China's JD Group plans to forge HK insurer into fintech giant
China's JD Group plans to develop its Hong Kong acquisition FTLife Insurance into a fintech-led carrier. In what was the biggest-ever takeover of a Hong Kong insurer by a mainland company, JD Group paid $1.38bn for FTLife from Ageas Asia last year. It committed itself to a three year programme of transforming the territory's carrier to enable it to slot into the parent's established mobile and digital platforms, said CEO Lennard Yong. The executive now expects more mainland companies to make acquisitions in Hong Kong. 

Lennard Yong, regional chief executive of FTLife Insurance, says he will embrace the development of fintech. Photo: Handout