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HONG KONG - King Sun Life Insurance Company Limited (KSLI) has signed a strategic cooperation agreement with two MOG Digitech Holdings Limited (HKG:1942) subsidiaries to develop digital currency applications for insurance services, according to a press release statement. MOG Digitech, with a market capitalization of $5.6 billion and demonstrating strong financial health according to InvestingPro analysis, has seen its shares surge nearly 79% year-to-date.
The partnership, announced Thursday, brings together KSLI with Zhongbao Digitech (HK) Limited and Zhongbao Technology Innovation (Zhuhai) Co., Ltd. The three companies plan to combine their respective expertise in insurance products, digital currencies, and insurance technology.
KSLI, an international insurer approved by Malaysian financial authorities, offers USD-denominated insurance policies globally. Zhongbao (HK) is a wholly-owned subsidiary of Hong Kong-listed MOG Digitech with capabilities in digital currency applications for insurance, while Zhongbao (Zhuhai) specializes in digital RMB applications for China’s insurance industry. MOG Digitech maintains a strong balance sheet with a current ratio of 2.12 and generates annual revenue of $4.9 billion. (InvestingPro subscribers can access 14 additional key insights about MOG Digitech’s financial performance.)
The companies have established a joint project team focusing on several initiatives including digital currency insurance product development, AI and blockchain applications for underwriting and claims settlement, and digital marketing solutions.
The collaboration aims to operate within regulatory frameworks across multiple countries while exploring new applications of digital currencies in insurance services.
KSLI is owned by King Sun Group Holdings Co. Ltd, a multinational conglomerate with operations spanning power, petroleum, technology, and finance sectors. According to InvestingPro data, MOG Digitech’s strong financial metrics and stable market position make it well-positioned for this strategic partnership.
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