Successful launch of PingAn 3 satellite enables inclusive finances

Ping an insurance

Ping an insurance

Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318; SSE:601318) announced the successful launch of PingAn-3, also known as Taijing-1 01, Ping An’s first optical remote sensing satellite for Earth observation. PingAn-3, launched at the Jiuquan Satellite Launch Center, will join the Internet of Things (IoT) satellites PingAn-1 and PingAn-2 to support Ping An Bank’s supply chain financial services and the development of inclusive finance .

Due to a lack of loan collateral and reliable credit information, micro, small and medium-sized enterprises (MSMEs) face challenges in raising funds needed for business expansion and production expansions. The assessment of funding applications from MSMEs is difficult and risky for financial institutions due to long industry chains, numerous supra-regional companies, difficulties in due diligence and low volume and high frequency of claims.

Ping An strives to advance the development of inclusive finance by using a technologically innovative financial services model to meet the financing needs of MSMEs. PingAn-3, as Ping An Insurancean’s optical remote sensing satellite, can obtain high-resolution image data and help banks capture real operational data and other information in the upstream and downstream supply chain more effectively and intuitively when the company has approved. This information can also help banks assess credit risk and improve the availability and accessibility of financial services.

In agriculture, the area and growth of plants are regularly monitored by remote sensing images. This information helps determine the level of financial support provided to MSMEs upstream and downstream in the agricultural supply chain. In the energy sector, a remote sensing satellite can obtain imagery of a solar farm, verify the count and integrity of photovoltaic panels using artificial intelligence (AI) imaging technology, and provide data support for green loans from banks. In the urban service sector, banks can use remote sensing imagery to understand the construction progress of commercial real estate and industrial parks and improve the security of financing deals.

Since Ping An Bank launched its Nebula IoT program in 2019, it has launched IoT satellites PingAn-1 and PingAn-2 to enhance IoT data communications on the ground. By connecting IoT devices, services can be extended to mines, forests, grasslands, deserts, oceans and other areas where ground signals are lacking. By the end of March 2022, more than 20 innovative projects have been implemented under the Nebula IoT program in six major industrial sectors, including vehicle connectivity, manufacturing, energy, agriculture, infrastructure and logistics. The projects serve more than 12,000 customers and connect more than 12 million IoT end devices. Going forward, the three satellites will work together to capture, identify, locate, track, monitor and manage physical assets to enable more timely and effective transmission of real operational data up and down the supply chain. They will play a valuable role in pre-lending credit verification, post-lending monitoring, early warning and other aspects.

Via ping a group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) aspires to become a leading global retail financial services group. With over 223 million consumers and nearly 657 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two overarching areas of activity, “Integrated Finance” and “Healthcare”, covering the delivery of financial and healthcare services through its integrated financial services platform and ecosystems in financial services, healthcare, auto services and smart city services. Finance + Technology and Finance + Ecosystem strategies aim to provide customers and Internet users with innovative and simple products and services using technology. As China’s first insurance corporation, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The group is listed on the Hong Kong and Shanghai stock exchanges. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and 25th in the Fortune Global 500 list in 2022.

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