ZhongAn Subsidiary Gets Backing From SoftBank
SoftBank’s Vision Fund announced today it has made an undisclosed investment in ZhongAn International, the global arm of ZhongAn . Alongside the investment, ZhongAn International will create a new entity in partnership with SoftBank that will be dedicated to exploring international opportunities, with plans to use ZhongAn’s technology and SoftBank’s network to expand to additional markets in Asia.
“We are pleased to announce this partnership which will allow us to explore new and innovative ways to serve more companies and customers outside of China. SoftBank is an important business partner and we believe this collaboration will significantly boost our technology solutions businesses.” – CEO of ZhongAn Online, Jeffrey Chen.
“We are excited to collaborate with ZhongAn to build their capabilities in new and dynamic markets. I am confident that utilizing ZhongAn’s existing technology and know-how alongside SoftBank’s international networks will ensure it is well positioned to capitalize on the tremendous growth potential in both Fintech and Insuretech across Asia.” – Managing Director of SoftBank Investment Advisors, Kentaro Matsui.