Leading Chinese online insurance company ZhongAn has announced that it is establishing a new technology company. The newly formed, wholly owned subsidiary will be involved in diverse fields such as Artificial Intelligence, Big Data, Cloud Computing, and Blockchain.

ZhongAn is looking to expand its horizons through ZhongAn Information and Technology Services Co. The technology subsidiary will offer its service to financial as well as healthcare industries. The company will use Anlink, a Blockchain cloud platform, to roll out its services.

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Xing Jiang, chief technology officer of ZhongAn and Chairman of ZhongAn Technology, said, "With the creation of ZhongAn Technology, we are developing a new fintech ecosystem, integrating technological research with financial innovation. We aim to be an accelerator for both finance and healthcare sectors."

The technology subsidiary will be involved in integrating different technology modules into the core business of ZhongAn. The company is also going to collaborate with Fudan University School of Computer Sciences and Technology to set up a blockchain and information security lab.

This development highlights the latest trend in financial services industry. The industry is increasingly concerned about the threat posed by technological companies. The global insurance industry is said to be worth close to $5 trillion.

ZhongAn is a joint venture between Tencent Holdings and Ant Financial. The company was formed in 2013. Its parent company Ant Financial was featured in the annual FinTech 100 report this year. China is one of the leading nations in the fintech area. The FinTech report listed four Chinese companies among the top five incumbents.  

TagsZhongAn, ZhongAn Information and Technology Services Co., Ant Financial