- Health and fitness tech company MyFiqiz (MYQ) will bring its body scanning technology into the Asian healthcare market
- Signed through its half-owned company, Body Composition Technologies (BCT), the deal will service insured citizens in Hong Kong and in China later this year
- BCT’s software, which is used to measure body fat, will help Shanghai company, The CareVoice, tailor plans and assess risks for over 15 insurance companies
- MyFiziq expects the technological solution will help hundreds of millions of patients after a complete rollout
- Shares in MyFiziq idled on Wednesday however, stagnant at 18.5 cents per share on the Australian market
Body, health, and fitness tech company, MyFiziq (MYQ), has signed a deal to push its technology into the Asian healthcare market.
A binding contract has been signed with The CareVoice, a Shanghai-based health insurance company focused on technological solutions.
The deal was inked through Body Composition Technologies (BCT) — a body measuring tech company half-owned by MyFiqiz.
BCT says it has developed its body scanning technology to give health monitoring data to industry professionals and insurance companies.
CareVoice has joined in on the technological wave, hoping to drive the health insurance sector with the relevant data.
According to a media release from MyFiziq on Wednesday, the Shanghai company will use BCT’s software to assess risks and tailor specific health care plans for clients across Hong Kong and China.
CareVoice currently services over 15 insurers across China and Hong Kong.
“We are pleased to be partnering with The CareVoice,” MyFiziq Chief Executive, and co-founder, Vlado Bosanac said on Wednesday.
“The company is a well-established and rapidly growing insurtech platform that is driving innovation in greater China, representing one of the largest and most rapidly growing healthcare and insurance markets in the world with a population of over 1.4 billion people,” Vlado continued.
“This will expose our combined solution to many hundreds of millions of people over multiple staged releases,” he explained.
Among CareVoice’s roster of insurers, there’s reportedly 100 healthcare providers that will be exposed to BCT’s solutions.
“With diabetes on the rise in China, this capability is essential to reduce healthcare costs and improve population health,” Vlado added.
The first stage of the agreement’s rollout will hit the Hong Kong market — focused on sports playing insured customers.
A rollout into China’s mainland will happen later this year.
“We work hard to ensure that we are introducing the most effective and innovative services to the insurance members in China,” CareVoice Co-Founder Neil Liang, said.
“BCT’s proven effectiveness and simple integration process makes it a perfect fit for our ecosystem. We are very excited to be the first to bring the BCT innovation to Hong Kong and mainland China,” Neil concluded.
Despite the announcement, shares in MyFiziq stayed flat on Wednesday. They closed at 18.5 cents each on the Australian market.