Breaking #Blockchain News: Fineqia (CSE: $FNQ.C; OTC: $FNQQF; FNQA.F) Announces Stake in Blockchain Insurance Company Black Insurance
Breaking #Blockchain News: Fineqia (CSE: $FNQ.C; OTC: $FNQQF; FNQA.F) Announces
Stake in Blockchain Insurance Company Black Insurance
London, UK / July 09, 2018 – Fineqia International Inc. (the “Company”
or “Fineqia”) (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) is pleased
to announce it is taking an equity allocation in Black Insurance
(“Black”), a digital insurance startup on the blockchain.
Black intends to become a licensed insuer 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.
Read this in full at http://www.investorideas.com/CO/FNQ/news/2018/07091InsuranceCompany.asp
Black will price the risk of specific syndicates and sell fractional
ownership in such pools in the form of tokens representing the unit value of
each syndicate’s expected financial return. This process makes participation in
insurance syndicates more efficient and transparent via time-stamped and
traceable transaction records recorded on the blockchain.
Black is gearing toward an ICO later this year, to sell utility tokens
that will be used for transacting on its platform, once it is publicly
available.
The strategic investment allows Fineqia to strengthen its existing
pipeline of asset-backed debt securities that will be offered to investors on
its platform.
“We are excited to back Black, which allows
for a wide variety of investors to participate in a high quality insurance
finance product,” said Fineqia’s CEO Bundeep Singh Rangar also who helped found
Black.
“Black
represents everything we want from issuers on our platform: innovation,
disruption and ambition,” said Rangar. “We believe that insurance is one sector
ripe for blockchain disruption and Black Insurance has the right team
experience to make this happen.”
Research by Accenture
indicates that a third of all insurers are planning to use blockchain in the
next two years and another third have it on their agendas for consideration.
“There is a lot of
appetite in the insurance industry to innovate and cross the threshold to a
radically new era,” adds Risto Rossar, Black’s founder. “We already have dozens
of requests from brokers across the world to join the platform. They have grown
impatient of the innovation-averse, slow mindset dominating the industry, and
see Black as a way to make their aspirations a reality.”
Black’s utilization of blockhain 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 Insurance is in line with its strategy to invest in
blockchain related companies that support its business model. Fineqia’s
investment sum represents less than 1% of its market capitalisation. Terms of
the investment remain confidential.
For further information:
Natalia
Zurowski
Marketing
Consultant
T: +44 203 500 3462
E:
Natalia.zurowski@fineqia.com
About Fineqia
International
Fineqia
International is a listed entity in the Canada (CSE: FNQ), US (OTC: FNQQF) and
Europe (Frankfurt: FNQA). Fineqia International outlines the Company’s
corporate governance, culture, processes and relations by which the Company and
its subsidiaries are controlled, directed and governed. Fineqia International
oversees and ensures the overall success, planning and growth of the Company
and all of its subsidiaries. It recently announced the incorporation of
blockchain technologies to achieve these objectives. For more information
visit: https://investors.fineqia.com/news
About Black
Insurance
Black
is a digital insurance company on blockchain that allows token holders to
invest directly into insurance risk and completely change the way how insurance
markets work. Their aim is to create global digital insurance platform that can
make all insurance companies obsolete. For more information visit: https://www.black.insure/
FORWARD-LOOKING
STATEMENTS
Some
statements in this release may contain forward-looking information (as defined
under applicable Canadian securities laws) (“forward-looking statements”). All
statements, other than of historical fact, that address activities, events or
developments that Fineqia (the “Company") believes, expects or anticipates
will or may occur in the future (including, without limitation, statements
regarding potential acquisitions and financings) are forward-looking statements.
Forward-looking statements are generally identifiable by use of the words
"may", "will", "should", "continue",
"expect", "anticipate", "estimate",
"believe", "intend", "plan" or
"project" or the negative of these words or other variations on these
words or comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the Company's
ability to control or predict, that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking statements.
Factors that could cause actual results or events to differ materially from
current expectations include, among other things, without limitation, the failure to obtain sufficient financing, and
other risks disclosed in the Company's public disclosure record on file with
the relevant securities regulatory authorities. Any forward-looking statement
speaks only as of the date on which it is made except as may be required by
applicable securities laws. The Company disclaims any intent or obligation to
update any forward-looking statement except to the extent required by
applicable securities laws.
SOURCE Fineqia
International Inc.
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