Ping An Good Doctor and Grab Establish Joint Venture to Deliver Integrated Digital Healthcare Services Across Southeast Asia

VCBeat (WeChat: vcbeat)It is reported that on August 16, Ping An Good Doctor (01833.HK), China’s leading one-stop healthcare ecosystem platform, announced the signing of a subscription agreement with Grab to establish a joint venture in Southeast Asia.

The joint venture will primarily provide one-stop healthcare services in Southeast Asia via a mobile platform, including online medical consultations, consumer healthcare, a health e-commerce marketplace, and health management and engagement services. With a registered capital of USD 20 million, the joint venture is controlled by Ping An Good Doctor.

In the future, depending on the development of the joint venture, both parties may provide further investments in cash or marketable securities (approximately equivalent to USD 120 million).

Grab is the leading online-to-offline (O2O) platform in Southeast Asia, currently covering 225 cities across eight countries, including Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia. It offers services such as ride-hailing, food delivery, shopping delivery, and an integrated e-wallet (GrabPay). Grab is set to become the first startup in Southeast Asia to achieve $1 billion in revenue this year. Currently, the Grab platform has 7.1 million individual service providers, including drivers.

Leveraging its globally leading AI-driven healthcare technology, Ping An Good Doctor integrates its in-house medical team of thousands, external physician resources, and medical network resources to create a closed-loop service ecosystem that combines online consultations with online pharmacy services, as well as online consultations with offline medical care.

In China, Ping An Good Doctor has established partnerships with over 3,100 hospitals (including more than 1,200 Grade A tertiary hospitals), over 2,000 healthcare institutions—including physical examination centers, dental clinics, and medical aesthetics facilities—and more than 10,000 pharmacies.

Meanwhile, Ping An Healthcare is committed to building the world’s largest healthcare ecosystem, with internationalization serving as one of its core strategies to realize this vision. Accordingly, Ping An Healthcare is actively expanding its global presence and integrating worldwide medical service resources. Currently, its healthcare service network covers nearly 10 countries and regions, including the United States, Japan, South Korea, Switzerland, and Singapore, through partnerships with over 100 renowned hospitals.

By 2030, Southeast Asia, with a population of 640 million, is projected to become the world’s fourth-largest economy, boasting immense potential in its healthcare market. Meanwhile, the region faces significant challenges in delivering healthcare services: many countries lack adequate medical infrastructure, geographic disparities between rural and urban areas hinder access to care, and healthcare institutions suffer from low operational efficiency. For instance, in Indonesia, there is only one doctor for every 5,000 people, a ratio far below that of high-income countries, where there are three to four doctors per 1,000 residents.

This time, the joint venture established by Ping An Good Doctor and Grab will provide a solution that leverages the complementary strengths of Ping An Good Doctor’s advanced AI-driven medical technology and Grab’s extensive user base and operational expertise in Southeast Asia. The venture aims to deliver one-stop healthcare services, ranging from online medical consultations to health management, thereby improving local residents’ access to medical care. Meanwhile, the establishment of this joint venture will facilitate Ping An Good Doctor in expanding its user base, enlarging its international service network, and integrating regional resources to build a global healthcare ecosystem. In the future, the joint venture will also actively explore collaborations with more partners to jointly develop the Southeast Asian healthcare market.

Li Yuanxiang, Executive Director, Executive Deputy General Manager, Deputy CEO, and Chief Insurance Business Executive of Ping An Group, stated, “The partnership between Ping An Good Doctor and Grab marks a significant step in the internationalization of Ping An Good Doctor and holds substantial importance for Ping An Group’s expansion into the Southeast Asian market. As the sole platform-level traffic gateway for the healthcare technology strategy—one of Ping An Group’s two core strategic businesses—Ping An Good Doctor will continue to receive strong support from the Group. Ping An Group will further facilitate interactions between Ping An Good Doctor and its other subsidiaries, allocate additional resources, and drive leapfrog growth, thereby advancing our mission to leverage technology for better human health.”

Wang Tao, Chairman and CEO of Ping An Good Doctor, stated: “Ping An Good Doctor will become an internet healthcare ecosystem platform with global influence. We will replicate our successful model from the Chinese market overseas, exporting our mature technologies and services to address healthcare challenges on a global scale. Grab is a trustworthy company, and we are delighted to collaborate with Grab to unlock the growth potential in Southeast Asia, delivering superior one-stop healthcare services to hundreds of millions of local users.”

Grab CEO Anthony Tan stated, “Our partnership with Ping An Healthcare marks the first step in our entry into the mobile healthcare sector. As an industry leader in mobile healthcare, Ping An Healthcare has established a proven business model in China. Grab is committed to providing convenient and affordable transportation, food delivery, and retail services to users across Southeast Asia. Meanwhile, we believe that everyone should have access to high-quality, affordable healthcare services. If technology can make this a reality, it has the potential to bring about significant changes to people’s lives and society as a whole.”

Ping An Good Doctor is China’s leading one-stop healthcare ecosystem platform, committed to providing every family with a family doctor, every individual with an electronic health record, and every person with a personalized health management plan through its “Mobile Healthcare + AI” model. Currently, Ping An Good Doctor has established key business segments including family doctor services, the health e-commerce marketplace, health management and engagement, and consumer healthcare.

Ping An Good Doctor has currently hired a full-time medical team of thousands as its core service tier, providing users with auxiliary diagnosis, rehabilitation guidance, and medication advice through 24/7 online text and video consultations. It has also contracted tens of thousands of external physicians as an extended service network to handle subsequent triage and referrals, initial offline consultations, and follow-up visits.

Ping An Good Doctor covers approximately 3,100 hospitals (including over 1,200 Grade III Class A hospitals), more than 2,000 health institutions such as physical examination centers, dental clinics, and medical aesthetics facilities, as well as over 10,000 pharmacies.

In April 2015, the “Ping An Good Doctor” app was officially launched. By the end of February 2018, its registered users had surpassed 200 million, making it the most widely used mobile healthcare application in China. On May 4, 2018, Ping An Good Doctor was listed on the Hong Kong Stock Exchange under the stock code 01833.HK, earning the title of the world’s first internet healthcare IPO.