Online payment solutions company Oxford Investments Holdings has entered into an agreement to purchase a 50% stake in the financial services provider Hongxin Insurance Agency in China, through its joint venture partner Ko-Ho Group.
Hongxin sells insurance policies and financial instruments for most major insurance companies operating in China. It has also established a number of partnerships with major banks in the country to provide insurance for their cardholders.
At present, Hongxin is the only designated insurance agent for the cardholders of China Construction Bank’s ‘Automotive Card.’ The group is also issuing thousands of insurance cards to the members of the largest mail-ordering company in China, which has more than four million clients.
Hongxin Insurance is the second of a number of acquisitions Oxford anticipates making in China and is expected to prove an ideal partner to market Oxford’s FocusKard suite of payment solutions in China and Southeast Asia.