iSHANG and PSC Insurance Collaborate on Web3 "Proof of Coverage" Insurance Solution under Cyberport Web3 Proof-of-Concept Subsidy Scheme

HONG KONG, June 12, 2024 /PRNewswire/ -- iSHANG Technology Limited (iSHANG), a leading technology company specializing in Web3 solutions, and PSC Insurance Holdings (HK) Limited (PSC Insurance), subsidiary of PSC Insurance Group publicly listed on ASX, are pleased to announce their collaboration on the Cyberport Web3 Proof-of-Concept Subsidy Scheme to develop a pioneering "Proof of Coverage" Insurance Solution (PoC Solution). The partnership between iSHANG and PSC Insurance brings together their expertise and resources to create a user-friendly interface for policyholders, implement advanced Web3 smart contracts, and establish a secure and scalable infrastructure. This innovative PoC Solution aims to revolutionize the insurance industry by introducing non-transferable NFT (non-fungible token) certificates for policyholders, providing a secure and transparent platform for managing insurance policies. For more information, please visit - https://ishang.com/psc-insurance-group/

The collaboration between iSHANG and PSC Insurance reflects the collective effort to propel the adoption of Web3 technologies and drive digital transformation within the insurance industry, key advantages of PoC Solution include: 1) creating a secure, tamper-proof and transparent record of all transactions; 2) reducing the time and costs associated with claims processing; and 3) using smart contracts to increase efficiency and eliminate the need for manual intervention in routine processes. Web3 technology and blockchain, coupled with PoC Solution, are revolutionizing the insurance industry. They provide insurance companies with a way to ensure data integrity, transaction security and transparency. By leveraging these tools, insurers can streamline claims processing, automate certain tasks and increase trust between insurers and customers.

"Our collaboration with iSHANG, exemplifies our commitment to driving innovation in the insurance sector," said Dr. Hei Wong, Managing Director of PSC HK Insurance Group (PSC HK Group). "As the insurance industry continues to evolve, Web3 technology will undoubtedly play an increasingly important role in improving transparency and trust between insurers and their customers. With PoC Solution provided by iSHANG, we are confident in developing a secure and efficient platform for managing insurance certificates, ultimately enhancing the experience for our policyholders."

"We are excited to collaborate with PSC Insurance on the 'Proof of Coverage' NFT Certificate Project, and we are grateful for the support from the Cyberport Web3 Proof-of-Concept Subsidy Scheme," said Samson Lee, Co-founder and CEO of iSHANG. "This partnership, enables us to accelerate the development of our project and deliver a transformative solution to the insurance industry."

The Cyberport Web3 Proof-of-Concept Subsidy Scheme plays a vital role in fostering innovation and adoption of Web3 technologies across various industries. By providing financial support, the scheme empowers businesses to explore the potential of emerging technologies and accelerate the commercial adoption of Web3 in different industry sectors.

As the insurance industry embraces digitization, the need for transparency and trust becomes critical. Web3 technology and blockchain are revolutionizing the industry, equipping it with cutting-edge tools to protect data integrity and secure transactions. The PoC Solution enables insurance companies to create transparent and secure records of all transactions, streamline claims processing and automate through smart contracts.

About iSHANG Technology Limited (iSHANG)

iSHANG operates a "Web3-as-a-Service" (W3aaS) platform that provides the infrastructure and a gateway for brands & enterprises to enter into the Web3 market. iSHANG W3aaS platform developed 10 x Web3 Solutions that are built on Ethereum and Polygon blockchain using IPFS (Inter Planetary Filing System) decentralized storage system. In addition, iSHANG provides Campaign Driven Launchpad & Marketplace, designed for brands & enterprises to launch their web3 marketing campaigns & facilitates the promotion, customer acquisition, retention programs and also secondary exchange of NFTs. Ultimately, iSHANG also offers one-stop consulting campaign management which develop tailor-made Web3 marketing campaigns empowering brands and enterprises to transform their businesses in various use-cases to capitalize new market opportunities.

For more information about iSHANG, please visit - https://ishang.com/

About PSC Insurance Holdings (HK) Limited

PSC Insurance Holdings (HK) Limited is a subsidiary of PSC Insurance Group Ltd (ASX: PSI), a diversified insurance services group with operations in Australia, United Kingdom, Hong Kong, Vietnam and New Zealand. We operate through 4 operating segments and have over 40 trading businesses across the Group.

For more information about PSC Insurance, please visit - www.pscinsurancegroup.com.au/ and www.charter-gilman.com.hk/