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Ping An Technology, a Ping An Group subsidiary, has launched its first fintech accelerator in partnership with SparkLabs Group, a leading accelerator network in Asia, according to the company’s press release.
The fintech accelerator will be jointly operated by SparkLabs and Ping An Technology. According to the company statement, the accelerator program will soon begin accepting applications from all around the world and will select ten fintech companies to join its first batch. The program will provide seminars, hands-on mentorship, and the selected companies will have access to corporate networks, resources, and perks such as Ping An Technology Cloud credits.
“Ping An Technology is the incubator of new technologies for Ping An Group. This accelerator forms a critical part of our incubation ecosystem,” said Ericson Chan, CEO of Ping An Technology.
As the technology arm of the Chinese holding conglomerate, Ping An Technology supports the technical side of the group’s insurance, banking, investment, and internet businesses. It focuses on the research and development of technologies including biological recognition, artificial intelligence (AI), big data, cloud, and blockchain. The technology service provider said it is already working with a number of top universities globally.
Fintech buzzwords like bitcoin, e-payment, and micro-lending have been dominating the country’s headlines. The rapid development of China’s fintech industry in recent years opens up different opportunities for both young and established companies. Major players in the country, like Ping An Group, are doing what they can do seize upon these different opportunities.
“It is a very unique accelerator, as we will give the companies the opportunity to try out their technologies and business models for real with scale. An open Ping An Cloud platform will also be provided to help the companies to build their solutions,” said CEO of Ping An Technology, Ericson Chan. Chan sits among the accelerator program’s long list of advisors including top executives from OneConnect, Hanhwa Asset Management, and International Finance Corporation (IFC).