JD.com, one of China’s e-commerce giants, is set to launch an internet insurance service and move into the online brokerage business and internet banking.
The move is part of JD.com’s expansion plan to surpass Alibaba Group Holding as the largest business-to-customer business in China by 2021, said JD.com chief executive Richard Liu Qiangdong.
During the company’s annual meeting, Liu said he envisions that big data-enabled technology will be able to provide tailor-made financial services for online customers. He, however, did not reveal further details of the plans
“The transactions of JD Finance have grown more than eight times over the past three years, exceeding 1 trillion yuan in 2016. We aim to make JD Finance one of the top three fintech companies in the world by 2020, serving thousands of financial institutions and millions of enterprises,” he said.
Liu also outlayed a 12-year plan with numerous goals, including overtaking Alibaba Group as China’s largest B2C e-commerce player by 2021.
CXA Group Teams to Launch New Insurance Platform in China
Meanwhile, Chinese conglomerate Fosun International is collaborating with CXA Group, a health technology start-up, to launch a new insurance platform on the mainland.
The collaboration will see CXA’s operations expand into Beijing, Shanghai, Guangzhou and Shenzhen this year, according to Rosaline Chow Koo, founder and chief executive of the Singapore health technology start-up.
The new insurance platform will automate employee health care programmes and create a marketplace for wellness providers.
CXA Group, which uses health screening and lifestyle risks information, sensors and claims data to predict future premiums, will work directly with Shanghai Zhongheng Insurance Brokers, a part of the Fosun group.
Founded by Koo in 2013, CXA currently has about 500 corporate clients in Singapore and Hong Kong.
The company recently announced a successful Series B investment round worth US$25 million, led by B Capital Group and the Singapore government’s Economic Development Board Investments. – BusinessNewsAsia.com