Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily.
The National Open Innovation Platform for Next Generation Artificial Intelligence will leverage Ping An’s experience in the financial services and technology fields and look to foster inclusive finance.
Ping An says the platform will improve and transform the efficiency of AI within the finance sector whilst promoting innovation.
Jessica Tan, Ping An Group’s co-Chief Executive Officer, said that “as a comprehensive financial enterprise established for 31 years, Ping An has actively cultivated a number of financial technology innovations based on AI, block chain and cloud technology.”
“Thanks to our advantages in experience, capital, technology and talent, Ping An has the ability to promote the development of inclusive finance.”
China Daily says the next stage will see Ping An’s platform develop external output modularisation capacity and standardised AI technology. This will help to solve the pressure-points of current economic and financial business transformations.
Focus will also be centred around developing a new system with partners to promote the sustainable development of the industry.