ZW Data Action Technologies Inc. Announces Strategic Cooperation on Blockchain + Insurance with Weiyou Information
November 30 2021 - 8:30AM
ZW Data Action Technologies, Inc. (Nasdaq: CNET) ("ZW Data" or the
"Company"), an integrated online advertising, precision marketing,
data analytics, and other value-added services company, today
announced that the Company has established a strategic cooperation
with Shanghai Weiyou Information Technology Co., Ltd. (the “Weiyou
Information”) pursuant to which the parties will jointly develop a
Platform (as defined below). Through the Platform, certain
“Blockchain + Insurance” services are expected to be provided for
small and medium-sized enterprises, contributing to the insurance
ecosystem with a blockchain technology upgrade.
Weiyou Information was founded in 2015, and its
insurance brokerage and technology platform, Klover InsurTech,
focuses on digital insurance services, providing streamlined,
transparent, and affordable insurance products and value-added
services by leveraging innovative cloud computing and big data
internet technology, and complying with insurance and finance
regulations. Currently, Weiyou Information has cooperated with many
well-known companies, including People’s Insurance Company of
China, Ping An Insurance, China Pacific Insurance Company, China
Life Insurance Company and more, and its business and service cover
multiple cities across Eastern, Southern and Central China.
The two parties will jointly develop and
establish a cost-efficient insurance platform (“Platform”) based on
ZW Data’s blockchain technology. Through the Platform, Weiyou
Information will provide one stop services, ensuring that all the
processes and data of the related insurance could be verified and
tracked, improving the transparency and credibility for all
participating parties. In addition to Klover InsurTech’s current
auto insurance, ZW Data and Weiyou Information will jointly conduct
research and development on other types of insurance products.
Meanwhile, the Company will cooperate with a variety of new media’s
platforms to promote the Platform.
According to Global Blockchain in Insurance
Industry Databook (2016-2025) from Businesswire, Blockchain spend
in insurance industry across globe has increased at 123.5% during
2018 to reach US$ 567.6 million. Over the forecast period
(2019-2025), spend on blockchain is expected to record a CAGR of
42%, increasing from US$ 1,108.7 million in 2019 to reach US$
12,913.3 million by 2025.
“Blockchain and other internet technology is
rapidly emerging, and becoming a backbone in all industries, which
is constantly impacting the traditional business management model.
As one of the main pillars of finance sector, the insurance
industry is very likely to become the scaling and important market
for applying the blockchain. We believe that this cooperation will
promote the long-term development of our blockchain-related
services and technologies,” commented Handong Cheng, Chairman and
Chief Executive Officer of ZW Data.
About ZW Data Action Technologies
Inc.
Established in 2003 and headquartered in
Beijing, China, ZW Data Action Technologies Inc. (the “Company”)
offers online advertising, precision marketing, data analytics and
other value-added services for enterprise clients. Leveraging its
fully integrated services platform, proprietary database, and
cutting-edge algorithms, ZW Data Action Technologies delivers
customized, result-driven business solutions for small and
medium-sized enterprise clients in China. The Company also develops
blockchain and artificial intelligence enabled web/mobile
applications and software solutions for general public, enterprise
clients, and government agencies. More information about the
Company can be found at: http://www.zdat.com/.
About Shanghai Weiyou Information
Technology Co., Ltd.
Established in 2015 and headquartered in
Shanghai, Weiyou Information is a platform focusing on
technology-enabled auto insurance and after-sale services. Its
business and services cover many cities and regions across China.
Weiyou Information was established by a team of industry veterans
in internet technology and financial insurance, and has received
strategic investments from multiple institutions such as Gaorong
Capital and Jingwei Venture Capital since its inception. More
information can be found at: www.1234ye.com.
Safe Harbor Statement
This release contains certain "forward-looking
statements" relating to the business of ZW Data Action
Technologies Inc., which can be identified by the use of
forward-looking terminology such as "believes," "expects,"
"anticipates," "estimates" or similar expressions. Such
forward-looking statements involve known and unknown risks and
uncertainties, including business uncertainties relating to
government regulation of our industry, market demand, reliance on
key personnel, future capital requirements, competition in general
and other factors that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the
Securities and Exchange Commission. These forward-looking
statements are based on ZW Data Action
Technologies Inc.’s current expectations and beliefs
concerning future developments and their potential effects on the
Company. There can be no assurance that future developments
affecting ZW Data Action Technologies Inc. will be those
anticipated by ZW Data Action Technologies Inc.. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the Company) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by such
forward-looking statements. ZW Data Action Technologies
Inc. undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
For more information, please
contact:
Sherry
Zheng Weitian Group
LLCEmail: shunyu.zheng@weitian-ir.comPhone: +1 718-213-7386
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