Hong Kong-based blockchain insurance startup secures $6.85m funding, spearheaded by HSBC
MediConCen, a blockchain insurance startup based in Hong Kong, has raised $6.85 million in funding led by HSBC. Other investors, including G&M Capital, ParticleX, and new investor Wings Capital Ventures, have also participated in the funding round. With this investment, MediConCen has now raised a total of $12.7 million and plans to use the funds to accelerate its growth in the international market, focusing on the Middle East and Southeast Asia.
The startup aims to simplify and expedite the claims process by utilizing digital and AI-assisted journeys, making use of the latest AI and blockchain technology. The funding is expected to support this goal and ensure a fair claim amount, with a technology backbone that can facilitate scalability.
MediConCen was established in 2018 as an incubatee at Cyberport, a high-tech industrial park backed by the Hong Kong government. The company serves over 16 insurers and more than 1 million insured individuals, offering a cashless claim platform that involves over 1,200 medical providers.
For HSBC, this investment highlights its commitment to digitization in Hong Kong. The bank is exploring tokenization of financial instruments and central bank digital currency pilots in the region, aiming to bring efficiency, transparency, and cost reduction to traditional finance.
HSBC has been actively involved in financial experimentation in Hong Kong, allowing clients to trade Bitcoin (BTC) and Ethereum (ETH) futures through its investment platform. It has also partnered with a Ripple-owned firm for a blockchain initiative targeting institutional clients interested in real-world assets hosted on-chain.
