Tech insurer, SME bank on horizon

CAS Holdings making swift moves to address needs of new-age businesses

China is on course to launch its first technology insurance firm and a technology bank equivalent to the Silicon Valley Bank by 2020 as the high-tech sector gets set to fuel the next wave of economic growth.

The proposal to establish a tech insurance firm, submitted in the form of an application last year, has "received warm response" from the China Insurance Regulatory Commission, said Wu Lebin, chairman of Chinese Academy of Sciences Holdings Co Ltd, a State-run asset management company and a key initiator of the move.