Peer-to-peer insurance model is promoted with a fresh partnership

Insurance industry in China is one the fastest growing insurance markets in the world
14 February 2018   1124

On February 13 iXledger of London has announced its partnership with the Chinese InsChain. As the Chinese insurance market is growing rapidly, it needs to ensure easy interaction and efficiency among many actors of the market. iXledger’s IXT token has proved to be a reliable way of microtransactions across blockchain enabled ecosystems.

As a result of this partnership iXledger’s utility token will be accepted on the InsChain platform for peer-to-peer services throughout Greater China Region.

This interoperability enables the creation of new insurance products and services, while enabling price discovery with total control and transparency.

 

Cristina Dolan

Co-Founder and President US, iXledger

 

We are excited to partner with iXledger, they understand the blockchain enabled Market Economy and have the technical experience required to build the next generation blockchain platforms that will power insurance related ecosystems. This partnership will enable consumers and businesses to participate in new insurance models like our InsChain peer-to-peer product

 

William Bu

InsChain CEO

iXledger provides a robust platform for buyng and selling insurance: the listings are real-time and are based on a blockchain. Ethereum blockchain is accompanied with a NoSQL database for fast access to different data such as medical records or other confidential information.

On the other hand, InsChain is an extendable blockchain-based alternative insurance full workflow platform that combines blockchain, IoT and AI. AI part is responsible for the initial interaction with the client in order to obtain all the necessary information, build a decision tree and provide the result on the conditions of the possible insurance.

Thai Watchdog to Issue License to Zipmex

About 30 crypto-exchanges have already applied for licenses to the local Securities and Exchange Commission
20 January 2020   211

According to a press release distributed on January 20 with the Cointelegraph, the Thai Ministry of Finance and the Thai Securities and Exchange Commission (SEC) approved Zipmex for a license that imposes strict regulatory requirements on applicants.

In order to obtain a license, applicants must prove that they have reliable financial sources - with a share capital of at least 50 million baht (about 1.65 million dollars) - and that they work at a high level in their IT and cybersecurity systems.

Under Thai law, licensed digital asset operators that are licensed are classified as financial institutions and must fulfill reporting obligations in the area of ​​anti-money laundering.

According to a press release, about 30 crypto-exchanges have already applied for licenses to the Securities and Exchange Commission. Interestingly, the applications of the two exchanges have already been rejected on the basis of insufficient KYC.

The license was introduced as part of the country's regulatory framework for digital assets, which led to the launch of the first ICO in October 2019.

The operator has secured a partnership with the public company AEC Securities Public Company in Thailand, which specializes in securities, brokerage services and investment banking, in order to attract both retail and institutional investors in the country.

With a license, the Zipmex Exchange expects to begin operations in Thailand earlier this year, having previously launched platforms in Australia, Singapore and Indonesia.

Digital currencies and securities are emerging asset classes for both the banked and unbanked. It is an interesting time in our financial history, and I’m glad Thai regulators are working with exchanges to build regulatory frameworks for these new technologies to operate within.

 

Dr. Sathit Limpongpan

Zipmex CEO

Despite the fact that the authorities initially tried to ban Bitcoin in 2013, the Thai government has taken a more active and pragmatic approach to the cryptography sector over the past year.

As reported, last January, the Thai Securities and Exchange Commission issued licenses to 4 cryptocurrency firms: Bitcoin Exchange Co., Bitkub Online Co. and Satang Corporation, as well as TH digital currency brokerage and dealer company.

These events were followed by an amendment to the country's law on securities and exchanges, adopted in February 2019, which legalized the issue of token securities using blockchain technology.