China’s Ping An Insurance Group and the Sanya municipal government signed a strategic cooperation agreement for “Smart City” construction with Blockchain

One of China’s largest insurance, banking and financial services provider, Ping An has signed an agreement with Sanya’s government in what seems like a future “Smart City” based on evolving technologies such as blockchain, artificial intelligence (AI), cloud-computing etc.

The signed agreement seems to deal with not only the Smart City, but also collaboration in terms of financial investment in helping to further develop China’s municipal. The news outlet has reported based on another source, dubbed, People’s Daily, whom have since outlined the main aspects of the future city as being, “blockchain […] biometrics and other technologies.”

Yet another source, Xinhua News seems to have found out the exact amount of funds Ping An will be contributing to the Sanya government, and it has since been revealed as being “30 billion yuan,” which will not only cover the expenses that will be incurred in the construction of the smart city along but also the necessary financial aid and insurance.

October 15, 2018, hints of Ping An’s interest in technologies has been noted, in which the firm’s CFO and Chief Actuary, Jason Yao stated the following:

“By leveraging five key technologies, namely AI, blockchain, cloud, big data and security, we will keep improving efficiency, lowering costs, optimizing user experience and strengthening risk control, to enhance competitiveness.”

And, it was not until August 21, 2018, that the insurance group finally announced its involvement in the plans of building the smart city from the ground up.

As per the team involved, Ping An wants to dedicate the next 30 years to the smart city industry, where they will,

“actively invest in the construction of new smart cities and contribute to the development of people’s urban livelihood in China.”

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