Qubit Underwriting, a Managing General Agent (MGA) recently launched in Hong Kong specialising in digital asset insurance, has successfully completed its Pre-Series A fundraising.
The raised funds will help to fuel Qubit’s expansion efforts to reach global markets and bolster research and development initiatives, particularly in harnessing artificial intelligence for underwriting.
Having received its licence in January 2024, Qubit describes itself as a pioneer in digital asset insurance at a time when insurance has become vital for the sustainable development of this industry.
In collaboration with Guy Carpenter, a risk and reinsurance specialist and a business of Marsh McLennan, Qubit has worked with the GC Access team to build A-rated re/insurance capacity to support institutions actively involved in digital assets to manage key risks such as internal theft, cyberattacks, and various corporate liabilities.
Led by billionaire Kwee Liong Tek, one of Singapore’s most influential business leaders, the fundraising involved a consortium of investors, each bringing unique expertise to the table and deep experience across Web 3.0, Cybersecurity and Capital Markets.
By leading this Pre-Series A funding round, the MGA noted, Kwee Liong Tek demonstrated his confidence in the potential of the digital asset industry and the ecosystem surrounding it.
“Qubit is solving a critical problem for the digital asset industry, and the consortium is excited to support their mission with strong capital backing,” said Kwee, who has been investing in the blockchain technology ecosystem since 2019.
He added: “I am confident that the team’s deep interdisciplinary knowledge and expertise in both blockchain technology and insurance positions them as a game-changer in the insurance sector.
Helen Ye, Founder and CEO of Qubit, stated: “We are thrilled to have the support from a consortium of blue-chip investors led by Mr. Kwee. As the blockchain technology and the digital asset industry continues to grow and mature, insurance is increasingly becoming a critical enabling piece to strengthen the resilience of the ecosystem.
“This investment not only validates our innovative approach to digital asset insurance but also enables us to accelerate our growth and expand our reach to the global market to service digital asset exchanges, custodians, and other ecosystem stakeholders.”
“Digital assets face unique risks and challenges that traditional insurance may not be able to adequately cover; reinsurance can help bridge this protection gap by offering specialised coverage that enables primary insurers to transfer a portion of these risks,” Tony Gallagher, CEO of Asia Pacific at Guy Carpenter, added.
