A $6.85 million investment lead by HSBC was raised by blockchain insurance startup MediConCen, which wants to enhance the industry by “simplifying and speeding up the claims journey.”
With its headquarters in Hong Kong, the business announced on its blog that additional investors in the investment round included newcomer Wings Capital Ventures, G&M Capital, and ParticleX.
With the most recent infusion of funds, MediConCen has raised a total of $12.7 million. The company intends to use the revenues to accelerate its expansion into international markets, particularly Southeast Asia and the Middle East.
The company is transforming the paper human-based claim process into a “digital- and AI-assisted [artificial intelligence] journey, utilizing the latest AI and blockchain technology,” according to William Yeung, head of MediConCen.
According to Kara Byun, head of fintech at HSBC Asset Management, the money is anticipated to streamline and expedite the claims procedure. This includes “ensuring that the claim amount is fair, with a technology backbone that supports the scaling up of these benefits.”
MediConCen was founded in 2018 and operates as an incubator at Cyberport, a high-tech industrial park supported by the Hong Kong government. It provides services to over 16 insurers and over one million insured individuals.
More than 1,200 medical providers participate in the company’s cashless claim platform. As Luanne Lim, CEO of HSBC Hong Kong, previously detailed the bank’s intentions to investigate tokenization of financial instruments and central bank digital currency pilots in the area, hoping to bring efficiency, transparency, and cost reduction to traditional finance, this investment for HSBC highlights the bank’s commitment to digitization in Hong Kong.
In June 2023, HSBC, which has been actively involved in financial innovation in Hong Kong, will enable its clients to trade Ethereum (ETH) and Bitcoin (BTC) futures through its investment platform.
Furthermore, in November 2023, HSBC and a company owned by Ripple collaborated on a blockchain project aimed at institutional customers curious about real-world assets stored on the network.
