Blockchain
YAS Launches the World’s First Microinsurance “NFTY” Covering NFT
YAS announced the launch of ‘NFTY’, the world’s first NFT (Non-Fungible Token) microinsurance, leveraging the growing popularity of the advanced blockchain technology that certifies a digital asset such as media, songs, arts and collectibles to be unique and therefore not interchangeable.
‘NFTY’ is regarded as a pioneering microinsurance product, unveiling a new page of the insurance industry as well as setting the trends for its future development. The epoch-making ‘NFTY’ will become the world’s first microinsurance product to cover NFTs. This microinsurance product will be first used to cover the NFT of “Nobody Gets Me”, a non-released song by Hanjin Tan, a famous award-winning Singaporean Chinese songwriter and music composer. The policy covers the theft and loss of the NFT for its buyer.
YAS joined hands with Assicurazioni Generali S.p.A. Hong Kong Branch (Generali) again to co-develop “NFTY’, which is a harmonic combination from YAS’ agile innovation and technology with Generali’s 190 years of industry experience, tapping the uncharted areas of NFT insurance coverage. For example, NFT could help address music creators’ sharp decline in income and the value of their works as a result of the booming free music platforms. It will also open up a new source of income for the new generation musicians and artists. The demand of insurance coverage for NFT assets is expected to increasingly grow with enormous market potential.
With ‘NFTY’, It will add on an extra protection and peace of mind for buyers and to help artists, composers, galleries and industry players reach out to a much wider target audience. ‘NFTY’ by YAS and its Application Programming Interface (API) offers various types of online NFT marketplaces a much needed protection, fostering the development of the NFT industry.
“YAS hopes to create a resonating and delightful customer experience by curating an ecosystem and by leading innovative technology. We understand the importance of driving thought leadership to solve problems and to contribute to the transformation of the insurance industry. YAS products and experience will become the new norm and a seamless integration of insurance into the new generation and emerging economies; microinsurance will be embedded as an essential part of our daily lives,” said William Lee, Co-founder of YAS.
Another YAS Co-founder, Andy Ann, added, “The launch of ‘NFTY’ demonstrates infinite creativity and potential of microinsurance marketplaces and insurtech companies like YAS, which is far beyond the digital distribution channels for traditional insurance of incumbent insurers. YAS is planning to launch a series of microinsurance products covering various NFT assets, such as famous paintings, animations, songs, lyrics, audio visual works, watches, cigars, red wines and photographer’s works, etc., offering the necessary protection for the world’s new economies.”
“We are delighted to move another step further in our strategic partnership with YAS Insurtech to introduce yet another innovative insurance solution to the market, Together with YAS, we have created NFTY as a pilot,” remarked Windian Lai, Head of B2B2C at Generali HK, “This is only the start, as we will continuously put different product ideas with YAS’ “vote to live” feature to gather customers’ needs as part of our design process to make subsequent changes based on market response. Through iteration of this process, we can design products most suitable to the needs of the new generation.”
Cillin O’Flynn, CEO of Generali HK, said “Throughout Generali Group’s 190 years of history, innovation and living the community are amongst our core values. We strive to be a pioneer and an active corporate citizen by partnering with innovative companies to drive change, to help entrepreneurs grow, whilst at the same time, make people’s lives better and be a Lifetime Partner to our customers. We believe that insurtech is the way forward in this industry, and together with YAS, we are playing a part in defining the future of insurance.”
Moving forward, YAS will develop more innovative microinsurance products to meet the needs of the market, making insurance a lifestyle, more personalized and loving again!
Blockchain
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Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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