The microinsurance company, which has operations in Hong Kong and Vietnam, said it will use the fresh funds to further strengthen its core R&D and accelerate its expansion into the Southeast Asia market.
The company added that it is also preparing for new funding rounds in the coming months to support its hyper-growth.
YAS has launched several epochal products in recent months, such as ‘RYDE with YAS’, a pioneering microinsurance that provides in-app on-demand 90-min protection for passengers anytime, and ‘BUS RYDE’, the world’s first smart transportation card embedded bus passenger protection.
The said products seamlessly auto-connect transport journeys with insurance policies through OpenAPIs delivering care, convenience, and a new imagination on insurance to over 7 million commuters in Hong Kong, as per the announcement.
Every product YAS developed provides financial inclusiveness with affordable micro-protection for all, starting at as low as US$0.5 per trip.
“The future of microinsurance is affordable to all and enables us to be financially inclusive because every moment and every person matters!” said its co-founder William Lee.
In April, YAS announced the launch of ‘NFTY’, the world’s first NFT (Non-Fungible Token) microinsurance, leveraging the growing popularity of the advanced blockchain technology.
‘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 company said 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.