China’s insurance giant teams with Swiss crypto bank

China state-backed insurance giant CPIC is partnering with crypto bank AMINA to provide investment advisory and banking services.

CPIC Investment Management (CPICIMHK), a Hong Kong-based arm of China Pacific Insurance Group (CPIC), the second-largest property insurance company in China, is joining forces with Swiss crypto bank AMINA Group (formerly known as SEBA Bank) to expand its expertise in the crypto sector for the Asia Pacific region.

In a Wednesday press release, AMINA said the collaboration would enable CPICIMHK to provide investment advisory and banking services respectively “as an integrated solution to the Pacific Waterdrip Digital Asset Funds.”

“This partnership underscores CPICIMHK’s commitment to innovation and diversification in the financial sector on the back of its license uplifts from the Securities and Futures Commission of Hong Kong to offer distribution and investment advisory services related to virtual asset investment products.”

AMINA Group

The so-called Pacific Waterdrip Digital Asset Fund I targets early-stage blockchain startups, providing capital to foster their growth and development. The other fund called the Pacific Waterdrip Digital Asset Fund II focuses on proof-of-stake tokens, giving investors a way to engage with “energy-efficient and secure digital assets,” the press release reads.

Addressing the collaboration, CPICIMHK CEO Chenggang Zhou said that the Hong Kong-based firm would advise on crypto investment opportunities, while AMINA would facilitate on/off-ramping, crypto trading, and custodial services.

CPICIMHK entered the crypto market in Q2 2023 by partnering with Waterdrip Capital to launch crypto funds. It remains unclear whether CPICIMHK still relies on Waterdrip’s services after forming its new strategic partnership with AMINA Group.