Chinese insurance firm Zhong An will partner with tycoon Masayoshi Son's Softbank Vision Fund in a venture intended to take the online insurer's technology international, with a focus on Asia.
Terms of the deal, announced on Monday, were not disclosed, but it will see Softbank become a strategic investor in a new entity established by Zhong An's ZhongAn International subsidiary.
Softbank and Zhong An said the deal would take Zhong An's cutting-edge insurtech and fintech solutions into other Asian markets and, ultimately, around the world. It reflects massive disruption in the insurance industry as online upstarts harness technology while established platforms up their digital game...
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