Yunfeng Financial Group (00376.HK) saw its stock price soar by 5.14% in pre-market trading on Friday, following the announcement of a strategic investment in Anthea Holding Limited, a global cryptocurrency life insurance company.

The Hong Kong-based financial services company revealed that it had signed a strategic cooperation memorandum with Anthea on October 2nd. This partnership aims to explore the application of blockchain technology in the insurance business, with a focus on enhancing Know Your Customer (KYC) processes, Anti-Money Laundering (AML) measures, and other compliance procedures. The collaboration is expected to strengthen risk management and promote the development of a digital financial ecosystem.

Anthea Holding Limited, through its wholly-owned subsidiary Anthea Insurance Limited, provides cryptocurrency-denominated life insurance products. The company has already obtained preliminary approval from the Bermuda Monetary Authority for an innovative long-term insurance business license. This license covers savings life insurance, fully digitalized underwriting and claims, and compliance-linked asset management. The strategic investment by Yunfeng Financial Group signals a strong push into the emerging field of cryptocurrency-based financial services, potentially opening up new revenue streams and market opportunities for the company.