ZhongAn International to receive strategic investment from SoftBank Vision Fund

ZhongAn Online P&C Insurance Co Ltd announced on Monday that its international business arm has partnered with SoftBank Vision Fund, in a bid to export its insurance and financial technology solutions outside China.

As part of the agreement, ZhongAn International will establish a new operating entity to partner with SoftBank in exploring international opportunities — the SoftBank Vision Fund will participate as a strategic investor.

The partnership will help ZhongAn, China’s first Internet-based insurer, expand its insuretech, fintech and other technology solution businesses in overseas markets, with an initial focus on Asia.

Kentaro Matsui, managing director for SoftBank Investment Advisers, said they are excited to collaborate with the insurance company to build their capabilities in new and dynamic markets.

Wayne Xu, vice general manager of ZhongAn Online, expressed his hope that the Asia market will act “as a bridgehead” in expanding their business globally.

Founded last December, ZhongAn International aims to explore business development, collaboration and investment opportunities around the world for its leading financial technologies.

SoftBank Investment Advisers is a global advisory firm that seeks to make investments in the technology sector. The company has spent over US$930 billion on investments through its SoftBank Vision Fund.