Reports

Virtual assets are digital representations of value that can be traded or used for investment or payment, not including digital versions of traditional financial assets such as currencies or securities.¹ Since cryptocurrencies and other types of virtual assets have gained popularity as investment vehicles, the Hong Kong SAR government has recognised their potential to promote innovation and growth in the financial sector and has taken steps to examine ways to support the healthy development of the virtual asset industry.

Building and maintaining client trust is essential in the insurance business. Therefore, technology that can enhance the trust between an insurer and its clients is highly desirable. The insurance market has an urgent need for new ways of working with stakeholders who are now starting to be served by insurtech – the use of technological innovations such as data analytics and artificial intelligence (AI) for increasing both the efficiency and the trust levels of insurance models.