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This is part of a case series. The case illustrates how Ping An can anticipate digital trends such as cloud computing and evolve from its core business to expand to new areas. Ping An began by selling property and casualty insurance but soon expanded to banking and financial services. The firm then invested heavily in IT development in order to take part in the Internet economy, focusing on five verticals: financial services, healthcare, automobiles, real estate and smart cities. In the five verticals, Ping An incubated 11 independent technology affiliates that dwarfed a valuation of USD70 billion. By 2020, 3 companies were publicly traded as independent entities. Ping An was no longer a financial institution, instead, it had become a 'finance technology' and a 'finance ecosystem' company. While so many financial institutions and other traditional businesses always talk about digitization and transformation, but the progress is pretty slow. Ping An is in a very different place. The Ping An case is interesting both from a Chinese and a global perspective. As a firmly rooted Chinese firm, Ping An embodies the rise of a traditional company that learned to harness new technologies and compete with China's pure technology players. From a global perspective, Ping An offers lessons in how to develop an ecosystem of technology affiliates: the firm has developed a set of best practices for incubating, funding and collaborating with spin-offs.