The deal aims to build Hong Kong’s capital market ecosystems.
Ping An Insurance Company and the Hong Kong Exchanges and Clearing Limited (HKEX) have entered into a memorandum of understanding (MOU) which will see both parties cooperate and collaborate in fintech and data analytics in order to enhance the region’s financial market ecosystem, an announcement revealed.
Ping An and HKEX will collaborate on opportunities and initiatives in the Greater Bay Area with the goal of serving global financial institutions, the release said. The MOU also aims to building of Hong Kong capital market ecosystems.
The initiative is part of Ping An’s finance + technology strategy implementation. Ping An’s affiliate OneConnect Financial Technology will lead the initiative for Ping An. OneConnect provides end-to-end services across multiple financial verticals, including banking, insurance and investment, and has provided fintech solutions to institutions in Southeast Asia, Europe and the Middle East.
HKEX head of market development, Li Gang, and OneConnect vice-chairwoman and Co-General Manager, Carol Chen, were signatories to the MOU.
In April, Ping An was granted a Hong Kong virtual banking license. Earlier in July 2018, the company worked with the Hong Kong Monetary Authority to build a trade finance platform to facilitate cross-border trade finance.
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