Ping An Global Voyager Fund Makes First Investment in 10x Future Technologies
(Hong Kong, Shanghai, September 21, 2017) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx: 2318; SSE: 601318) announced today that Ping An Global Voyager Fund, a subsidiary of Ping An, has made the fund’s first investment since its inception in May 2017. The fund has reached an agreement to become the largest 3rd party shareholder in 10x Future Technologies, a European fintech company founded by former Barclays CEO Antony Jenkins that provides holistic technology solutions to banks. The investment forms part of the £34 million Series A funding round by 10x Future Technologies, led by Ping An Global Voyager Fund and strategy consultancy Oliver Wyman.
Launched in October 2016, 10x Future Technologies focuses on modernizing back-office technology used by banks with holistic solutions that address current challenges. 10x Future Technologies provides clients with a new digital platform that unifies their wide array of often complex, cumbersome data systems into a lean, future-proof architecture, helping financial service providers transform how they operate and engage with customers.
The Series A funding will allow 10x Future Technologies to continue expanding its talent from both the technology and banking worlds and, in particular, to continue to add world-leading expertise in data analytics and artificial intelligence. 10x Future Technologies has invested heavily in the development of its proprietary design and data architecture, and is currently building a digital bank for Britain’s Virgin Money for launch in 2018. The finished platform will put the customer at the center of all transactions by allowing financial services providers to offer products — such as mortgages, credit cards, loans, savings and current accounts — that are far better tailored to customers’ specific needs.
The investment by Ping An Global Voyager Fund marks a major strategic partnership between Ping An and 10x Future Technologies, which aims at marketing 10x Future Technologies’ offering and capabilities in the Asia region, allowing 10x Future Technologies to expand into some of the largest, fastest growing and most dynamic economies in the world.
Mr. Jonathan Larsen, Chief Innovation Officer of Ping An Group and Chairman & CEO of Ping An Global Voyager Fund, said: “We are very pleased to embark on this strategic partnership with a world class company such as 10x Future Technologies. 10x Future Technologies and Ping An share a vision that technology is the key driver in the financial sector to offer customers drastically improved services at a drastically lower cost of delivery. 10x represents a breakthrough in banking technology and is a wake-up call to banks everywhere. We are looking forward to working with 10x Future Technologies to bring the company’s capabilities to Asia, given the vast local demand for innovative technologies that will transform the finance industry.”