A division of China’s Ping An Insurance Group is teaming with American global tech giant Intel Corp. to establish a joint innovation laboratory.

The arrangement is between California-based Intel and Ping An Technology, both of which recently signed a strategic collaboration agreement in Shenzhen, China. Plans call for the companies to launch a joint laboratory, cooperate on products and technology, and form a joint project team in areas of high-performance computing, including storage, network, cloud, artificial intelligence (AI) and security.

Neither side is disclosing financial terms.

Ping An Technology CEO Ericson Chan said in prepared remarks that the partnership with Intel “will give Ping An an edge” to boost its cloud technologies and to “supercharge” its AI-based products and services.

Chan said that the partnership will also focus on strengthening data protection efforts by using “Intel hardware-enabled security in finance and healthcare, two areas where it is so critical.”

Ping An Technology develops and applies technologies in a wide range of scenarios to support financial services, health care, auto services, real estate services, and smart city services, the company said.

Sources: Ping An Insurance Group, Intel Corp.

Topics InsurTech Tech China