InvestorsHub Logo
Followers 4
Posts 292
Boards Moderated 0
Alias Born 04/16/2019

Re: None

Thursday, 05/30/2019 8:42:12 AM

Thursday, May 30, 2019 8:42:12 AM

Post# of 108
Black Insure Topped up by 20%+

LONDON , May 29, 2019 /CNW/ - Fineqia International Inc. (the "Company" or "Fineqia") (FNQ.CN) (FNQQF) (FNQA.F) is pleased to announce an increase of more than 20% in its equity stake in Black Insurance ("Black"), a digital insurance start-up on the blockchain.

Fineqia International Inc. (CNW Group/Fineqia International Inc.)View photos
Fineqia International Inc. (CNW Group/Fineqia International Inc.)
Founded in 2018 by Risto Rossar, Black intends to become a licensed insurer and enable the underwriting of new insurance policies via insurance syndicates akin to the Lloyd's market. Insurance brokers and agents will be able to create bespoke insurance schemes faster and cheaper using the Black platform.

This is Black's second financing round. Fineqia participated in the previous stage as well as part of its strategy to invest in companies that allow Fineqia to strengthen its existing portfolio of blockchain, fintech and cryptocurrency technology companies worldwide.

"Fineqia is pleased to have topped its original investment in Black in this most recent investment round," said Chief Executive Officer (CEO) of Fineqia, Bundeep Singh Rangar. "Black represents everything we want from issuers: innovation, disruption and ambition. And, we believe that insurance is one sector ripe for blockchain disruption and Black Insurance has the right team experience to make this happen."

Black's utilization of blockchain in insurance means a decrease in operational costs, increased security and transparency, mitigation against any single point of failure and enhancement of the reputations for all parties involved. By establishing a marketplace where investors and insurance underwriters can directly trade with one another, Black seeks to minimize transaction costs.

Fineqia's investment in Black is held via its subsidiary, Fineqia Investments Ltd. It is in line with its strategy to invest in blockchain related companies that support its business model. Fineqia's investment sum represents less than nine percent of its market capitalisation.