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MediConCen Secures Series A Funding to Drive Global Expansion

HONG KONG SAR - Media OutReach Newswire - 7 February 2024 - MediConCen Limited, an Insurtech company that automates insurance claims using AI and blockchain, announced that it has raised USD 6.85 million in its latest Series A round.

The new funding is led by HSBC Asset Management and has also received support from existing investors including G&M Capital, ParticleX, and new investor Wings Capital Ventures. To date, MediConCen received USD 12.7 million, and this new investment will accelerate its growth in the international market, including the Middle East and Southeast Asia.

(From left to right) Mr. Kelvin Yeung, Co-Founder & Co-COO of MediConCen; Mr. William Yeung, Co-Founder & Co-CEO of MediConCen and Ms. Jenny Lau, Co-Founder & Co-CMO of MediConCen
(From left to right) Mr. Kelvin Yeung, Co-Founder & COO of MediConCen; Mr. William Yeung, Co-Founder & CEO of MediConCen and Ms. Jenny Lau, Co-Founder & CMO of MediConCen

"Insurance does good for the society but often it is not felt by the customers. There is much frustration dealing with the medical claim process for both customers and insurers alike. We always aim to create a 10x better customer experience, and we believe that insurance claims are the most pressing area to address. MediConCen's capability to deliver extraordinary solutions lies in our profound understanding of insurance and state-of-the-art technology. We are changing the paper-based and human-based claim process to digital- and AI-assisted journey, utilising the latest AI and blockchain technology. We are glad to have the Venture Capital team at HSBC Asset Management join us as an investor supporting our mission to revolutionise the insurance claim experience" said William Yeung, CEO and co-founder of MediConCen.

"Given our operational background in financial products and services, we are true believers in the transformational effect of digitization. Insurance's true value is realised the moment policyholders experience an insured event. We are supportive of MediConCen's aim to improve this experience by simplifying and speeding up the claims journey, including ensuring that the claim amount is fair, with a technology backbone that supports the scaling up of these benefits." Said Kara Byun, Head of Fintech, Venture & Growth Investments, HSBC Asset Management.

MediConCen is a Cyberport community start-up that had joined the Cyberport Incubation Programme in 2018 and benefited from the financial support and access to partners and networks. With the support of the Cyberport Macro Fund, an investment fund which provides seed to Series A stage and beyond funding to Cyberport digital entrepreneurs, MediConCen has successfully secured extra co-investments to facilitate its growth in 2020.Hashtag: #MediConCen #HSBC #Insurtech #newfunding #seriesA #Insurance #claim #AI #blockchain

The issuer is solely responsible for the content of this announcement.

MediConCen Limited

MediConCen is a leading InsurTech company that automates insurance claims using AI and blockchain. It is the first in Hong Kong to utilize Hyperledger blockchain technology to provide clients with seamless and automatic experience in insurance claims. MediConCen has secured a blockchain patent in the US and Hong Kong. The company serves over 16 insurers and more than 1 million insured individuals, and its cashless claim platform has over 1,200 medical providers participating.

HSBC Asset Management

HSBC Asset Management should be referred to either in full or as HSBC AM to avoid confusion with any other financial services firms.

HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC's worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC's clients with investment opportunities around the world through an international network of offices in 23 countries and territories, delivering global capabilities with local market insight. As at 30 September 2023, HSBC Asset Management managed assets totalling US$662bn on behalf of its clients.

HSBC Asset Management is the brand name for the asset management businesses of HSBC Holdings plc.

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