Ping An unit lines up $15b for tech moves

Ping An Technology, the Shenzhen-based high-tech arm of Ping An Group, will invest $15 billion on technology initiatives in the finance, healthcare and smart city sectors over the next 10 years, said a top executive of the company.

Ericson Chan, CEO of Ping An Technology, said during the Second Ping An SMART Conference in Shanghai that the group has spent $7 billion on technology, such as artificial intelligence, blockchain and cloud initiatives in the last decade and would continue to step up the same in the next decade also.

"China's healthcare demands are fast exceeding the supply. The number of national 3A-grade hospitals is not enough. Even if the government has been trying to solve the problem, the efforts will take several years. AI can help doctors to be more efficient, before, during, and after the diagnosis procedure," Chan said.