SoftBank's Vision Fund is backing ZhongAn through its latest investment, which could take the company into international markets.
The Vision Fund has announced that it has made an undisclosed investment in ZhongAn International, the global arm of the online-only insurer created by insurance giant Ping An and internet firms Tencent and Alibaba, reports TechCrunch.
ZhongAn International was created last December to identify overseas opportunities. Alongside the investment, ZongAn International is creating a new entity in partnership with SoftBank that will be dedicated to “exploring international opportunities”. SoftBank’s Vision Fund is easily the largest tech investment firm in the world.
SoftBank plans to use ZhongAn’s technology and its network to expand to “multiple markets” in Asia, although it isn’t specific about which countries or a timeframe for the potential launches.
In a statement, ZhongAn Online CEO Jeffrey Chen said that the partnership will allow the company to explore new and innovative ways to serve more customers outside of China.
In 2017, SoftBank bought a stake of just below 5 percent in ZhongAn as a cornerstone investor in the latter's IPO.