management products, mutual funds and fixed income securities for the Northbound program and has helped investors in Mainland China to open a cross-border investment account so that they can invest in eligible wealth management products available in the Southbound program without traveling to Hong Kong or Macao. Through its technology and banking solutions ping on will continue to work on the integration of financial ecosystems in the Greater Bay Area.
Around Ping a group
Ping An Insurance (Group) company of ChinaGmbH. (“ping on“) aspires to become a leading global retail financial services group. With nearly 228 million retail customers ping on is one of the largest financial services companies in the world. ping on drives intelligent digital transformation and uses technology to improve the quality and efficiency of its financial operations and improve risk management. The company believes that “expertise creates value” and “expertise makes life easier”. ping on develops the “Integrated Finance + Health Care” service system and builds the “Finance + Elderly Care” and “Finance + Health Care” industry ecosystems to provide “financial consulting, family doctor and elderly care concierge” professional services. As of China first insurance company, ping on is committed to maintaining the highest standards of corporate reporting and corporate governance. The group is listed in Hong Kong and shanghai. ping on Ranked #17 on the Forbes Global 2000 list in 2022 and #25 on the Fortune Global 500 list in 2022.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING ON.
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SOURCE Ping An Insurance (Group) Company of ChinaGmbH.