Singaporean health company Fullerton Health has received over $100mn investment from Ping An Capital, part of Ping An Insurance in China. The investment will see it expand its operations into mainland China and cement its position across Asia.
Amidst Asia’s transformation surrounding the delivery of its healthcare services, the move will see both companies support the need for increased accessible and affordable healthcare across the region. This also covers increased medical spend, building capacity at grassroots level and gradually increasing focus on supply side reform, reducing costs and improving efficiencies across the board.
The decision also reflects on Ping An Capital’s commitment to invest in both the health and fintech sector.
"This partnership is an important milestone for Fullerton Health in China,” commented David Sin, Deputy Chairman of Fullerton Health. With the investment, Ping An Capital and its related parties have become Fullerton's second largest shareholder.
The partnership offers a broad platform for Fullerton Health to expand our presence in the growing Chinese enterprise healthcare market."
Market demand for both public and private healthcare is set to grow exponentially as a result of a booming economy and population growth. In a press release, a 2016 Frost & Sullivan research report has stated that China's market for enterprise healthcare management will grow from $5.7bn in 2010 to $21.1bn in 2020.
“In addition to capital investment, Ping An Capital will leverage healthcare resources from Ping An of China, including Ping An health insurance, Ping An Good Doctor and Ping An Wanjia Healthcare to help boost Fullerton Health's business expansion in mainland China," added Liu Dong, Principal Partner of Ping An Capital