China’s Ping An Insurance To Convert Sanya Into A “Smart City”

Ping An Insurance known also as Ping An of China, a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, and financial services and one of the world’s largest insurance corporations recently collaborated with the Sanya Please Municipal Government to build smart City there. According to a report by the official state run press People’s Daily, published on the 14th of November. They had signed a mutual strategic cooperation agreement to construct a smart city which is to be supported with blockchain tech, artificial intelligence (AI), big data, and cloud computing. Sanya is in the southeastern part of China, in the southern part of Hainan island, in fact one of the four prefecture level cities of Hainan province which according to the general manager of Ping An Group, Ren Huichuan, would reap obvious location and ecological advantages, as a result of being internationally renowned tropical coastal tourism city.

It was reported by another government news agency Xinhua News that the Ping An Group will invest 30 billion Yuan which is approximately more than 4 billion USD in Sanya “to develop the smart city construction, financial products and services, insurance fund utilisation’ in order to transform Sanya into a world-class “financial + technology + ecological” city.

The partnership will result in the smart city ecosystem, one of the “core segments” where would be “blockchain, […] biometrics, and other technologies” and will be dependant on mutual comprehensive cooperation in financial investment in order to successfully establish the “smart city.”

It was just back in the summer of this year that Ping An Group has released released a “White Paper on Smart Cities,” advocating for blockchain tech, AI, big data, and cloud computing.