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Ping An looks to double fintech investment, reaching $15bn

Chinese insurer seeks to maintain lead in voice and face recognition technology

  © Reuters

HONG KONG -- Ping An Insurance Group intends to invest 100 billion yuan ($15.8 billion) over the next 10 years to accelerate development of financial technologies backed by innovations such as artificial intelligence and blockchain.

The Chinese insurer already has invested 50 billion yuan in fintech research and development over the past 10 years, said Tan Sin-yin, chief operating officer of the company. Ping An is leading the world in technologies for face and voice recognition that boast a nearly perfect accuracy rate, according to Tan.

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