YAS MicroInsurance, a Hong Kong-headquartered microinsurance startup, announced raising an undisclosed amount in its pre-Series A funding round led by global venture fund 500 Startups.
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.
