- Press Release
- Oct 31, 2023
Successful Launch Of PingAn-3 satellite Empowers Inclusive Finance
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 earth observation optical remote sensing satellite. PingAn-3, launched at the Jiuquan Satellite Launch Center, will join Internet of Things (IoT) satellites PingAn-1 and PingAn-2, to support the supply chain financial services of Ping An Bankand the development of inclusive finance.
Due to a lack of loan collaterals and reliable credit information, micro-, small and medium-sized enterprises (MSMEs) face challenges in raising funds required for business expansion and production upgrades. It is difficult and risky for financial institutions to review financing applications from MSMEs due to the long industrial chains, numerous cross-regional businesses, difficulties in due diligence, and receivables that are small amounts and high frequency.
Ping An strives to drive the development of inclusive finance by leveraging technologically innovative financial service model to address financing needs of MSMEs. PingAn-3, as Ping An Insurancean earth observation optical remote sensing satellite, can obtain high-resolution image data, help banks to grasp real operation data and other information in the upstream and downstream of the supply chain more effectively and intuitively upon corporate authorization. This information can also help banks to assess loan risks and improve the availability and accessibility of financial services.
In the agricultural sector, the area and growth of crops are monitored through remote sensing images on a regular basis. This information helps determine the extent of financial support provided to MSMEs in the 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) image technology, and provide data support for green credit of banks. In urban services sector, banks can use remote sensing images to understand the construction progress of commercial real estates and industrial parks, and improve the security of financing business.
Since Ping An Bank embarked on its Nebula IoT Program in 2019, it has launched the IoT satellites PingAn-1 and PingAn-2 to improve the 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 missing. As of the end of March 2022, more than 20 innovative projects under the Nebula IoT Program have been implemented in six major industrial fields, including vehicle connectivity, manufacturing, energy, agriculture, infrastructure and logistics. The projects are serving more than 12,000 customers and connecting more than 12 million IoT end devices. In the future, the three satellites will work together to sense, identify, locate, track, monitor and manage physical assets for more timely and effective transmission of true operation data in the upstream and downstream of the supply chain. They will play a valuable role in pre-loan credit enhancement review, post-loan monitoring, early warning and other aspects.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) strives to become a world-leading retail financial services group. With over 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 over-arching domains of activity, “integrated finance” and “healthcare”, covering the provision of financial and health care services through its integrated financial services platform and ecosystems in financial services, healthcare, auto services 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 using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.