China’s CPIC Joins Forces with Swiss Crypto Bank for Business Expansion

July 12, 2024

By Sharan Kaur Phillora

China Pacific Insurance Group (CPIC), one of China’s largest state-backed insurance companies, has announced a strategic partnership with Swiss crypto bank AMINA Group, formerly known as SEBA Bank. This collaboration aims to enhance CPIC’s presence in the rapidly growing cryptocurrency market, particularly in the Asia Pacific region.

Here’s what we know:

The partnership involves CPIC Investment Management (CPICIMHK), the Hong Kong-based investment management arm of CPIC, and AMINA Group. Together, they will provide comprehensive investment advisory and banking services tailored specifically for virtual asset investment products.

Central to this collaboration are the Pacific Waterdrip Digital Asset Funds. The first fund targets early-stage blockchain startups, while the second focuses on proof-of-stake tokens. These funds are designed to offer investors innovative opportunities in the burgeoning field of digital assets.

Under the terms of the partnership, CPICIMHK will focus on advising clients on crypto investment opportunities, while AMINA Group will facilitate on/off-ramping, crypto trading, and custodial services. CPICIMHK CEO Chenggang Zhou highlighted the collaborative nature of the partnership, emphasizing the complementary strengths of both organizations.

This move highlights CPICIMHK’s commitment to innovation and diversification within the financial sector, leveraging its recent license uplifts from the Securities and Futures Commission of Hong Kong to offer distribution and investment advisory services related to virtual assets.

AMINA Group’s APAC CEO, Amy Yu, expressed enthusiasm about the collaboration, noting that it demonstrates AMINA’s commitment to expanding into Hong Kong and the broader Asia Pacific region, which is seen as a key market for digital assets.

The partnership marks a major step for CPICIMHK, which first entered the cryptocurrency market in the second quarter of 2023 by launching crypto funds in collaboration with Waterdrip Capital. While it remains unclear whether CPICIMHK will continue to rely on Waterdrip’s services, the new alliance with AMINA Group signals a robust commitment to expanding its capabilities in the digital asset space.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.