ZhongAn Technology, the China-based financial technology developer joint venture of online insurer ZhongAn Online and property manager Sinolink Worldwide, has raised RMB1.9bn ($285m) in funding, China Money Network reported today.
ZhongAn Online invested $145m, while Sinolink provided the remaining $139m. Following the investment, ZhongAn Online will continue to hold a 51% stake in the business, with Sinolink retaining the other 49%.
ZhongAn Technology was launched in 2017 to focus on the development of blockchain, artificial intelligence (AI), big data and cloud computing technology in the financial services space.
In addition to bolstering development, the new capital will be used to fund investments and strengthen cooperation with international partners.
ZhongAn Online operates a digital platform that offers highly specialised insurance policies. Internet group Tencent, insurance firm Ping An and Ant Financial, the financial services affiliate of e-commerce company Alibaba, formed ZhongAn in 2013.
In September 2017, telecommunications and internet group SoftBank invested $500m in ZhongAn Online as part of a $1.5bn initial public offering.