Hong Kong exploring Blockchain for Vehicle Reg & Insuratech

The Secretary for Financial Services and the Treasury, gave a speech at the Annual Reception of the Hong Kong Federation of Insurers and highlighted the use of Blockchain

On the 12th of April, the Secretary for Financial Services and the Treasury, Mr James Lau gave a speech at the Annual Reception of the Hong Kong Federation of Insurers in which the secretary discussed the use of Blockchain and Insuratech.

The Secretary highlighted that using big data, and blockchain, and that the insurance industry could improve efficiency with access to better data, and that HKFI was itself developing a blockchain based platform for motor vehicle insurance.

“Financial technology is revolutionising the financial services industry globally, and the insurance industry is no exception. The use of big data analytics can help insurers gain insights of customers’ needs and market demand, while the use of blockchain technology can raise business efficiency and allow insurers to enjoy easy and secure access to timely and accurate data. In this regard, I am glad to note that HKFI is developing a blockchain e­platform for motor insurance. I encourage the insurance industry to continue to devote more resources to embrace Insurtech.”

The Insurance Autgority (AI) has been promoting blockchain, and last September they launched a Sandbox to pilot innovation in insuratech schemes and created a Fast Track processes in order to expidite new authorisations soley through digital distribution channels.


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