Hong Kong Startup News Roundup - 16 August 2020

StartupCare Partners with Lalamove to Offer Free Medical Protection for Drivers to Get Through COVID-19 Pandemic

Fast-growing insurtech company StartupCare has partnered with on-demand delivery platform Lalamove to roll out the “DeliverSafer” campaign offering a 3-month free medical protection to their partner drivers in response to the COVID–19 pandemic. This campaign aims at easing the financial pressure of partner drivers against the unexpected during this difficult time.

The captioned free medical protection is underwritten by Generali Hong Kong, one of the world’s largest insurance and asset management providers, with a presence in over 50 countries. Lalamove’s partner drivers are eligible to enjoy 3-month free medical protection, including a lump sum cash benefit of HK$50,000 relating to COVID-19, and up to HK$1,000 daily cash benefit in the event of hospitalisation due to accident, in order to fully support driver partners in the fight against COVID-19.

Brinc partners with Mount Parker Ventures to launch Logistics & Supply Chain Accelerator

Mount Parker Ventures, an early investor in Hong Kong’s first unicorn GoGoVan, and Brinc, a global venture accelerator firm, announce today the launch of an accelerator program to invest in startups building logistics and supply chain solutions. The program aims to support early stage startups focusing on an industry that has been drastically affected by the coronavirus pandemic.

Startups accepted into the three-month accelerator program will receive a cash investment of USD $100,000. The program will focus on commercialisation by facilitating distribution opportunities and corporate engagements with leading companies to help startups successfully take their products to market. Through Brinc’s mentorship, companies will also benefit from access to a global network of industry experts, leading corporates in the field, investors, a customised curriculum and an international startup perks package. Upon completion of the program, Brinc will continue to support startup growth through business development and capital raising guidance, and ensure a deep connection to the growing Brinc family of founders. Post-program startups that have demonstrated traction will also have the opportunity to receive follow-on investments from Mount Parker Ventures and other leading venture capital groups.

Hex Trust Receives Strategic Investment From Leading Asia Blockchain Firm, Kenetic

Hex Trust, Asia’s leading digital asset custodian and infrastructure platform for the banking sector, has announced that Kenetic, one of Asia’s leading blockchain investment firms, has invested in Hex Trust. Jehan Chu, Co-founder & Managing Partner of Kenetic, will also join Hex Trust’s Board of Directors.

The funding will be used to enhance the bank-grade infrastructure platform and position Hex Trust to scale as Asia’s leading digital asset custodian and the leading turnkey solution for banks and financial institutions to enter the digital asset ecosystem.

Invest Hong Kong to run fintech Fast track programme

Invest Hong Kong is to run a Global Fast Track programme to plug the best and brightest fintech startups directly into the territory's financial ecosystem.

Run virtually as part of Hong Kong Fintech Week, selected fintech ventures will pitch their ideas to the Hong Kong Monetary Authority (HKMA) and senior executives of leading institutions including Hong Kong Exchanges and Clearing (HKEX), Allianz Global Investors, Mizuho Bank, Microsoft and more. Investors such as AngelHub, Cyberport, Hong Kong Science and Technology Parks Corporation (HKSTP) Ventures, Lingfeng Capital, MindWorks, QBN Capital and Vectr Fintech Partners are also on board with up to US$1 million of investment commitment on offer per project.

Fast Track is inviting companies from nine key fintech verticals (trade finance, capital markets, retail banking, commercial banking, insurance, regtech, wealthtech, payments and enterprise resource planning), to submit applications from now till August 31.

About 10 companies per vertical with the most outstanding ideas will showcase their technology for an opportunity to join a tailored B2B matchmaking programme with corporate partners and investors.

PALO IT becomes first Hong Kong tech company to earn B Corp status

PALO IT Hong Kong, a global innovation consultancy and Agile software development company, has announced it's become a certified B Corporation. As the first technology company in Hong Kong to attain certification, the achievement marks a milestone for the industry in the region.

Certified B Corporations are leaders of a global movement of people using business as a force for good, voluntarily meeting the highest standards of overall social and environmental performance, transparency, and accountability. Throughout the certification process, companies are submitted to a rigorous assessment by the nonprofit B Lab. With this landmark, PALO IT Hong Kong joins over 2,700 B Corps from more than 150 industries in 60+ countries.

As a newly-minted B Corp, PALO IT Hong Kong will consistently measure and manage the impact its business has on workers, the environment, and the community -- making good on its ethos to use tech as a force for good.