Published on: Oct 30, 2019

We are thrilled to bring you this exciting news – HKFI has been awarded the Innovation of the Year Award for its signature InsurTech project MIDAS. At the award ceremony organized by Asia Insurance Review in Singapore last evening, Mr Jimmy Poon, Chairman of GIC’s Accident Insurance Association (AIA), received the recognition on behalf of the HKFI and our partner and technology provider CryptoBLK.

MIDAS, aka Motor Insurance DLT-based Authentication System, is Asia’s first industry-wide blockchain solution in production for motor insurance. It does not only revolutionize the way we detect and combat fraud, it also embraces the privacy by design principle. It innovates the way we build a platform of trust and an ecosystem among stakeholders – insurers, intermediaries, regulator, government agency, law enforcement body and insuring public. It is a true manifestation of a perfect Public Private Partnership!

We would like to thank all those who have contributed to the success of this ground-breaking project. They include the Accident Insurance Association, CryptoBLK, Insurance Authority, Transport Department and Hong Kong Police Force. We would also like to thank all Member Companies who have joined the MIDAS platform for their support. Currently, insurers representing 75% of the market share have signed up for MIDAS. We look forward to having all motor insurers on our MIDAS platform before long.

Moving forward, we will look into expanding the MIDAS solution for other purposes. And we hope to have your continued support on our future initiatives!