Startups work together to bring more synergies to each other
Hong Kong-based technology startup Bloom has announced that it has formed partnerships with three separate microinsurance services providers. The insurance startups named are ZA Insure Select, YAS Microinsurance and Avo Insurance.
Bloom is a web 3.0 spend-to-earn rewards platform that enables any Hong Kong bank issued Visa cardholders to earn Bloom Coins[1] with every purchase made globally. With this simple spend-to-earn process, members can redeem their Bloom Coins for over 18 (eighteen) different types of cryptocurrencies (including but not limited to Bitcoin and Ethereum), non-fungible tokens (NFTs), as well as merchant offers and coupons.
With these new, burgeoning relationships, Bloom will be able to open a new section and offer insurance related products and services from all three microinsurance services providers.
Products to be on boarded onto the app include:
| Free Mobile Screen Protection products from ZA Insure Select |
| Discounts from YAS: – HK$15 off of HYKE insurance for hiking (Original Price – HK$75 per 5 trips) – HK$5 doff of RYUN 500 km Running Insurance (Original price – HK$50 per 500 km) – HK$20 off of any FLY travel Insurance purchase |
| Discounts and Deals from Avo Insurance – 35% discount on Domestic Helper Protection plan (including lite & plus, 1 year & 2 years plan) – 40% off of the eWallet Protection mini – 20% off of Child Vaccination Protection – AvoDynamics Sports Protection Day Pass gift card for HK$16 |
The new partnerships formed between Bloom and these microinsurance services providers can be characterized as mutual support being fostered between startup ventures banding together to increase their synergy and grow exponentially faster.
Essentially, registered Bloom app users will be able to redeem their Bloom Coins for a voucher with a coupon code. That code can then be used on the relevant microinsurance company website for the specific discount deal or offer.
To accelerate the adoption, new Bloom members can be rewarded with Bitcoin valued at USD2 by linking any Visa card to the Bloom app[2] globally. Additionally, they will also be able to receive extra Bitcoin valued at USD2 by making a transaction of any amount at selected online or offline merchants in Hong Kong3.
Remarks:
- Visa card users will get a 2% instant Bloom Coin rebate by becoming a Bloom member, linking any Visa card to the Bloom App, and spending with the same card for any amount. The offer is applicable to all eligible transactions with any online or physical merchants around the world. The rebates will be directly credited to the Bloom App for unlimited times. Members can get a maximum of 20 Bloom Coins from each transaction.
- Bitcoin will be directly credited to a member’s cryptocurrency account in the Bloom App. Terms and conditions apply.
- Bitcoin will be directly credited to a member’s cryptocurrency account in the Bloom App. Terms and conditions apply.
About Bloom
With an objective to upgrade user experience with technology powered by Visa, Bloom is a reward program that supports rebates in cash and digital assets such as cryptocurrency and NFTs for any Visa card holders. It aims to help consumers build a simplistic yet trendy lifestyle. Driven by the symbolic meaning of “recovery” and “prosperity”, Bloom seeks to boost national economies by bringing a new and refreshing blossoming to the retail industry through its open platform.
About ZA Insure Select
ZA Insure Select is a digital-only insurance platform which strives to break the time and wealth constraints on insurance products. It brings the needs of users back into focus and helps them obtain the most suitable protection at a most reasonable cost. ZA Insure Select is dedicated to providing a user experience that is simple, fast, and accessible through its 24/7 online platform from quotation, underwriting to claim.
About YAS Microinsurance
Yas Microinsurance (YAS Digital Limited) is an Asia-Pacific InsurTech company headquartered in Hong Kong with operations in Vietnam and Malaysia. Applying blockchain and InsurTech, YAS has created a number of on-demand insurance trends in Asia, including insurance for hiking, cycling, transport, and the world’s first NFT insurance. YAS is committed to reshaping insurance for new generations through the use of technology. As the pioneer of microinsurance in Asia, YAS was selected as the 2021 Deloitte Hong Kong Rising Star.
About Avo
Avo Insurance (Avo) is Hong Kong’s first virtual general insurer, combining advanced technology and decades of expertise from its parent company, Asia Insurance. It aims to make insurance a simple and enjoyable experience, with products specifically catered for everyday scenarios accessible anywhere digitally, living up to its motto “live a fruitful life”.
