Craig Keary is the Director, Asia Pacific region, AMP Capital.
This week marks the beginning of a new Lunar New Year – the Year of the Rat. It is the year of the Chinese zodiac that symbolises intelligence, optimism, adaptability and energy
Lunar New Year is an important time in China and many other parts of Asia. Celebrations are steeped in history and tradition, and for many people it is the only time they will spend with their families during the year.
As we welcome the Lunar New Year at AMP, it is a chance to reflect on the way China remains a key market for our business.
AMP has a long and proud history of sharing its knowledge and expertise in financial services with clients and partners in China and was the first Australian company to invest directly in the Chinese A-share equity market.
"...AMP is well positioned to benefit from growth in the Chinese pension market."
Our presence in China, alongside our strategic partner China Life, supports AMP’s continuing international growth.
China Life is the largest insurance group in China, ranking 51st in the most recent Fortune 500, and has one of the largest distribution networks across China.
Our relationship with China is also increasingly important as China emerges as a global hub for innovation and technology.
Some of the key financial services trends we can expect to see emerging in China over the next year include an increasing merger between traditional financial services and technology.
Three of the world’s largest fintech companies are in China, while approximately 900 million mobile phone users in the country are creating a new growth market.
Because China has moved to become a largely cash-less society, with many people now preferring mobile forms of payment.
Meanwhile, as China’s population continues to age, this prompts great pressure on the country’s pension system to deliver retirement benefits for its citizens.
Currently, through our partnership with China Life, AMP is well positioned to benefit from growth in the Chinese pension market.
Pictured: Head of Business Cooperation China Andrew Kwok, AMP CEO Francesco De Ferrari, AMP Capital CEO Adam Tindall, and Head of Corporate Pensions Chirs Jansen.
Our relationship with China has also strengthened thanks to the success of our inaugural China Innovation Project.
Late last year we sent a delegation of 20 people from AMP to China where they participated in an intense week of meetings in Beijing and Hangzhou to learn about global innovation trends and developments in fintech in China.
As well as meeting with our strategic partner, China Life, the team also met with members of the China Guangfa Bank, Baidu, Ant Financial and fintech start-up Tongbanjie.
The cohort ended their trip feeling energised and motivated, gaining plenty of insights from their meetings.
"...we are well placed for the future in China."
Since their return from China the team have worked quickly to put together a series of insights and recommendations based on their experiences in the country.
These insights cover areas of strategy, product innovation, and new ways of working.
The China Innovation Project cohort have already had the opportunity to pitch these ideas to AMP CEO Francesco De Ferrari, AMP Australia CEO Alex Wade, and AMP’s Chief Operating Officer Craig Ryman.
Now they will refine and prioritise these recommendations in the hopes of implementing some of their ideas within the next year.
Through AMP’s ongoing collaboration with our strategic partner, we are well placed for the future in China.