The Block: The fintech and blockchain arm of one of China's largest insurance companies has filed for US IPO

OneConnect Financial Technology, the blockchain and fintech unit of China's insurance giant Ping An, has filed for an initial public offering (IPO) in the U.S.

The Shenzhen-based company has been developing AI, big data, and blockchain technologies as part of the insurance giant's fintech strategy. OneConnect operates a proprietary blockchain, FiMAX, which has been deployed by the Hong Kong Monetary Authority to build a blockchain trade finance platform named eTradeConnect.

In the filing, OneConnect posted a net loss of $147 million on revenue of $218 million during the first nine months of 2019. The company plans to be listed under the symbol OCFT.

It was previously reported that OneConnect was considering New York over Hong Kong for its IPO in the hope of achieving a higher valuation. The firm is backed by SoftBank's Vision Fund.