As a chief player in the global semiconductor sector, Taiwan is well known for its innovations and advancements. Taiwan claimed the twelfth place out of 141 economies within the 2019 Global Competitiveness Report released by the World Economic Forum. In recent years, the country has seen an increase in venture capital investment, government initiatives, and sectoral reforms fostering innovation and leading to more global entrepreneurs setting up their base in the country.
Compared to other markets in the region, Taiwan’s demographic of 23.5 million is modest, but consumer habits and market openness make it a relatively easy market to navigate. Taiwan provides an appealing consumer base for software companies to test consumer acceptance of new services. Taiwan also recognises the essential role that startups play in bolstering economic growth, thus, yielding numerous changes in its startup ecosystem designed to increase competitiveness.
Problem-solving through entrepreneurship
Aiming to unleash the power of entrepreneurship to solve big problems with the world’s leading companies, Rainmaking Innovation recently inaugurated its Center of Excellence and Expertise in Southern Taiwan Science Park (STSP). Rainmaking innovation has been in Taiwan for two years and joined the STSP to implement projects with the Ministry of Science and Technology in March last year. The Secretary-General of STSP stated that with the southern Taiwan innovation and entrepreneurship ecosystem that started in 2016, the ecosystem will be more globalised via a partnership with Rainmaking Innovation.
Rainmaking aims to help startups go internationally and create Taiwan-based unicorns through cooperation with large enterprises in Taiwan, with one of the partnerships being their first venture development in Taiwan with MMXtion Technology – PETZZO.
With PETZZO, MMXtion Technology is developing novel, future-proof business models outside their traditional business. PETZZO developed a pet insurance application that based its core technology on blockchain, a secure and traceable system of recording information. This technology helps them in fraud prevention and framing up a pet health ecosystem by connecting over 200 hospitals in Taiwan in 3 months.
Being active in the market for more than 30 years, MMXtion Technology recognised the need to address concerns in order to evolve. Through their innovative technologies and their collaboration with MSIG Mingtai Insurance, the PETZZO app brings convenience by integrating medical records, pet identity recognition, and insurance applications and claims. With over 1800 veterinary clinics on board, clinics could upload individual pet diagnosis reports encrypted by blockchain technology. On the cloud, this medical database also serves as a reference for the insurance company in underwriting and claim settlements. The service increase claims processing efficiency by 75%, from 15 days to 3days.
Using the power of blockchain
The director of Mingtai Insurance said that the application of blockchain technology removed possible forgery of pet insurance claims. As more veterinary clinics join PETZZO’s platform, various clinics will have a basis for comparison, solving the lack of uniform fee standards for pets, and reducing unreasonable claim amounts. If the insurance business is to be sustainable, it requires a comprehensive platform to reduce moral hazards and improve transparency. Pet owners will know which pet clinics are better in value and quality, encouraging improvements among veterinary clinics as well. The application of blockchain technology can create a win-win situation for insurance companies, pet owners, and clinics.
MMXtion Technology also focusses on dog and cat facial recognition, replacing chip recognition technology. PETZZO has set up the first pet health database system combined with pet facial recognition technology, allowing every pet to have their own pet ID. With this ecosystem, PETZZO will be able to analyse data to support pet owners and help them take good care of their pets.
Building teams to support innovation
MMXtion Technology is wholly-owned by Tung-I Information Service company. Since its establishment, Tung-I Information Service is committed to becoming the best IT partner for customers. It has accumulated years of professional information service experience in finance, telecommunications, government, and other security sectors. MMXtion Technology was born under the demand for efficient, stable, and automated transformation, to become a leading hyper-automation service provider, combining artificial intelligence, machine learning technology, and humanities to realise innovative services.
In 2020, Rainmaking Innovation in STSP raised funds of up to 50 million NTD, and the amount of orders exceeded 10 million NTD with 3 new ventures cooperated with STSP enterprises and 4 new ventures entered international markets such as Singapore, Australia, and Japan.
The estimated order amount for new businesses in the coming year is 40 million NTD. In addition to accelerating new businesses, it will continue to promote the digital transformation of large-scale enterprises in Taiwan and establish a venture capital fund to target Fortune 500 companies in smart manufacturing, digital healthcare, financial technology, and smart city technology sectors.
This article is produced by the e27 team, sponsored by Rainmaking Innovation
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