Chinese insurance holding creates fintech and healthtech fund led by former Citi executive

4 May 2017

Shenzhen-based Ping An Insurance Group, one of the top 50 companies in the Shanghai Stock Exchange dealing with the insurance, banking and financial services, is launching its own fintech and healthtech fund known as China Ping An Global Voyager Fund. To ensure successful movement in this direction, the company hired Jonathan Larsen, former global head of retail banking and mortgages at Citigroup.

Larsen will be leading the Fund with the $1billion capital as its manager while simultaneously working as the Group’s chief officer responsible for innovations. The Fund will be based in Hong Kong and will be seeking to allocate financing into fintech startups and healthcare technology developing companies globally, ensuring further expansion of the China’s leading insurance holding.

Presence of Ping An in the fintech industry started with its launch of Lufax, largest P2P lending and wealth management service in China. According to reports Lufax is seeking for expansion of its market coverage by moving further into Hong Kong or Singapore.

Larsen notes that he is very enthusiastic about the new job and is ready to work for further pushing the Group’s presence in the fintech and healthtech sectors while ensuring better access to global innovations in the sphere of finances and technologies.

Chinese fintech investments are growing exponentially with $8.8 billion funneled into the industry startups within the period from July 2015 to June 2016, as reported by Credit China FinTech, and sponsors continue looking for more opportunities to place their money into overseas fintech companies.

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