Business
Majic Signs LOI to Acquire Majority Interest in Bamboo Wellness
Majic Signs LOI to Acquire Majority Interest in Bamboo Wellness.
About this update from Majic Wheels Corp.
[{"type":"text","content":"\n Houston, Texas, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) (\"Majic\" or the \"Company\"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, announces it has signed a letter of Intent (“LOI”) with Bamboo Wellness Holdings Limited. Bamboo Blockchain and Analytics Competency Center aims to create a holistic healthcare ecosystem that will drive a data-driven decision-making model. Supported by Artificial Intelligence and Machine Learning, the Bamboo ecosystem aims to drastically bridge the health protection gap and bring insurance to everyone. According to a market size, share & trends analysis report by Grand View Research: “The global insurtech market size was valued at USD 2.72 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 48.8% from 2021 to 2028. The increasing need for digitization of insurance services is expected to propel the market growth. The health segment led the market and accounted for more than 24.0% share of the global revenue in 2020. The increasing demand for digital platforms, which connect exchanges, brokers, providers, and carriers in health insurance, is anticipated to fuel the demand for the health segment. Life and health insurers are focusing on using advanced analytics to better serve and understand their customers. Numerous health insurance companies are adopting insurtech solutions to streamline claims processing procedures.” Source: https://www.grandviewresearch.com/industry-analysis/insurtech-market Bamboo’s business model derives its incomes streams from several product offerings. Smart Contracts for Life & Health Insurance,Smart Contracts for Agriculture Insurance,(RE)Insurance Profit Commissions Sharing,Food Traceability,Network Fee,Data Insights “We have been following Majic’s journey for some time now and could not find a Company whose values and mission are more aligned with ours. Blockchain as a technological infrastructure to create value for users and shareholders is part of our DNA. With this first step towards becoming part of the Majic family, we expect our combined journey to take us further and higher than we ever imagined when we first started Bamboo” said Ian L...