One of the financial industry self-regulators, Hong Kong Federation of Insurers (HKFI), is at the moment focusing on the development of a blockchain powered platform for the city’s motor insurance.
The Secretary for Hong Kong’s Financial Services and the Treasury Bureau James Lau recently gave a speech at the HKFI’s Annual Reception event. He was apparently making assertions in line with a number of matters, one of them being the doubling down on his firm belief that the blockchain technology would be playing an important part in terms of making advancements in the insurance industry in Hong Kong.
Lau has for over quite sometime pushed towards the adoption of the distributed ledger technology for the financial sector. In a recent interview with several journalists who wanted to get his perspective regarding the latest developments, Lau said that the city’s insurance industry had lately been making significant technological progress adding that there was great hope in the future.
According to the expert, the use of blockchain technology could end up raising business efficiency as well as allowing the various insurers enjoy secure and easy access to accurate as well as timely data. In that particular regard, HKFI engaged in the development of a blockchain e-platform that would focus on motor insurance. Reports indicate that the insurance industry would continue channeling more of its resources towards the adoption of insurtech.
All this undertakings are happening at a moment when business dynamics around the globe tend to be shifting pretty fast .A lot of business are resorting to the formulation of proper business strategies that facilitate the undertaking of progressive business operations.
It was way back in 1988 that HKFI was formed and the objective was to ensure professional conduct of the insurance industry not forgetting the efforts targeted at combating fraud.
To this point in time, the government official hasn’t yet disclosed the actual details regarding the insurance scheme. However, one notable aspect is that most of the city’s financial sectors as well as the government bodies are taking seriously the matter about blockchain development.