Paga, the payments company with operations in Nigeria, Ethiopia, and Mexico, announced that it has been selected for the 4th Cohort of the Ping An Cloud Accelerator, China. The five-month program was created by Ping An Group, one of the world’s largest insurance and financial institutions with headquarters in Shenzhen, China.
Jerry Quan, General Manager of the Ping An Cloud Accelerator, in a statement commented; “We are excited to have Paga as part of our current cohort for the program. Its goal of building formidable emerging markets-focused payments business resonates with us, and we are impressed with its progress to date. There are many opportunities to build synergies with Ping An’s technology subsidiaries and external corporate partners, and our engagement with the Paga team thus far has been great. I expect that this is the start of larger collaborations to come between our organizations.”
Paga was selected alongside 10 other companies from across the world including China, the United States, Spain, and Israel. This highly selective program, with an acceptance rate of only 2%, focuses on 5 verticals: FinTech, HealthTech, Auto Tech, Real Estate Tech, and Smart City. Participating companies in the Ping An Cloud Accelerator are growth-stage businesses that will explore collaborations with Ping An subsidiaries.
Jay Alabraba, Co-founder and Director of Business Development, Paga, commented in the statement “We are proud to be chosen to be part of the Ping An Cloud Accelerator. Our relationship with the Ping An Group offers us the forum to experiment with cutting-edge tools within their global portfolio. The program, which focuses on companies with already strong traction also presents the opportunity for our team to work closely with other emerging leaders in technology, finance, health, and other sectors. We are proud to have been selected for the program. The timing is also great, given our expansion to new markets and the introduction of more services on Paga.”
One of the goals of the Ping An Accelerator program is to strengthen interpersonal relations across borders, which is something that Paga greatly values as we build an open payments ecosystem. Ping An’s advanced FinTech arm, OneConnect, that offers solutions in the areas of eKYC, fraud prevention, artificial intelligence, and machine learning, identified the synergy in objectives of both companies and the opportunity to work together.
