Blockchain Insurance Startup MediConCen Raises $6.85 Million in Funding
MediConCen, a blockchain insurance startup based in Hong Kong, has secured $6.85 million in funding led by HSBC. Other investors, including G&M Capital, ParticleX, and Wings Capital Ventures, also participated in the funding round. This latest cash inflow brings MediConCen’s total funding to $12.7 million.
Accelerating Growth in the International Market
The funds raised will be used to accelerate MediConCen’s growth in international markets, particularly the Middle East and Southeast Asia. The startup aims to simplify and expedite the claims process by transforming it from a paper-based and human-based system to a digital- and AI-assisted journey. By utilizing the latest AI and blockchain technology, MediConCen aims to improve efficiency and enhance the overall experience for insurers and insured individuals.
Streamlining the Claims Process
Kara Byun, head of fintech at HSBC Asset Management, highlighted that this funding will help simplify and speed up the claims process while ensuring fairness in claim amounts. The use of technology as a backbone will support the scaling up of these benefits.
Established Presence in the Insurance Industry
Founded in 2018 as an incubatee at Cyberport, MediConCen currently serves over 16 insurers and more than 1 million insured individuals. Their cashless claim platform has gained participation from over 1,200 medical providers.
HSBC’s Commitment to Digitization
This investment by HSBC showcases their dedication to digitization efforts in Hong Kong. HSBC Hong Kong CEO Luanne Lim previously shared the bank’s plans to explore tokenization of financial instruments and central bank digital currencies pilots in the region. HSBC aims to bring efficiency, transparency, and cost reduction to traditional finance through these initiatives.
HSBC’s Financial Experimentation
HSBC has been actively involved in financial experimentation in Hong Kong. In June 2023, they allowed clients to trade Bitcoin (BTC) and Ethereum (ETH) futures through their investment platform. Additionally, in November 2023, HSBC partnered with a Ripple-owned firm for a blockchain initiative targeting institutional clients interested in real-world assets hosted on-chain.
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