Several foreign financial institutions are accelerating their business expansion in China recently, continuing to increase their investments in the Chinese market, driven by their positive outlook on the country's economy.
Recently, AXA's reinsurance subsidiary received approval to open an operation center in Shanghai.
The company is preparing for its first business roadshow in China next month, marking the first-ever global insurance group roadshow held at the Shanghai reinsurance operation center in Lin-gang Special Area of Shanghai.
Two senior executives from AXA Group flew from Paris to Shanghai to join in the final preparations.
"Next month our global team comes to Lin-gang for the first time to try to place reinsurance through that platform. The great advantage of Lin-gang is it's digital and that's something -- there are other platforms not quite at this level. We have every reason to believe that five years from now, this will be a major reinsurance platform through which we will place business," said George Stansfield, deputy CEO of AXA Group.
Since entering China in 1999, AXA has gradually expanded its operations, starting with property and life insurance and more recently venturing into the reinsurance sector.
The company is also exploring cooperation with Chinese insurers.
Stansfield highlighted China's rapid development in multiple sectors, emphasizing the need to speed up business growth in the country.
"Today compared to 25 years ago, the tech innovation was always there. Today it's at another level. We see a lot of things. China is far advanced, for example in electric vehicles as an example, but also drones, green technology. And so this brings to us a lot of potential opportunities," said Stansfield.
In late March, UBS announced that the China Securities Regulatory Commission had approved its fully-owned UBS Securities for registration.
UBS Securities is set to become China's fifth foreign-owned securities company.
Furthermore, applications for setting up foreign financial institutions, including Castle Securities, Mizuho Securities, and Citigroup Securities, are also advancing, signaling a deeper foreign financial presence in China.
Foreign financial institutions accelerate expansion in China, eying huge market potential
Foreign financial institutions accelerate expansion in China, eying huge market potential
