China - $100 million investment in insurtech
Wednesday, 08 29 2018, Category: Technology, Country: China
Japan’s SoftBank Group will invest just over $100 million in a joint venture with the international arm of China’s ZhongAn Online P&C Insurance , a ZhongAn executive said.
SoftBank’s giant Vision Fund will own 51 percent of the venture that aims to sell the Chinese firm’s technology to financial and healthcare firms in Asia-Pacific. ZhongAn will have a 49 percent stake in the venture, which will have an initial capital of $200 million.
The companies announced the partnership earlier this month, without sharing the size of the investment.