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 Ans’ ‘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.
“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,” said Chen Dongqi, Chairman of Ping An Consumer Finance.
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