Recently, the Shanghai Municipal People's Government issued the “Decision on Commending the Winners of the Shanghai Financial Innovation Award 2020” (Hu Fu (2021) No. 65), officially releasing the winner list of the Shanghai Financial Innovation Award 2020. The Shanghai Insurance Exchange won the first prize for its health insurance trading platform project.

A screenshot of the document (Source: the official website of Shanghai Municipal People's Government)

W&B project team has been providing full range of legal services for the said project covering empowerment of healthcare and insurance Big Data, full life cycle data compliance, financial regulation, financial technology and other aspects. While providing prospective, innovative and comprehensive services, the project team of W&B focused on not only the feasibility and compliance analysis of the overall project plan, but the practical exploration and demonstration of the specific implementation plan, and eventually assisted the platform in establishing a full set of rules and regulations on design of structures, operation and governance and drafting a series of agreements between the platform and a multiple of entities. This project was led by the firm’s partner Cathy Wu and jointly handled by lawyers Jialong Chen, Qi Zhu and Xin He.

The Shanghai Insurance Exchange, incorporated under the approval of the State Council and directly managed by the China Banking and Insurance Regulatory Commission, is an important national financial infrastructure and a strategy platform for the reform and innovation development of the insurance industry and an innovative financial factor market. It builds up the first health insurance whole-process comprehensive innovation platform in the industry — the digital health insurance trading platform to address the difficulties and obstacles in integrating medical and healthcare data with commercial insurance, forming a pivotal industrial platform and realizing the comprehensive integration and innovation in the whole process and field. At present, the platform has cooperated with more than 50 insurance institution headquarters, connected over 4,800 hospitals and served 24.58 million people, providing insurance compensation of more than 68,900 billion RMB and exerting positive economic and social impacts.

With its accurate understanding and long-term in-depth research of laws and regulations, legislative logic as well as judicial practices in fields of financial regulation, Fintech, data compliance and intellectual property, W&B project team will continue to provide quality legal services for enterprises in financial infrastructure, finance, healthcare, high-tech, FMCG and other fields.