HONG KONG i SHANGHAI, August 22, 2022 /PRNewswire/ — Ping an insurance company (group) of chinaLtd. (HKEx:2318; SSE:601318) announced the successful launch of PingAn-3, also known as Taijing-1 01, Ping An’s first optical remote sensing Earth observation satellite. PingAn-3, launched at the Jiuquan Satellite Launch Center, will join the Internet of Things (IoT) satellites PingAn-1 and PingAn-2, to support financial services in the supply chain of Ping An Bank and the development of inclusive finance.
Due to the lack of loan guarantees and reliable credit information, micro, small and medium enterprises (MSMEs) face challenges in raising the necessary funds for business expansion and production upgrading . It is difficult and risky for financial institutions to review MSME financing applications due to long industrial chains, numerous interregional companies, difficulties in due diligence and small amount and high frequency receivables.
Ping An strives to drive the development of inclusive finance by leveraging a technologically innovative financial services model to meet the financing needs of MSMEs. PingAn-3, as the Ping An Insurancean optical remote sensing earth observation satellite, can obtain high-resolution image data, help banks capture real operation data and other information in the waters up and down the supply chain more effectively and intuitively with corporate authorization. This information can also help banks assess lending risks and improve the availability and accessibility of financial services.
In the agricultural sector, the area and growth of crops are periodically monitored using remote sensing images. This information helps determine the extent of financial assistance provided to MSMEs upstream and downstream of the agricultural supply chain. In the energy sector, a remote sensing satellite can obtain images of a solar farm, check the number and integrity of photovoltaic panels with artificial intelligence (AI) imaging technology, and provide data support for the green credit from banks. In the urban services sector, banks can use remote sensing images to understand the construction progress of commercial properties and industrial parks, and improve the security of business financing.
From Ping An Bank embarked on its IoT Nebula program in 2019, it has launched the PingAn-1 and PingAn-2 IoT satellites to improve IoT data communications on the ground. By connecting IoT devices, services can be extended to mines, forests, grasslands, deserts, oceans and other areas where terrestrial signals are lacking. From the end of March 2022, more than 20 innovative projects have been implemented under the Nebula IoT program in six major industrial fields, 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. In the future, the three satellites will work together to detect, identify, locate, track, monitor and manage physical assets for more timely and effective transmission of real operations data upstream and downstream of the chain of supply They will play a valuable role in pre-loan credit improvement review, post-loan monitoring, early warning and other aspects.
About Ping An Group
Ping An (Group) Insurance Company of chinaLtd. (“Ping An“) strives to become a leading global retail financial services group. With more than 223 million retail customers and nearly 657 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two broad areas of activity, “integrated finance” and “healthcare”, covering the provision of financial and healthcare services through its integrated financial services platform and ecosystems in financial services, healthcare, automobile and smart city services. The “finance + technology” and “finance + ecosystem” strategies aim to provide customers and Internet users with innovative and simple products and services through technology. How from China first stock insurance company, Ping An is committed to maintaining the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges of Hong Kong i shanghai. Ping An ranked 17th on the Forbes Global 2000 list in 2022 and 25th on the Fortune Global 500 list in 2022.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.
SOURCE Ping An insurance company (group) of chinaLtd.
