What you need to know: In Asia, insurance companies face complex regulations when they invest in the insurtech sector. In Hong Kong, insurers are allowed to accumulate behavioral information of customers to help them formulate new products and prices. In China, there is not so much regulation, however Chinese regulators are drafting rules to tighten rules on internet payments, internet lending, and internet insurance businesses. They are considering creating a centralized monetary and financial regulator with power to regulate most insurtech and fintech activities.
Why it is important: How regulators embrace this disruption and simplify the current labyrinth of regulations in their market while protecting consumers and businesses will determine who wins this race between the different Asian fintech hubs.
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