YAS Presents TimeCare - Hong Kong's First Blockchain-Powered Luxury Watch Insurance

(Hong Kong – 14 July 2023) Oriental Watch Group (398.HK), YAS Hong Kong, and QBE Hong Kong are thrilled to announce the launch of TimeCare, Hong Kong's ground-breaking luxury watch insurance powered by blockchain. TimeCare sets a new standard in the insurance industry, combining cutting-edge technology and comprehensive protection to cater to the unique needs of luxury watch enthusiasts. This innovative solution offers enhanced security, peace of mind, and added value to cherished timepieces.

TimeCare stands out from traditional insurance policies through its distinctive features. Firstly, it seamlessly integrates insurance coverage into the watch purchase process and simplified applications. Secondly, leveraging state-of-the-art blockchain technology, TimeCare enhances security, transparency, and efficiency in claims processing, establishing an indisputable record of ownership and authenticity.

This high level of coverage is delivered through a fully digital format, ensuring a seamless and confidential experience with a quick and convenient registration process. When select customers purchase a luxury watch, they can effortlessly enroll in the TimeCare insurance program through a simple integrated process, guaranteeing a hassle-free experience and immediate coverage for their treasured timepieces.

TimeCare securely and permanently records policy details, coverage information, and watch records, including guarantee card details, ensuring transparency and peace of mind for watch owners. With TimeCare, customers can enjoy peace of mind from the moment of purchase.

This partnership between Oriental Watch Group, YAS, and QBE Hong Kong reflects their unwavering commitment to innovation and customer satisfaction, redefining insurance offerings in the luxury goods market.

Dennis Yeung, Chairman and Managing Director of Oriental Watch Group, stating, "TimeCare represents a significant milestone for Oriental Watch Group. We take pride in joining forces with YAS and QBE Hong Kong to introduce this ground-breaking insurance solution to our esteemed customers."

William Lee, Co-founder of YAS, emphasized the role of technology in providing peace of mind for watch owners, stating, "Shaping the future, YAS introduces a ground-breaking blockchain insurance solution for Asia's leading watch distributor, offering comprehensive protection for luxury goods. TimeCare is more than just insurance; it represents a commitment to trust, transparency, and efficiency. By ingeniously combining the immutable nature of blockchain with the perpetual essence of time, it presents an imaginative innovation. We are not waiting for tomorrow; we are shaping the future today.”

Lei Yu, CEO of North Asia and Regional Head of Distribution at QBE Asia, recognizes the significance of this collaboration, saying, "TimeCare is testament to our commitment to product innovation and customer satisfaction. We are pleased to collaborate with Oriental Watch Group and YAS, who are leading the way for luxury watches in Hong Kong to have an associated blockchain identity – and QBE is proud to play an important role in this significant moment with them and offer protection to both brands and consumers."

Looking ahead, TimeCare aims to expand its reach and impact in the luxury watch market. The successful launch in Hong Kong lays the foundation for further expansion into other regions, inspiring the industry to adopt similar programs and driving innovation in the insurance sector.

For media enquiries, please contact:

Jefferson Lau

Email: jeff@i-mind.com.hk

Office: +852 2236 5621

About Oriental Watch Group

Established in 1961, Oriental Watch Company is the first watch retailer listed on the Main Board of the Stock Exchange of Hong Kong Limited (stock code: 398). Over the years, the Company has developed a network of retail shops in Greater China Region and become one of the largest watch retailers in the region renowned of its reputation, credibility, and scale. The Company carries around 100 world prestigious brands with stores located at the prime position of major shopping hubs. With the accessible locations and extensive networks, customers can enjoy convenient and comfortable shopping experiences with ease.

Established in June 2019, YAS Digital Limited (IA License No. FA2648) is a Hong Kong-based regional insurtech venture with a vision to become the leading insurtech in Asia, carving a new hyper-personalized marketplace for both B2B and B2C customers. It aims to introduce a disruptive new business model, create a new ecosystem and unlock business possibilities, making the sky the limit for the global insurance industry. The company is registered in accordance with the Insurance Company Ordinance (Cap.41 of the Laws of Hong Kong) as an insurance agent for local distribution of insurance products.

QBE Hong Kong has been serving Hong Kong for more than a century. Today, QBE Hong Kong operations include QBE Hongkong & Shanghai Insurance Limited, QBE General Insurance (Hong Kong) Limited, and QBE Mortgage Insurance (Asia) Limited. As a leading general insurer, QBE Hong Kong provides a comprehensive range of non-life insurance solutions for both business and personal customers. QBE Hong Kong operates through an extensive network of professional insurance agents and brokers and has an exclusive distribution partnership with Manulife. To learn more about QBE Hong Kong, please visit www.qbe.com/hk.