Ping An Insurance Group, a China-based insurance corporation has joined forces with the Sanya municipal government to develop a “smart city” that will be powered by blockchain technology, artificial intelligence (AI) and other new technologies,” according to People’s Daily (November 14, 2018).
“Promoting the construction of a new type of smart city has become a major strategic decision based on the reality of urban development in China. For Sanya, as an “international offshore financial center”, finance and technology are the main strengths for local development.”
According to a Xinhua report, Ping An Group will fund the smart city project with 30 billion yuan (over $4 billion). The primary aim of establishing a distributed ledger technology powered smart city in Sanya is to turn the region into a fintech hub that would attract the Fortune 500 enterprises to the area, reported Xinhua.
Sanya is fully promoting the implementation of China’s Hainan Pilot Free Trade Zone initiative and the strategic partnership with Ping An Group is seen as an essential step towards achieving the goal of becoming a smart city that would attract the world’s top 500 companies, Xinhua explained.