Ping An Insurance, a China-based insurer, has set up a RMB1bn ($157m) corporate venturing fund to find financial services technologies.
The Ping An Innovation Center is the first fund established by a major financial institution in China, the company said.
James Chen, vice-president of Ping An Innovation Center, told newswire Dow Jones it was looking to boost its core businesses in insurance, banking and finance in the next decade by investing more in innovative technologies from the internet, mobile and data as well as customer-distribution channels and healthcare- and automotive-related services.
He said: “The boundaries between sectors like finance and the internet are more blurred these days,” as websites, including social network Facebook, search engine Google and online retailer Amazon, have edged into the financial field with their own credit payment systems.
Chen told Dow Jones Newswire the Ping An fund would invest RMB6m to RMB10m per project, up to a maximum of RMB30m, in early-stage investments.
Ping An provides, he added.