In Hong Kong, where you have 811 brokers, they cannot complete the entire transaction. In Hong Kong, if a broker was to sign an insurance policy for a client, they have to issue the policy on the insurer’s platform. So we think there’s immense opportunity for Fanhua to export all the IT that we have developed in China over the last 10 years, which cost us billions in RMB in terms of IT spending into Hong Kong. Some of our competitors in Hong Kong are already charging HKD 200,000 per year for very simple apps that basically just does policy illustration, policy comparison. So you can imagine the revenue opportunity that we can gain from expanding into just Hong Kong. And beyond Hong Kong, we’re also exploring with ASIA Insurance about expanding into Southeast Asia, where they also have a very strong presence in the P&C business.
So that’s the essence of what we’re really trying to do with ASIA Insurance. What you can expect is that, over the coming months, there will be a few things. Number one, we are at the final stages of completing — acquiring a local life insurance brokerage license, which should basically enable us to have contracts with up to 17 life insurance companies in Hong Kong, and we’ll further increase that. Post acquisition, we will sign up with more insurance companies in Hong Kong. Secondly is we’re already at the very early stages of translating our [indiscernible] app in China into traditional Chinese and also English that will be applicable to the Hong Kong market. We are also working very hard on the human resource front, basically recruiting the relevant personnel to launch our business in Hong Kong.
So all in all, I think 2024, I have confidence that Hong Kong will potentially be a revenue contributor to Fanhua. Thank you. Okay. So on our open platform, there are basically three types of agreements. Number one is the Fanhua agreement. Number two is the MGA agreement; and number three is the sales agreement. The question was relating to how many tenants that we have is using the sales agreement. What we want to explain is that for the sales agreements, it requires a three-way data exchange agreement between the insurer, the broker and the platform. Right now, we have three tenants that’s using their sales agreement in operation because it relates a lot to data security and data exchange, we think that we need about 10 in operation to fully promote this service.
But the opportunity is very evident. On the Fanhua [indiscernible] Cloud and also MGA channels, we have a total of 791 connected parties in terms of — on the IT system. They have their own agreement and is basically our largest pool of potential clients.
Operator: [Operator Instructions] I am showing no further questions. I’ll now turn the conference back to Ms. Oasis Qiu for any additional comments.
Oasis Qiu: Thank you, Amber. If you have any further questions, please feel free to contact us. Thank you for participating in today’s conference call.
Operator: Thank you. That concludes today’s conference call. Thank you for participating. You may now disconnect.
