Ping An Consumer Finance has been registered with a capital of RMB 5bn ($700m), and is said to contribute majority of the capital base
Chen Dongqi, Chairman of Ping An Consumer Finance delivers speech at the opening ceremony. (Credit: Ping An Insurance Group Ltd.)
China-based retail financial services group Ping An has launched Ping An Consumer Finance in Shanghai, with approval from the China Banking and Insurance Regulatory Commission.
Ping An Consumer Finance is said to be the first finance + technology consumer finance company in China, and is in line with Ping An’s ‘finance + technology’ and ‘finance + ecosystem’ strategies.
The company’s finance + technology and finance + ecosystem strategies include five ecosystems, including financial services, health care, auto services, real estate services, and smart city services.
The new Shanghai-based consumer finance firm has a registered capital of RMB 5bn ($700m).
Ping An Consumer Finance chairman Chen Dongqi 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.”
Ping An Consumer Finance uses AI, blockchain and cloud computing capabilities
The company said that unlike other consumer finance companies, Ping An Consumer Finance leverages the group’s expertise in artificial intelligence (AI), blockchain and cloud computing.
The company’s core technology system will reinforce the consumer finance business, including targeted customer acquisition, product innovation, credit review, risk management, post-lending management and customer service.
In addition, the newly established company is anticipated to create synergy with other businesses of Ping An and form a closed-loop financial system.
Ping An said that the new consumer finance company has been established to empower the consumer finance industry with advanced technology, provide with inclusive finance services.
In addition, the new company is aimed at further developing the group’s license portfolio to lay a strong foundation for future business diversification.
Ping An is one of the largest financial services companies in the world, with over 204 million retail customers and 534 million Internet users.
Furthermore, the company claimed that it has eight research institutes, 57 laboratories, nearly 110,000 technology business employees, 35,000 R&D employees and 2,600 scientists.