ZhongAn Online P&C Insurance Co. Ltd., the first Internet-only insurer in China, announced its subsidiary ZhongAn International will receive a strategic investment from SoftBank Vision Fund, which will support the growth of ZhongAn’s technology solutions businesses outside China.

The amount of the investment was not disclosed.

The partnership will help ZhongAn expand and further commercialize its InsurTech, fintech and other technology solutions businesses in overseas markets with an initial focus on Asia, ZhongAn said in a statement.

As part of this agreement, ZhongAn International will establish a new operating entity to partner with SoftBank Vision Fund, which will participate as a strategic investor. This investment is subject to certain closing conditions including regulatory approvals.

ZhongAn International was founded in December 2017 to explore international business development, collaboration and investment opportunities in fintech and InsurTech.

“We are excited to collaborate with ZhongAn to build their capabilities in new and dynamic markets,” said Kentaro Matsui, managing director for SoftBank Investment Advisers. “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 InsurTech across 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,” commented Jeffrey Chen, chief executive officer of ZhongAn Online. “SoftBank is an important business partner, and we believe this collaboration will significantly boost our technology solutions businesses.”

Wayne Xu, vice general manager of ZhongAn Online, in charge of International Business, said: “Since inception, ZhongAn International has focused on building technology capacity and fostering platform cooperation to support overseas business development. Going forward, we hope the Asian markets will act as a bridgehead in expanding our business globally, and SoftBank is the ideal partner.”

About ZhongAn Online P&C Insurance

ZhongAn Online P&C Insurance Co. Ltd., which started operations in October 2013, primarily offers products and solutions in five major ecosystems: lifestyle consumption, consumer finance, health, auto and travel. ZA Online was the largest insurer in China as measured by the number of insurance policies sold and policyholders and the insured served since its inception in October 2013 to Dec. 31, 2016, the company said.

Source: ZhongAn Online P&C Insurance Co. Ltd.