Ping An Global Voyager Fund Makes First Investment in 10x Future Technologies
21 Sep, 2017, 03:14 ET
HONG KONG and SHANGHAI, Sept. 21, 2017 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group", HKEx: 2318; SSE: 601318) announced today that Ping An Global Voyager Fund, a subsidiary of Ping An, has made the fund's first investment since its inception in May 2017. The fund has reached an agreement to become the largest 3rd party shareholder in 10x Future Technologies, a European fintech company founded by former Barclays CEO Antony Jenkins that provides holistic technology solutions to banks. The investment forms part of the GBP34 million Series A funding round by 10x Future Technologies, led by Ping An Global Voyager Fund and strategy consultancy Oliver Wyman.
Launched in October 2016, 10x Future Technologies focuses on modernizing back-office technology used by banks with holistic solutions that address current challenges. 10x Future Technologies provides clients with a new digital platform that unifies their wide array of often complex, cumbersome data systems into a lean, future-proof architecture, helping financial service providers transform how they operate and engage with customers.
The Series A funding will allow 10x Future Technologies to continue expanding its talent from both the technology and banking worlds and, in particular, to continue to add world-leading expertise in data analytics and artificial intelligence. 10x Future Technologies has invested heavily in the development of its proprietary design and data architecture, and is currently building a digital bank for Britain's Virgin Money for launch in 2018. The finished platform will put the customer at the center of all transactions by allowing financial services providers to offer products -- such as mortgages, credit cards, loans, savings and current accounts -- that are far better tailored to customers' specific needs.
The investment by Ping An Global Voyager Fund marks a major strategic partnership between Ping An and 10x Future Technologies, which aims at marketing 10x Future Technologies' offering and capabilities in the Asia region, allowing 10x Future Technologies to expand into some of the largest, fastest growing and most dynamic economies in the world.
Mr. Jonathan Larsen, Chief Innovation Officer of Ping An Group and Chairman & CEO of Ping An Global Voyager Fund, said: "We are very pleased to embark on this strategic partnership with a world class company such as 10x Future Technologies. 10x Future Technologies and Ping An share a vision that technology is the key driver in the financial sector to offer customers drastically improved services at a drastically lower cost of delivery. 10x represents a breakthrough in banking technology and is a wake-up call to banks everywhere. We are looking forward to working with 10x Future Technologies to bring the company's capabilities to Asia, given the vast local demand for innovative technologies that will transform the finance industry."
About Ping An
Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or "the Group") is dedicated to becoming a world-leading personal financial services provider. Ping An is the No.1 insurance group globally in terms of market capitalization and the 39th largest company in the 2017 Global Fortune 500. As at 30 June 2017, the Group had over 143 million individual customers and over 400 million digital users across all of its platforms. As at the end of June 2017, the Group's consolidated total assets reached USD 917 billion and currently has a market capitalization of over USD 150 billion. Ping An has also incubated leading app-based portals such as Lufax (the largest digital wealth management platform in China with over 30 million users) and Ping An Good Doctor (the largest tele-medicine platform in the world with over 140 million users). The Ping An Global Voyager Fund was launched in May 2017 with an initial scope of USD1Bn with a mission to invest in fintech and digital health opportunities globally to deliver strategic capabilities to Ping An Group.
About 10x Future Technologies
10x Future Technologies reflects today's changes in infrastructure and business models by providing a holistic solution for banks to address their current challenges. 10x Future Technologies' future-proof platform -- combining sophisticated software applications with the security of an advanced and safe cloud infrastructure -- will empower banks and non-banks to optimize their customer data and interactions in order to offer innovative and compelling customer experiences in a secure and trusted way. This will put power back into the hands of the customer and society, and allow banks to generate new revenue opportunities.
For enquiries, please contact:
Hill+ Knowlton Strategies Asia:
Tel: (852) 2894 6217 / (852) 6096 8656
Tel: (852) 2894 6373 / (852) 9732 8223
Email: [email protected]
SOURCE Ping An Insurance (Group) Company of China, Ltd.
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