Chinese insurance giant Ping An is launching a $1bn fund to invest globally in FinTech and health tech opportunities.
Ping An is the third-largest insurer in the world with $798m in total assets and revenue of $112.3bn in 2016.
The firm has also appointed former Citi Group global head of retail banking and mortgages Jonathan Larsen as chief innovation officer of the group and chairman of the new Global Vouyager Fund.
The fund will be managed from Hong Kong and aim to invest primarily outside of China with the companies it backs gaining the potential to access Ping An’s 138 million customers.
The firm says Larsen will seek to leverage its technology capabilities to add value to the fund’s recipients.
He will also be responsible for bringing new technologies, platforms and business models to Ping An’s businesses in China and internationally.
Ping An chairman and CEO, Peter Ma said: “Mr. Larsen has a strong reputation as an innovator in the financial sector in Asia and globally.
“He brings a rare combination of global insight and management experience in both finance and technology. We are very pleased to have him as part of our leadership team.”
Ping An’s forays into the FinTech space include operating Chinese wealth management platform Lufax, which is valued at $18.5bn, having raised $1.7bn in funding.
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