Ping An: How A Chinese Insurance Firm Became A Tech Giant (B)
While Ping An is so successful to transform and reinvent itself to a tech giant, it discovered the demand of small and medium sized financial institutions to deploy technology. In December 2015, Ping An set up OneConnect, a fintech spinoff, to export its internal technology and repackage them as services to other banks and insurance companies in China. Case (B) is about how Ping An incubated OneConnect and development of OneConnect. OneConnect is in an expansion phase, growing from its Chinese client base to offer its cloud-based services across Asia. At the beginning it relied very much on Ping An in terms of technology, people and other resources, and became more and more independently later on. OneConnect turned out to be a unicorn and was listed on the New York Stock Exchange in December 2019.