AXA Hong Kong to invest HK$200m into FinTech development

AXA Hong Kong has revealed plans to invest around HK$200m ($25m) into FinTech development this year, triple its commitment in 2017.

Alongside the capital deployment, it is launching the new AXA Design & Experience Centre, which has been created in collaboration with professional services company Accenture. The new centre will help the development of big data, AI and digital technology and help the company to offer more personalised products.

In time, AXA will integrate the new design elements and customer-centric innovations with its own products and services.

AXA Hong Kong CEO Etienne Bouas-Laurent said, “AXA Hong Kong is rapidly transforming to become a tech-led company. An important milestone of this strategy is the launch of the AXA Design & Experience Centre, which can quickly turn new ideas into prototypes for evaluation.

“This significantly reduces the time to market for our products and services, and greatly fosters innovative insurance solutions, as well as humanising the customer experience.”

Accenture provides enterprises with services and solutions for their strategy, consulting, digital, technology, and operations. It has helped companies across a range of industries including retail, insurance, banking, travel, public services, energy and life sciences, among others.

Last year, AXA Venture Partners (formerly AXA Strategic Ventures) launched a $175m fund of funds which will back around 15 FinTech/InsurTech funds. The vehicle will look to make contributions of between $5m and $15m; however, this may vary depending on the opportunity available.

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