Hang Seng, CEFAR Academy link up to create insurtech through insurance arm
This collaboration falls under the HKMA’s Industry Project Masters Network (IPMN) scheme.
Hang Seng and Chinese University of Hong Kong's (CUHK) Engineering FinTech Applied Research Academy (CEFAR Academy) are introducing an Insurance Technology (InsurTech) stream in collaboration with Hang Seng Insurance, a subsidiary of Hang Seng, and supported by the Insurance Authority (IA).
This InsurTech stream aims to transform the insurance sector by utilising data analytics and advanced technology to offer personalized insurance solutions and competitive returns.
Further, Hang Seng Bank (Hang Seng) continues its partnership with the CEFAR Academy to provide fintech training opportunities. This collaboration falls under the Hong Kong Monetary Authority's (HKMA) Industry Project Masters Network (IPMN) scheme, which began in 2021.
In addition to establishing a new InsurTech division, Hang Seng Indexes Company, another subsidiary of Hang Seng, is participating in an industrial program for the first time, exploring opportunities in tokenization and blockchain technology.
This involvement brings the total number of industry projects Hang Seng is engaged in for the 2023/24 program to seven, the highest among industry participants.