Concept
Ping An Bank (平安银行) — national joint-stock commercial bank headquartered in Shenzhen, listed on Shenzhen Stock Exchange (ticker000001). Part ofPing An Insurance Group— one of the world's largest insurance groups with consolidated assets over $1.5 trillion. Ping An banking assets as of 2025 — approximately$800 billion, over 1,000 branches in Mainland China, representative office in Hong Kong (granted insurance agency license HKIA in February 2023). Combines retail and corporate banking, investment banking, supply chain finance.
Among Chinese banks, Ping An stands out for technology and focus on supply chain finance. In 2025 received The Asian Banker award "Best Trade Finance Bank in China" for technological upgrade of supply chain finance — transition from point financing to infrastructure models, integration with new energy vehicle manufacturers and state supply chains. Fintech subsidiary OneConnect listed on HKEX (via introduction + dual-primary listing from July 2022) — gives the bank access to deep technological fabric for blockchain forfaiting, AI-scoring, real-time treasury.
Ping An Bank — client ofprivate.lawas a law firm: we open correspondent accounts for the bank in foreign jurisdictions and conduct selective regulatory work on its cross-border infrastructure. This gives us understanding of Ping An compliance criteria from the inside and helps compile packages in a format the bank accepts from the first submission. The bank still makes the decision on each client application.
Use cases for Ping An Bank
Supply chain finance with technological layer.Ping An specializes inscenario-based supply chain finance: the bank integrates its financing directly with the client's supplier chain, uses blockchain forfaiting, AI-scoring of counterparties and real-time tracking of goods flows. For large importers with extensive supplier networks this provides lower factoring discount rates and faster deal closures.
API-integrated treasury in ERP.Ping An — one of few Chinese banks withdeveloped corporate REST API. Supports automation of payment instructions, statements, FX operations, balance reporting. For technology-focused corporate finance functions (Vesper infrastructure, SAP/Oracle ERP, in-house treasury system) this eliminates most manual operations.
Cross-border trading with multi-currency cash management.CNY primary, USD, EUR, GBP, HKD, JPY, SGD standard. Real-time treasury dashboard, mobile app with touch-ID. Ping An positions itself astechnology-focused counterpart of international level, which simplifies work for cross-border teams.
Trade finance at major bank level.Letters of credit (L/C), bank guarantees, performance bonds, supply chain financing, exporter factoring via Sinosure channel. Terms competitive with Bank of China and Everbright.
Fintech startups with Chinese segment.Through OneConnect ecosystem Ping An understands fintech operational model specifics: payment processing, lending, insurtech. This is rare among Chinese banks — standard compliance at other banks considers fintech startups "high-risk by default."
What Ping An Bank provides technically
Multi-currency accounts.CNY primary, USD, EUR, GBP, HKD, JPY, SGD standard. AUD, CAD, CHF, KRW upon request.
CIPS direct participant.CNY transfers outward via direct channel without intermediary, important for cross-border RMB operations.
SWIFT and correspondent network.Direct nostro accounts for Ping An at major EU, US, Southeast Asian banks. Correspondent comm-fee explicitly stated in instruction.
Corporate REST API.Documented API for payment instructions, statement retrieval, FX, balance reporting. Available after onboarding with tech-key and whitelisted IP block.
Real-time treasury dashboard.Modern web interface in English and simplified Chinese. Mobile app for iOS/Android with touch-ID and push notifications.
Supply chain finance platform.Technology platform for integration with supplier chains, including blockchain forfaiting and AI-scoring of counterparties.
OneConnect ecosystem.Access to fintech subsidiary technology products — embeddable KYC-API, real-time payments, blockchain infrastructure for documentary operations.
Hardware tokens.Standard pair of transaction confirmation devices, courier delivery.
Permitted beneficiary jurisdictions
- Hong Kong, Singapore, Malaysia, Japan, South Korea
- UAE, Turkey, Saudi Arabia
- EU, United Kingdom, Switzerland
- US, Canada, Australia
- Sanctions-sensitive jurisdictions — by arrangement with EU/UK/UAE/SG residence permit and non-sanctioned trade counterparties
Sanctions-sensitive clients: joint-stock regime after 2022
Conditions for Russians under which Ping An considers application:
- Residence permit or second citizenship in country without sanctions restrictions (EU, UK, UAE, Singapore, Turkey, Kazakhstan, etc.)
- Trade counterparties outside sanctions-sensitive jurisdictions
- Source of funds documentarily not connected to sanctioned financial organizations
- Clear business purpose — technology project, supply chain finance, fintech operations — not "universal account"
Alternatives upon rejection: Harbin Bank (CIS channel, opens sanctions-sensitive passport profile without residence permit), Bank of Dalian.
Mandatory client requirements
- HK Ltd or WFOEas corporate wrapper
- Company website and LinkedIn of key persons— Ping An particularly attentive to digital footprint, mandatory for fintech startups
- Business model description of 2 pages— client types, currencies, turnover forecast
- Audited financial statementsfor last two years (for companies after first year)
- Samples of actual contractswith key counterparties (redacted acceptable)
- Source of funds of 1–2 pages
- For technology companies— product architecture description and cash flow modeling
- Passport and proof of address of beneficiary(not older than 3 months)
Opening viaprivate.law: stages and timeline
- Pre-screening via associate in Shanghai.Agreement on profile, technology profile, trade flows.2–3 business days.
- KYC package submission.Full package via our associate with Chinese translations.5–7 business days.
- Bank pre-approval.Compliance team reviews business model, counterparties, technology profile.7–10 business days.
- Video interview with manager.30–45 minutes in English. Questions on business model, technology stack, expected flow.
- Receiving hardware tokens.Courier delivery.5–10 business days.
- Activation, test funding, API setup (optional). 2–3 business daysfor standard activation; API onboarding — separate 5–7 business days with Ping An tech team.
Total timeline — 15–25 business dayswith clean KYC.
Our support fee
from€5,000depending on profile complexity:
- Standard HK company with clean UBO — base rate
- Multi-jurisdictional structure or complex cash flow picture — individual calculation
- API onboarding — additional €1,500 for integration coordination
Fee includes KYC support, Shanghai associate services, video interview, token delivery, activation. Excludes — Ping An bank fees.
Ping An Bank tariffs
| Operation | Cost |
|---|---|
| Account maintenance | $120/month |
| Domestic payments within China (CNY via CNAPS) | 0.08% (cap ¥800) |
| International payments (CIPS CNY / SWIFT USD) | 0.1% (cap ¥1,500) + correspondent comm-fee |
| Trade finance (L/C, guarantees) | from 0.3% of instrument amount |
| Supply chain finance / factoring | from 4–6% discount of receivables face value (via Sinosure channel) |
| Forex (USD/CNY, EUR/CNY) | 0.2–0.4% over interbank |
| Individual tariffs | for turnover from $3M/year |
Who Ping An Bank is not suitable for
- Russians and Belarusians without residence permit of another country— de facto rejection. Alternatives: Harbin, Dalian.
- Simple retail operations without China corridor.Cost from €5,000 + bank fees do not pay off. UseWise,Airwallex.
- Storage of large capital.$120/month maintenance + market FX rates — storage economics lose to private banking. For wealth management — Switzerland, Singapore.
- Crypto operations.Strictly prohibited, as with all Mainland banks.
- Gambling, adult, heavy metals without special license.Rejection.
- Shell companies without real business.Rejection.
Q/A
How does Ping An differ from other Chinese banks?
Technology sophistication and developed corporate API. Real-time treasury, mobile app, supply chain finance with blockchain forfaiting. Part of Ping An Insurance Group, which gives the bank access to insurtech and insurance products through one group. OneConnect (fintech subsidiary) listed HK.
Can we integrate Ping An with our ERP / Vesper?
Yes, via corporate REST API. Tech onboarding takes additional 5–7 business days after main account activation. Requires tech-key and whitelisted IP block.
What is Ping An supply chain finance and why does it matter?
Technology platform for integrating bank financing directly with client's supplier chain. Uses blockchain forfaiting (sale of export receivables without recourse with blockchain ledger recording) and AI counterparty scoring. For large importers with extensive supplier networks, reduces factoring discount rate and accelerates deal closing.
Do you open Ping An for Russians?
By arrangement if residence permit of another country and non-sanctioned trading counterparties present. Pre-screening through associate mandatory. Joint-stock compliance level softer than Big Four, but not as flexible as Harbin.
What about Ping An Insurance — is it related?
Ping An Bank — separate legal entity within Ping An Insurance Group. Group has common digital infrastructure (OneConnect, Lufax) and cross-sell of insurance, banking and investment products. Corporate clients of the bank can receive insurtech offerings through the group.
How long does opening take?
15–25 business days with clean KYC. With API onboarding — add 5–7 business days.
What currencies can be held?
CNY primary, USD/EUR/GBP/HKD/JPY/SGD standard. AUD/CAD/CHF/KRW upon request.
What about CRS and FATCA reporting?
Ping An — CRS and FATCA participant. Information on non-resident accounts transmitted to tax authorities of country of residence.
Related pages
- Banks of China for foreign trade — the map
- Big Four of China for foreign trade: BoC, ICBC, CCB, ABC
- Banks by jurisdiction: private banking and accounts
- CZCB (Zhejiang Chouzhou Commercial Bank): Yiwu bank for China trade and RMB settlements
- Harbin Bank — account for the China trade corridor
📎 Need the full picture? Request our China corporate-banking comparison file (thresholds, compliance, timelines by jurisdiction) via the form below — we email it the same day.