It becomes the ‘first foreign-invested joint venture to receive this approval’ in the country
Heng An Standard Life (HASL) will be rolling out pension investment products in China, after receiving approval.
The firm is a joint venture between Standard Life Aberdeen and Tianjin Teda International.
It was formed in 2003 and offers a range of health, life and savings products in the country.
HASL said this is the first time a foreign-invested joint venture received approval to sell this kind of products in mainland China.
It believes the Asian country represents a “significant opportunity” due to its ageing demographic, as it expects the domestic savings system to move away from being predominantly based on state pensions, and towards a model focused on occupational and individual savings.