Ping An Insurance to Invest in Fintech Startup Joonko

Beijing (PingWest)- Ping An Insurance said on Monday that it has invested in JoonKo, a digital financial portal based in German, via one of its investment unit Ping An Global Voyager Fund.

JoonKo aims to help European consumers to choose the right financial products for their personal saving and protection needs. The portal will be launched at the end of 2019 with its first product: car insurance.

Ping An’s tie with JoonKo begun in 2018 when the Chinese financial conglomerate decided to invest in JoonKo and involved in developing Joonko’s strategy and technology capabilities.

Donald Lacey, Managing Director and COO of Ping An's Global Voyager Fund, said, "We're pleased to cement a relationship with Joonko that includes both growth capital and technological support. To us, Joonko represents the logical evolution of financial digitalisation in Europe. It's the right approach to innovation in retail financial services: a next generation solution designed to benefit consumers and financial product providers alike."