Ping An Insurance injects impetus into digital finance in GBA

As an important participant in the Guangdong-Hong Kong-Macao Bay Area, Ping An Insurance (Group) Company of China Ltd, has been promoting the integration and connectivity of trade, information and capital flows in the area by launching digital financial innovation services.

More than 20 media representatives from China and ASEAN countries visited Ping An Insurance to learn about its development in digital financial innovation on Feb 22.

In 2020, OneConnect Financial Technology Co Ltd, a technology-as-a-service provider for financial institutions in China and an associate of Chinese financial conglomerate Ping An Insurance, signed a contract with China Merchants Port Group to jointly promote the construction of the Greater Bay Area Port Logistics and Trade Facilitation Blockchain Platform Project. This is the first interlinked blockchain network that connects ports, customs, logistics, enterprises, and finance throughout the GBA.

The platform has successfully implemented an innovative combined port project which has reduced the number of customs declarations from two to one for some inland ports in the GBA.

The combined port project has greatly improved logistics efficiency and reduced logistics costs, said Fang Hong, the southern regional general manager of OneConnect.

Ping An OneConnect Bank (Hong Kong) Ltd, backed by the financial technology of its parent company OneConnect, has demonstrated its innovative technology in artificial intelligence, big data analysis, and risk control, promoting the development of inclusive finance in Hong Kong.

As the first virtual bank to participate in the Hong Kong government's small and medium-sized enterprise financing guarantee scheme, the PAOB uses an alternative credit approval model to analyze data of enterprise import and export declarations provided by partner Tradelink Electronic Commerce Ltd and establish risk control models, helping to solve the financing difficulties of SMEs in Hong Kong.

According to data, as of June 30, 2022, the PAOB's loan assets exceeded HK$1.7 billion, and among the customers who have been approved for loans by the PAOB, 29 percent have obtained bank loans for the first time.

"These loans have a relatively low non-performing loan ratio, and data has become collateral, not a house," said Matthewchen, CEO of OneConnect's Overseas Business Center.

Founded in 1988 in Shenzhen, as the first joint-stock insurance company in China, Ping An Insurance has grown into a Fortune Global 500 company.