Oriental Watch Group has introduced a new blockchain-driven luxury watch insurance solution in Hong Kong.
The solution was launched in partnership with YAS Hong Kong and QBE Hong Kong.
Dubbed TimeCare, the offering integrates improved technology and comprehensive protection to meet the requirements of luxury watch enthusiasts.
TimeCare has the capability to combine insurance coverage with the watch purchase process.
It uses blockchain technology to improve security, transparency and efficiency in claims processing, thereby providing valid records of ownership and authenticity.
The insurance coverage can be accessed through a fully digital format with an easy registration process.
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After buying a luxury watch, select customers can register for the TimeCare insurance programme using an integrated process.
The solution safely and permanently records policy details, coverage data and watch records such as guarantee card details to ensure transparency and peace of mind.
Oriental Watch Group chairman and managing director Dennis Yeung said: “TimeCare represents a significant milestone for Oriental Watch Group.
“We take pride in joining forces with YAS and QBE Hong Kong to introduce this groundbreaking insurance solution to our esteemed customers.”
TimeCare also expects to bolster its presence in the luxury watch market in future.
YAS co-founder William Lee said: “Shaping the future, YAS introduces a groundbreaking 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.”