Upgrade Ecommerce Trust to next level by Blockchain and InsurTech

Hong Kong Federation of E-Commerce (HKFEC) reached a strategic cooperation agreement with Dowsure Technologies Co., Ltd. (Dowsure) to integrate blockchain technology and consumer insurance to Hong Kong Trust Mark, and to build a trustworthy cross-border e-commerce environment for Hong Kong retailers, at the conference held at Trade & Industry Department (TID)’s Support and Consultation Centre for SMEs today.

Hong Kong Trust Mark was launched by the Federation in 2016 to tackle disputes raised on IP rights, integrity, trust over marketplaces, and to strengthen confidence level for all people shop online with Hong Kong merchants. The trust mark scheme was launched to provide guidance and assistance for Hong Kong online merchants over domestic and cross-border trade. In 2019, there are over 1,000 online merchants using Hong Kong Trustmark to provide a product guarantee to consumers. To further enhance the scheme and provide immediate protection to consumer, HKFEC has formed a strategic partnership with Dowsure Technologies to provide insurance service by well-known insurance companies such as, China Insurance, PICC, CPIC…etc., over Blockchain technology to further protect consumers and sellers from unnecessary loss or damage occurred in every online transaction.

Mr. Joseph Yuen, Chairman of HKFEC said, “We are excited to work with Dowsure to enhance Hong Kong Trust Mark to the next level. Hong Kong has advantage to be a trusted FinTech and InsurTech hub over Greater Bay Area. We are glad to leverage the InsurTech solution by Dowsure for a secure blockchain insurance service for ecommerce merchants with many great insurance companies. It certainly proofs to the world again that Hong Kong has the capability to lead in a healthy digital development as a Smart City.”

Dowsure was established in 2016, as a leading insurtech company in China, is now building a secure and trustworthy insurance and services network for the global cross-border e-commerce. Dowsure creates the solution of “Protection for Global Ecommerce”, through the analysis and research on the whole cross-border e-commerce, dividing the industry into different sections to analyze the risk, probability of risk occurrence and the sustainability. Dowsure designs insurance products based on big data, uses AI technology for actuarial science, controlling risks and pricing, traces information and guarantees products quality by blockchain technology, develops the traditional insurance into “digital insurance” through insurtech and cooperate with insurance companies for product supervision. The innovative solution protects the whole process of massive, fragmented and short-term orders of cross-border e-commerce (import & export). Therefore, Dowsure’s solution solves the problems of fake product and the lack of consumers’ rights protection, lead a positive development of cross-border e-commerce.

Mr. Byron Pei, Founder and CEO of Dowsure said, “E-commerce in Hong Kongshows great prospects for development, however due to the complexity of cross-border e-commerce levels, counterfeit and shoddy goods perplex the consumers and sellers. HKFEC is very authoritative around Hong Kong e-commerce, we are very honored to work with HKFEC and to create a better and safer environment for Hong Kong cross-border e-commerce.“

China being the largest Ecommerce market in the world, both seller and consumer have big concerns in trust. In the sellers’ point of view, they have difficulties to proof themselves a valid source for genuine product with good quality. This damage the reputation and customer satisfaction, which causes some international brand hesitated to develop ecommerce in Hong Kong and China market. From the consumer perspective, No.1 concern is getting fake product online, and once that happened, they do not know who responsible for the claim. Therefore, HKFEC and Dowsure aims at protecting consumer rights and privacy, strengthening confidence level of consumer by recruiting brand retailers joining the scheme, all purchase from that particular brand will then be insured by large insurance company.

By utilizing blockchain technology, information including product origin, ordering, logistics arrangement, product receipt, complaints and claims, can be checked by sellers and consumers with a dedicated key. Sellers or consumers can insure for their transaction, if there are any problems arise, consumers are entitled to claims backed by renowned insurance companies such as China Insurance, PICC, CPIC and so on. HKFEC as an organization representing the industry, will continue to actively promote FinTech and e-commerce in the digital economy. The scheme will first launch for local and cross-border e-commerce players in Hong Kong, Macau and mainland, and gradually expand to other regions.