Ping An Consumer Finance Launches, Expanding Footprint in Financial Services Sector

Ping An Consumer Finance Launches, Expanding Footprint in Financial Services Sector

PR Newswire

HONG KONG and SHANGHAI, April 24, 2020

HONG KONG and SHANGHAI, April 24, 2020 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced the launch of Ping An Consumer Finance Co., Ltd. (Ping An Consumer Finance) in Shanghai upon approval from the China Banking and Insurance Regulatory Commission. It is China's first "finance + technology" consumer finance company, in line with Ping An's "finance + technology" and "finance + ecosystem" strategies.

Ping An Consumer Finance is registered in Shanghai, with registered capital of RMB5 billion (about USD700 million). Ping An contributes the majority of the capital base and has a 30% shareholding.

Unlike traditional consumer finance companies, Ping An Consumer Finance is built on the Group's expertise in artificial intelligence (AI), blockchain and cloud computing. Its core technology system underpins the entire consumer finance business, including targeted customer acquisition, product innovation, credit review, risk management, post-lending management and customer service. The company is expected to create synergy with other businesses of Ping An and form a closed-loop financial system.

Chen Dongqi, Chairman of Ping An Consumer Finance 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 user experience, and bring more convenience to consumers whose consumption habits are rapidly upgrading."

As a world-leading technology-powered retail financial services group, Ping An is guided by the philosophy of "leading finance with technology and facilitating life with finance". Ping An's "finance + technology" and "finance + ecosystem" strategies include five ecosystems: financial services, health care, auto services, real estate services, and smart city services. The establishment of Ping An Consumer Finance intends to empower the consumer finance industry with advanced technology, offer inclusive finance services, and further develop the Group's license portfolio, thus laying a solid foundation for future business diversification.

Ping An has established a global leading position in research and development (R&D) and innovation capabilities in the field of technology. The Group currently has eight research institutes, 57 laboratories, close to 110,000 technology business employees, 35,000 R&D employees and 2,600 scientists. Recently, Ping An ranked 8th globally with 1,691 patent (679 in AI, 68 in blockchain and 48 in cloud computing) applications in the 2019 Patent Cooperation Treaty international patent applications released by the World Intellectual Property Organization.

Caption: Chen Dongqi, Chairman of Ping An Consumer Finance delivers speech at the opening ceremony.

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