Chinese tech giants gobbling up fintech real estate
China — and the world’s — largest insurance company has an eye for fintech.
China’s Ping An Insurance, the world’s largest insurance group, has launched its first overseas fund, aimed at investing in fintech.
The fund’s launch forms part of Ping An’s strategy to expand overseas and will be overseen by Jonathan Larsen, the former global head of retail banking at Citi.
The company has investment experience in the sector through Lufax, China's biggest P2P lending platform, which is a wholly owned subsidiary.
Since 2010, Chinese investment in fintech has doubled and companies are looking with a hungry eye overseas.
Major investors have been China’s tech sector heavies, particularly Baidu, Tencent and Alibaba.
Alibaba-owned Ant Financial has aggressively grabbed up foreign fintech real estate through investments and acquisitions.
Tencent, the biggest Chinese internet company, recently invested in Airwallex, an Australian fintech that facilitates foreign exchange.