Future FinTech Announces its First Investment in the Mutual Insurance Industry

Future FinTech Group (NASDAQ:FTFT), a financial technology company announced its wholly owned subsidiary DigiPay Fintech entered into a share transfer and digital assets investment agreement with Lake Chenliu and InUnion to acquire 10 percent stake in InUnion for $15 million and purchase 20,000,000 INU Digital Asset Tokens for $1 million.

As quoted in the press release:

InUnion has launched its “INU Life Mutual Insurance Plan” on Nova Realm City (“NRC”), the first-ever blockchain technology value community that is registered with real name users and delivers asset-based digital services. Every customer who participates in the “INU Life Mutual Insurance Plan” is both a policyholder and an insurer, as well as an investor and a staff member. Similar to the traditional mutual insurance model, each customer can join the blockchain based mutual insurance plan and enjoy the benefits of mutual insurance. The Plan will issue insurance policy and process the claims. The Committee of Verifiers of the Plan will serve various functions for the Plan, such as INU community management, supervision and operation, and will verify the application and claims, which will all be recorded in the blockchain.

Due to the NRC blockchain technology, “INU Life Mutual Insurance Plan” can save costs and still maintain the normal operation of the project. Customers and investors can download and access the insurance ledger in real time. Artificial intelligence technology will also be widely used in the project to improve insurance service capabilities and significantly reduce labor costs.

“This investment is another milestone of FTFT’s blockchain incubator business. ‘INU Life Mutual Insurance Plan’ provides customers with high quality comprehensive blockchain based online insurance products at an affordable price. We believe InUnion will become one of the leading blockchain based insurance companies. We believe our investment in the mutual insurance industry will become a milestone in FTFT’s business transformation and help the Company to further expand and improve the blockchain project incubator and accelerator business,” said Mr. Yongke Xue, Chief Executive Officer and Chairman of Future FinTech.

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