Toronto,Ontario - April 21, 2022 - Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK:PKKFF) ("Tenet" or the "Company"),an innovative AI service provider and operator of the Business Hubs™, todayannounced that its Heartbeat insurance product management and brokerageplatform recently passed a major milestone by processing more than 400,000insurance policies worth more than CAD$175M.
Tenetacquired the platform in the fall of 2021 to complement its Business Hub™service offering in China and in anticipation of government regulations thatcame into effect on February 1, 2022, aimed at improving the supervision of theinsurance brokerage industry and enhancing the industry's collection andmanagement of data. Those regulations and the compliance obligations they carryhave now driven 381 Chinese insurance brokerage companies to use Heartbeat toconnect with, access and sell insurance products from some of China's topinsurance companies, including Ping An Insurance (Group) Ltd., China Life Property & Casualty Insurance Company Ltd., The People's Insurance Company (Group) of China Ltd., and Bank of China Insurance Company Ltd. with whom the platform islinked. While today's announced milestone can largely be attributed to the newinsurance brokerage industry regulations and to Tenet's agreement with Ping An Insurance for policies aimed at autoindustry, the Company believes that future milestones and Heartbeat's impact onChina's insurance industry will come as a result of the role that the platformwill ultimately play within Tenet's Business Hub™.
"Ouracquisition of Heartbeat was both opportunistic and strategic," said LiangQiu, CEO of Tenet China. "Every platform that we develop, acquisition thatwe make or partnership that we sign is done with the intension of creatingsynergies with other components of our Business Hub™ and to enhance the Hub'soffering. The Heartbeat platform is a prime example of that. Right now,Heartbeat is being used to help sell more traditional insurance products. Buteventually, given the verticals we serve through the Hub, such as the oil andgas sector, the auto industry and commodities traders, the amount oftransactional data at our disposal, our analytics capabilities to understandour clients' needs and our access to the country's insurance companies, webelieve we'll be able to work with these insurance companies to designcustomized insurance products to perfectly fit our clients' needs and createnew opportunities for our insurance partners."
AboutTenet Fintech Group Inc.:
TenetFintech Group Inc. is the parent company of a group of innovative financialtechnology (Fintech) and artificial intelligence companies. Tenet'ssubsidiaries provide various analytics and AI-based services to financialinstitutions and businesses through the Business Hub™, an ecosystem where dataanalysis and artificial intelligence are used to facilitate transactions amongits members. For more information: http://www.tenetfintech.com
Formore information, please contact:
Cathy Hume, CEO
416-868-1079 ext.: 251
MZGroup - MZ North America
Mark Schwalenberg, CFA
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Forward-LookingStatements / Information:
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